Nothing is worse to customers than giving them inaccurate estimates. This may result in you losing the customer’s trust, which leads to reduced sales. Accurate estimates ensure that your company retains customers’ trust and loyalty.
You’re also more likely to have a higher customer retention rate, making your business more profitable. But how can you ensure you give customers accurate estimates? Below are tips to help:
1. Create Templates for Every Construction Job
Creating a template will ensure that you don’t miss anything when calculating estimates for clients. Your template should have a list of all the potential items you might require in a project. For instance, if you are a contractor, you should include a breakdown of everything you need to do your job on the template.
Ensure your template is tailored to your scope of work. A template also allows you to remove or add certain items whenever a client calls for an estimate. This ensures you give them accurate projections.
2. Use Past Projects to Estimate
When creating a proposal for your customer, ensure you review similar past projects. Check the project’s estimate and actual costs to develop your estimate for the new project. This helps you learn from your mistakes and make more accurate price estimates for clients.
This is also a great way to avoid miscalculating estimates. Additionally, comparing the forecast of a past project and what it cost helps you evaluate your business’s estimation process and pinpoint any errors in your calculations. You can’t continuously improve your business without knowing where you have been in the past.
3. Check Your Calculations and Formulas
One of the most horrible things is sending in a bid then realizing that you used the wrong formula. This may mean that you overpriced the bid, or an entire bid section is missing from the total amount. Therefore, it’s advisable to double-check the formulas on your sheet before sending in the bid.
Sometimes, you could add or delete an entire cell on your spreadsheet, and the formula could still remain the same. This is a costly mistake that could result in losing a customer.
4. Use a Construction Estimate Software
Many software tools help construction companies ensure efficient estimates. However, choosing the right software can be an uphill battle, especially if you don’t know what to look for. When selecting software, ensure it can help you measure the project’s scope and create a strong bid, giving you a competitive advantage.
If you’re looking for the best software for construction estimates in the market today, look no further; check out Blue Beam. They have the best software tool for any construction company in the market today.
Are You Ready to Give Customers Accurate Estimates?
Accurate estimates are the backbone of any construction company today. Inaccurate estimates lead to loss of trust, loyalty, and low customer satisfaction rate. Therefore, improving your estimates will ensure your customers are satisfied.
They will also like working with your company, giving you a competitive edge. Did you like this article? Check out other posts on our site for more business tips.