As we’ve mentioned before, a lot of you who contact us are losing money on jobs. Obviously, you’re not going to stay in business too long like this—let alone make millions per year with your construction business.
So why is this happening? Well—for starters—you’re not going after the right projects for you and your business.
How do you solve this issue? By researching and identifying the right projects and clients.
Identifying Potential Projects
Identifying potential projects is a bit of a skill—an overlooked skill by most rookie contractors out there. Think about it. How are you going to win more construction projects if you can’t find the right projects in the first place?
So where can you start looking for potential projects to bid on? You might want to try industry publications, construction databases—such as ConstructConnect and BidClerk—local government websites, and networking—like tradeshows, association events, and even social media.
While searching for potential projects, it’s important to consider various factors—such as the project’s size, complexity, location, availability of resources, and project timeline.
To increase your chances of winning with your bid, it’s crucial to develop a clear understanding of the capabilities of you and your business—and to focus on projects that align with your expertise. We see too many contractors out there wasting their valuable time with the wrong project.
Researching Potential Clients
So what is a “potential” client? A potential client—or “prospect”—is any entity that may be interested in hiring your business for a construction project—such as a developer, building owner, or government agency.
When it comes to researching potential clients, there are various methods available—including online research, tradeshows and other industry events, referrals from your contacts within the industry, as well as client directories and databases. Even a simple review of a client’s website and social media, can tell you about their projects and reputation as a company.
While conducting research, it’s important to consider different factors that will determine if the potential client is right for you. For example, you might want to evaluate the client’s reputation, financial stability, past performance, preferred construction methods, and—of course—the project budget and timeline.
Evaluating Project Suitability
Is the project right for you? This question is crucial to avoid wasting your valuable time and money.
Before bidding on a project, it’s imperative to conduct a thorough evaluation of the project to determine if it’s a good fit for you and your business.
To conduct a thorough evaluation of a potential project, it’s necessary to consider various factors that can impact the project’s suitability for your business. This may include the size and scope of the project—including the project’s budget, duration, and location. Also, the complexity of the project—such as the type of construction, technology requirements, and regulatory compliance, should also be considered. Additionally, you should evaluate the availability of resources—such as equipment, materials, and skilled labor, as well as the project timeline.
It’s also paramount to identify potential challenges or problems that could impact the project’s success. These challenges may include regulatory compliance, environmental concerns, supply chain disruptions, or any other related issues that could interfere with your ability to complete the project on time and within budget.