In the competitive world of construction and project management, bidding is often fast-paced, demanding precise estimates to win contracts and ensure profitability. However, in periods of less bidding activity, estimators may find their skills getting rusty. So, how can you keep your estimating skills sharp even during slow times? Here are some effective tips to keep you prepared and primed for your next big project.
1. Review Past Projects for Insights
One of the best ways to keep your skills fresh is by reviewing past projects. Go over previous estimates and compare them with actual costs incurred. Identify any patterns in cost discrepancies, and consider how you might refine your future estimates to increase accuracy. This retrospective analysis can be invaluable for spotting trends and understanding where adjustments might be needed.
2. Invest in Ongoing Training
Bidding periods may slow down, but industry trends and technologies don’t. Take advantage of online courses, webinars, or certifications to stay updated on the latest in cost estimation. Platforms like Coursera, LinkedIn Learning, or industry-specific webinars offer convenient and often cost-effective ways to stay knowledgeable.
3. Practice With Mock Bids
Simulating real bids, even for projects you don’t intend to pursue, can be an excellent way to keep your skills honed. Challenge yourself to estimate project costs, timelines, and resource needs based on current market prices. This not only keeps your skills sharp but also ensures you stay aware of market trends that may impact your real bids when activity picks up.
4. Update Your Cost Database
An accurate cost database is essential for precise estimates, but materials and labor costs are constantly changing. Use slower periods to update your database to reflect the most recent prices. Check industry reports, communicate with suppliers, and update the prices of materials, labor, equipment, and any other factors relevant to your bids.
5. Network With Other Estimators
Networking with industry peers can open doors to new insights and ideas. By joining estimator groups or forums, you can share experiences, ask questions, and discuss best practices. It’s also a good way to stay informed about changes in the industry, such as new software tools, regulation changes, or innovative estimation techniques.
6. Learn New Estimation Software
Investing time in learning or mastering new estimation software can pay off. Many tools offer capabilities like automation, detailed analytics, and real-time pricing updates. This can be a game-changer, helping you create more accurate and faster estimates when bidding picks up again. Even if you’re comfortable with your current tools, learning about new features or alternate platforms can give you an edge.
7. Conduct Market Research on Emerging Trends
Understanding trends in your industry can lead to better estimates. For example, if the cost of sustainable materials is expected to rise, or if new environmental regulations are likely to impact labor costs, knowing this in advance can improve your estimates.
8. Collaborate With Your Team for Knowledge Sharing
If you’re part of a team, use this time to share knowledge. Organize sessions to review past projects, discuss challenges faced in estimating, and brainstorm ways to improve future bids. Team collaboration not only keeps your skills sharp but also promotes collective learning and knowledge sharing.
Conclusion
Slow bidding periods don’t have to mean stagnant skills. By proactively maintaining and sharpening your estimating abilities, you’ll be ready to hit the ground running when activity picks up. Whether it’s investing in training, updating databases, or collaborating with your team, there are numerous ways to stay sharp and competitive in the ever-evolving field of estimating.
