Tracking data can be time-consuming and inefficient. In the past, it took forever to even set up a process to track and consistently update information like hit rates, team performance, and bid history. Instead, subcontractors only dig for this data when there’s a problem and it’s too late, or once a quarter. They just trust their gut on which jobs and general contractors they should spend time on.
But without it, subcontractors are missing out on valuable information. They need to get better visibility into their data to know why they’re winning or losing bids. The old way isn’t working, so it’s time to find a new way. Here are three ways subcontractors can get the most out of their data.
Track general contractor hit rates
You probably have certain general contractors you work with a lot, but what about the ones that never seem to choose you? If you track all of the general contractors you’ve submitted bids to, you can compare bids submitted, hit rates, and contract values. By knowing which general contractors you’re winning with (and which ones you aren’t), you can prioritize certain general contractors to be more efficient with your time. And for the ones with a low hit rate, you can follow up and find out how you can improve your bids. Know where you need to spend your time so you’re working on bids you’re more likely to win.
Store historical data for reporting
Data can get lost when it’s spread across multiple programs or stored in a long, complicated spreadsheet. But if you make it a point to track all historical data — such as all of the jobs you’ve been invited to, submitted, or won — it will enable you to see almost anything you want and easily share reports with your team. You can review active jobs, see what’s coming up in the next few weeks, make a closed lost report, and view general contractor bid history. If you track everything, you can find anything. You can also create high-level dashboards to get a snapshot of your entire business, whenever you need it.
Look into team performance
It’s not just important to track specific general contractors or bids you’ve won — it’s also important to track the performance of your own team. Track stats for each estimator, such as bids submitted, bids won, contract values, total bids submitted, and hit rates. With this data, you can understand how each estimator is bidding, keep your team accountable, and put the best estimator on the bids you want to win the most. It can also help your estimators better manage their daily workload.
This is how the best subcontractors are running their businesses today. By knowing where to spend their time and getting the answers they need to be successful, they’re gaining a competitive advantage. Don’t miss our on-demand webinar on how to leverage your bid history to increase hit rates.