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3 Ways to Stop Guesstimating

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Business Advice

As the owner of your company, you know your estimating process inside and out.  Unfortunately, as your company grows, it becomes harder for you to pass your processes on to new staff and suddenly your estimates are no longer consistent.  Here are some quick tips to help you gain control back over your estimates:

1) Create a Standard Catalog

  • Make sure your pricing for materials, labor and equipment is accurate.  Suppliers up their pricing?  You should too!
  • Only give a couple of staff the option to maintain this list – opening it up to everyone will increase the probability of duplicates, errors, etc.

2) Use Knowledgeable Estimators

  • Your staff should know what it takes to do a job – from accurately pricing your labor to adding additional time/materials for unexpected issues.  Try to use estimators that are familiar with the type of job they are quoting and if they aren’t, get your staff to collaborate!

3) Know Your Break-Evens & Profit Margins

  • Ensuring your staff are well aware of your break-evens and your profit margins will help them to create competitive and profitable estimates.

For more information on how you can streamline your estimating process, contact LMN by phone, e-mail or chat!

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