1. Find the Right Projects to Bid

You must be able to find the right bids because choosing the right work to bid on puts you on the right path to more profits.

2. Calculate the Bid-Hit Ratio

Your bid-hit ratio is the number of projects you must bid on to win one project. Understanding this ratio can help you learn how many projects you need to keep your pipeline full. It can also help you cut out bids that you may not be able to win. 

3. Review Profitability

You can do this by keeping a track of accurate job costs for materials, labor, and equipment. And then compare your actual costs with your estimates.

4. Conduct a Bid/No Bid review

In order to conduct this review, one must run calculations on the numbers to see if you can make a decent profit by determining the workforce and equipment that would be required to complete the job on time.

5. Identify and Manage Risks 

Discovering and taking care of risks may be the most overlooked part of preparing a bid. If you’ve found potential risks, you need to study each one individually to make them right. 

6. Seek Clarifications and Avoid Assumptions

Review all the plans and specifications to see if there are any queries. If you are unsure of anything, reach out to the respective stakeholders as making assumptions is no way to win a bid

7.  Account for all Materials and Equipment Costs

The costs of materials and supplies can vary by location. If your project is an area that’s new to you or requires unfamiliar materials, ask suppliers in that area for the current costs. Make sure you have all the right equipment. This may mean you have to rent or purchase some. Even if your company owns all the required equipment, check that it’s not being used for another job.