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THE DOs & DON’Ts OF PREPARING Successful Financial Bids

By: Todd Feuerman

In today’s economy, there isn’t room for contractors to bid jobs incorrectly. Contractors should attempt to gather pricing information where they can. Once bids are opened and communi-cated to the public, contractors can use the bid spread to determine how close or far they were from the winning bid and the potential quality of their estimate relative to their competition.

Successful contractors understand the importance of bid selection, margin pro-
tection, project familiarity, and geographical location experience. They recognize that bidding inappropriate projects may likely expose them to unwarranted job losses, deteriorated cash flow, financial distress, and a complete tie-up of company financial resources on jobs that should not be on the backlog. The challenge of identifying proper projects on which to bid can ultimately mean the difference between a contractor’s financial success and severe financial distress (or even financial ruin).

Once a contractor has decided to bid a contract and secure the work, it’s time to prepare the bid.

To continue to read Todd’s article, click JFBP15 Feuerman Eprint

TODD VERTICAL HELMETAs chair of the firm’s Construction Services Group, Todd has over 25 years of experience providing audit, accounting, consulting and tax services to general contractors, specialty contractors, government contracting firms, as well as construction-focused banks and surety firms.  His extensive expertise and inside knowledge of the construction industry enable him to provide the highest level of practical and technical financial consultation to entities which are construction industry centric.  In addition to the construction industry, Todd has extensive expertise and inside knowledge of various additional industries including manufacturing, distribution and wholesale, as well technology providers in the public and private sectors, military support providers and travel wholesalers with operations at the domestic and international levels.

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