Every captain needs a crew to help steer their ship and avoid treacherous waters. For the trade and construction industry, an integral part of the crew is the estimator. Estimators help businesses by providing an accurate depiction of the costs and the time it will take to complete jobs and projects. However, even though estimating is a critical function, it can often be incorporated into other roles in smaller businesses. After all, pricing is one key area of the business that’ll help you grow. So what exactly does it mean to have good estimating skills?
What are estimating skills?
Estimating is all about data, planning and thinking ahead. You need to have a critical eye for detail and be able to prepare cost estimates. There are even certain skills that if you possess, should give you a helping hand with your estimating.
These skills include:
Being detail-oriented and taking an organised approach towards work makes a world of difference when estimating. It can even mean the difference between profit or a loss on a job. If you’ve planned ahead and know what to expect, to some degree, you can account for all the financial details ahead of time.
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Possessing architectural knowledge
Having in-depth knowledge of construction and architecture is beneficial as well as understanding engineering drawings, materials and floor plans. Large trade jobs have a lot of moving parts, so understanding these basic areas will give you a head start on planning and tackling the work.
No one wants to work with a business that isn't ethical. Ensuring that subcontractors are paid the correct rate and the estimate is reflective of the job requirements is key. Estimating considers cost of time, equipment, inventory, labour and many other things.
Taking time to conduct industry research into different areas of estimating, success rates of others and looking how to achieve better results for your business. This will help you gain an understanding of where the industry may be headed and give you a foot up against any competition!
Summary
If you’re looking to prepare cost estimates for construction projects or trade jobs, follow these key tips to give you an accurate understanding of the whole picture. When a job or project is priced correctly, it can deliver instant improvements to your bottom line – but getting it wrong can be a very expensive mistake.
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