”99% of subcontractors who track bids in email or Excel miss multiple bid invites a year.
For subcontractors, managing the high volume of bids is a major headache. This results in losing bids you should have won — an industry-wide, yet avoidable problem. Here are the five most common causes of bid loss — and how to overcome them.
1. Not having all your bids stored in one place
You lose 100 percent of the bids you miss. Subcontractors receive hundreds of bid invites every month. Having to track the location of each, who they’re assigned to, due dates, and where your company is in the proposal process is a timely and costly task. Silos are created without a centralized and collaborative bid board. Ultimately you and your team misses bids and gets hit with tons of extra work.
99% of subcontractors who track bids in email or Excel miss multiple bid invites a year.
How to overcome it: Take your bid board to the cloud to track your bids and keep all relevant contact info up-to-date, and get automatic alerts when due dates are coming.
2. Manually entering info leads to human error
Subcontractors large and small spend at least 40 hours a week manually managing their bid board with Excel and email.
Manually entering bids using different applications and processes wastes precious time.
How to overcome it: Cutting down on manual entry can save companies a full day’s work every week, and avoid the likelihood of human errors that result in mismanaged bids.
3. Tracking addenda and changes to bids
If you’re managing bid invites in different places, mistakes happen. Keeping information up-to-date across emails, Excel spreadsheets, and file servers is a time suck and sets the scene for missed bids and creates a version control nightmare.
How to overcome it: Centralize all of your bid information in one place. No more tracking addenda and changes to bids.
4. Not knowing when bids go to the wrong person
Bid invites get sent to the wrong people — it happens. Current processes make it difficult to know if bids weren’t received, and even tougher to track down the right information. It’s important to be transparent in your work across teams by making sure bid information is up-to-date, consistent, and available to everyone involved
How to overcome it: An online bid board allows you to manage your own contact information and see every bid invite, even if they did get sent to the wrong person.
5. Destroying your margins with last-minute bids
Last-minute bid deadlines cause massive headaches and errors, and destroy your margins. You can’t put together a bid with the most competitive numbers and optimized fee percentage if you’re scrambling to submit bids in a week or less.
Worst of all, 65 percent of subcontractors don’t even track their success rates, meaning they don’t have how many bids they win or lose, and why.
How to overcome it: Get ahead of bid invites and deadlines by arming your team with as much information as possible to get the best bids out to the right people at the right time.
Solve all five common causes of lost bids by taking your bid board online with Bid Board Pro by BuildingConnected. Save your team time and money, dramatically increase your hits rates, and make bid loss a thing of the past.