Cost estimating has always been a major area of frustration for commercial construction firms. Inaccurate estimations often result in lost bids and cost overruns that dramatically reduce profit margins in construction projects — sometimes even a complete loss.
Construction firms already feel an immense pressure to keep up with rapid market changes. One of the best ways for companies to stay successful in an increasingly competitive market is to outsource less effective internal departments and services, and that often includes estimating departments.
Pivoting towards estimating and consulting services is a cost-effective way for contractors to win more bids, complete more projects on time and improve profit margins. Relying on help from a construction project management consultancy not only improves profitability and flexibility, but also provides the cashflow necessary to build up your business over time.
If you still aren’t sure whether outsourcing your estimation process to a construction project management service is a good idea for your business, consider these benefits:
- Eliminate Unnecessary Overheads
Whether you run a small construction firm with a small project team or need to adhere to a strict budget, construction estimation services can be more cost-effective when you do not have the personnel or cannot afford to have your own in-house department.
Additionally, outsourcing keeps you from spending extra money on a salary while waiting for a project in need of estimation. When you outsource, you pay the project management consultants when you need them.
- Take Back Time
Construction management and estimation can take a considerable amount of time, especially in an industry where things always evolve and change. It can be difficult to keep up with fluctuations in material costs and track industry changes when you already have your hands full running your business.
Instead of placing even more pressure on yourself or your management team to keep track of every small detail and give accurate estimates every single time, hand the load over to an estimation consultancy with extensive experience handling constant industry changes.
- Secure More Projects
Incorrect estimations result in lost bids, which hurts profitability and cash flow. If your company struggles to secure bids, it may be time to switch to an estimation service. When you hire a firm that specializes in project management consultancy services for construction, you can have peace of mind knowing their estimates will be far more accurate.
Experienced companies are also able to put together estimates a lot faster, which means you can win an even higher number of projects. Instead of wasting time trying to make your estimates look as professional as possible, you can spend more time in the field finding projects in need of contractors.
- Increase Profit Margins
Construction estimation eliminate the need for overhead, but they also boost profit margins in other areas as well. Since professional estimators can provide more accurate costs and times on each project, you are at a much lower risk for ending up over budget and losing money.
Delivering accurate estimates saves you money and helps you secure more projects, which will only contribute to your cash flow. Plus, depending on the project, you may even be able to complete work under budget and make even more money.
- Grow Your Business
It is hard to juggle estimating on top of other project management services. Instead of getting distracted by smaller details, worrying about estimates and stressing over spreadsheets, outsourcing estimation gives you more time to focus on what matters most: running your business.
With your business top of mind, you will be able to look at the bigger picture and create plans that will drive your business forward and promote continued growth and longevity. It can be hard to outsource, especially when your name is attached to the work, but professional estimators are more than capable of handling the job.
Ready to optimize your workflow?
It’s time to take the next step towards finding a construction estimation service. With years of experience handling pre-construction and estimation for clients throughout Indianapolis and beyond, let White Oak Commercial Group be your go-to choice for commercial estimation services in Indiana. Our extensive database of contractors, suppliers and material costs allows us to create a cost analysis that gives you a thorough, detailed understanding of the actual cost of your project. We would be honored to work with you to ensure your project is well planned and on the path to success. Our future is built on your satisfaction, so let us show you what we are capable of!