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Hey everyone! Let’s talk about the future of estimating. As we move into 2025, the tools, processes, and strategies for creating accurate bids are evolving rapidly. From AI-powered software to real-time collaboration tools, the landscape is shifting in ways that can help us work smarter, not harder. Here’s what I believe will shape the future of estimating: 1️⃣ Automation & AI: Streamlining repetitive tasks and improving accuracy with machine learning tools. 2️⃣ Cloud Collaboration: Sharing estimates and project details in real-time with clients and team members. 3️⃣ Market Adaptability: Keeping up with fluctuating costs and supply chain challenges with dynamic pricing tools. 4️⃣ Data-Driven Insights: Leveraging historical data to predict trends and improve bid success rates. 5️⃣ AR & VR Technology: Visualizing projects and estimates in immersive ways for better client presentations. But one thing will never change: the importance of building trust through accuracy and communication. I’m curious—what do YOU see as the biggest shift happening in the estimating world? Let’s spark a conversation below! Let’s stay ahead of the curve, Nick McGee

Hello everyone! As estimators, we're masters of calculating costs down to the last nail and gallon of paint. But what about the unknowns lurking in every project? Today, I want to highlight a crucial yet often overlooked aspect of estimating: building a proper contingency plan. Why Contingency Matters: - Unexpected Happens: No matter how thorough your estimate, surprises like sudden material price hikes, design changes, or unforeseen site conditions can derail your budget. - Protects Profit Margins: A well-planned contingency safeguards your bottom line against these surprises. - Demonstrates Professionalism:Clients appreciate when you plan for uncertainties—it shows experience and foresight. How to Effectively Incorporate Contingency: 1️⃣ Assess Project Risks: - Identify potential risks unique to the project (e.g., complex designs, volatile markets). - Assign a risk level to each aspect to determine where contingencies are most needed. 2️⃣ Use Historical Data: - Analyze past projects to see where unexpected costs occurred. - Let history inform the percentage you set aside for contingencies. 3️⃣ Transparent Communication: - Be open with clients about the contingencies included. - Explain that this isn't padding the estimate—it's a proactive measure to handle uncertainties smoothly. 4️⃣ Regular Updates: - Review and adjust contingencies as the project progresses and risks become clearer or are mitigated. - This dynamic approach keeps your estimate accurate and builds trust with your client. A Real-world Example: On a recent construction project, we faced an unexpected regulation change that required additional safety measures. Thanks to our contingency plan, we covered the extra costs without affecting the project's budget or timeline. The client was impressed with our foresight and relieved that there were no financial surprises. Take Action: Start integrating contingency planning into your estimates today. Not only will it protect you financially, but it will also enhance your reputation as a thorough and professional estimator.

In the fast-paced world of estimating, it’s easy to feel pressure to turn around bids quickly to stay competitive. But here’s the hard truth: speed means nothing if your numbers are off. A principle I follow (and teach) in estimating is: Accuracy Over Speed. Here’s why: • A rushed bid can cost you the project. If your estimate is too high, you lose the bid. Too low? You risk major losses if awarded the project. • Accurate estimates build trust. Clients and contractors value reliability. When your bids consistently align with project outcomes, you build a reputation that wins repeat business. • Speed will come naturally with experience. As you refine your process and use the right tools, your accuracy AND speed will improve over time. So, how do you stay accurate without sacrificing time? 1️⃣ Double-check your takeoffs and calculations—always. 2️⃣ Break down each phase of the project to avoid overlooking costs. 3️⃣ Use software and templates to streamline repetitive tasks. 4️⃣ Take the time to clarify assumptions with clients before finalizing. Remember: It’s better to spend an extra hour refining your numbers than to waste weeks managing the fallout from a bad estimate. What’s your approach to balancing speed and accuracy in your estimates? Let’s discuss in the comments below!

Hey everyone, In the world of estimating, we all face that constant balancing act—winning bids without sacrificing profitability. Over my years in this field, I’ve found some effective strategies that have consistently worked to improve margins, save time, and, ultimately, win the kinds of projects we want to work on. Here are a few key insights I want to share that can help you take your estimates from just “competitive” to truly profitable: 1. Know Your Costs Inside Out It might sound basic, but understanding both your direct and indirect costs (including hidden ones like equipment maintenance and personnel downtime) is crucial. Many estimators only factor in the obvious costs, which can lead to unexpected hits on margins. 2. Factor in Project Complexity Not all projects are equal. Adding a “complexity coefficient” to your estimates can help you account for unforeseen challenges. I’ll dive into this more in an upcoming module, but the idea is to use past data to adjust your pricing based on complexity and risk. 3. Efficient Supplier Relationships Building strong supplier relationships can mean quicker turnaround times and better pricing. I’ll be sharing a list of negotiation tips in another post soon to help you leverage these relationships to the fullest. 4. Implement Regular Estimate Reviews Reviewing past estimates and comparing them to final project costs can reveal trends that help refine your future bids. This is especially helpful if you’re aiming for long-term profitability growth. 5. Communicate Value, Not Just Numbers Clients who understand the value you bring are often willing to pay more. Highlight your team’s unique skills, your industry experience, or even specific technologies you use that set your estimates apart. This makes your bid stand out beyond just the price tag. 💡 Let’s discuss: What’s one strategy that has helped you balance competitive pricing with strong margins? Let’s keep refining our estimating skills together. I’ll be sharing more on each of these points in upcoming modules, so stay tuned!