Improving project estimating processes can enable surprisingly massive business benefits for contractors. And new tools and applications allow contractors to utilize the latest estimating technologies with little to no learning curve, offering a fast-track opportunity to greater revenue.
Efficiency Always Wins
When it comes to estimating improvement, it’s all about efficiency. And with easy to use new tools and apps, the outdated, inefficient, and time consuming old method of pencil and tape measure can give way to more efficient processes that allow your business to work smarter, not harder. Working smarter not harder is a strategy that contractors have embraced since the invention of the first square and plumb line, and one that is usually a no-brainer when looking at things in hindsight. Consider some recent innovations contractors use every day, and imagine what jobs would be like without these efficiency creators:
Nail Gun: Increased production of framers and roofers 10 fold. Pull of a trigger vs 3 swings of a hammer.
Laser Level: Improved accuracy and convenience, as traditional levels can be out of true and cumbersome.
Boom Lifts/Telehandlers: Faster and easier access to high points and the ability to hold bulk building supplies where they’re needed by workers.
The Latest Evolution in Construction Efficiency
Industry trends are all pointing to mobile device estimating apps as being the next 'can't live without' tool. Digital estimation platforms are seeing exponential growth, and homeowners are expecting to see mobile devices as part of any professional contractor’s toolbox. With these apps, contractors can quickly measure jobs by taking a few photos, add touch-screen take offs to calculate material quantities, and deliver a completed proposal to the customer while onsite. All in minutes. Efficiency in a nutshell.
And with more efficient (not to mention professional) estimating, several benefits begin to emerge that can significantly impact bottom line revenue. Here’s 3 ways new estimating tools help drive revenue:
Volume: With in-demand estimators spending minutes versus hours doing estimates, and with proposals delivered on the spot to eliminate any post-site visit development work, contractors can greatly expand the number of estimates they can do in a given week to build the business pipeline.
Close Rates: Turning the estimate into a completed proposal onsite places estimators in sales discussions on the spot rather than days or weeks later, improving close rates from 10-20% to 30, 40, or even 50%.
Reporting: See the status of your estimates and proposals, close rates, and other valuable information from directly within the estimating app to reduce the need to employ external tracking and reporting software and to gain the insights needed for better project planning and management.
And just like the early adopters of the nail gun and boom lift, contractors embracing new estimating tools will have a leg up on the competition. They’ll do more, in less time, with greater success. Now that’s a recipe for growth.