The vital first step is to prepare an accurate bid estimate.
For those that play a role in putting a bid together, the question is what are you utilizing to try and prepare an accurate bid? Is it something that you do on a regular basis? It should include being involved in the bidding and estimating process. Use four key internal controls when putting together a bid estimate. Focus on the mechanics of how an estimate is prepared. Be sure to include all applicable costs in the estimate and obtain sub and material quotes for best pricing, and track the bid spreads. Watch this video for details on aware considerations and pre-construction planning.
Theran J. Welsh, CPA
SVA Certified Public Accountants
- Partner with SVA Certified Public Accountants since 2005
- Focus is on helping contractors create shareholder value by understanding their cost structure to bid and win profitable work and assure their tax structure is a model to support a sustainable organization
- He spends time with contractors to identify options for revenue reporting to reduce tax liability and identify industry-specific tax strategies to reduce tax liability, with the end goal of creating shareholder value
- His experience will help executives of construction companies identify the key performance measurements to pursue profitable work to sustain their organization
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