Ben Hudachek on Strategic Estimation for Millwork Success
Millwork industry, estimating department, hit rate optimization, bidding process, project tracking, bid invitations, labor shortage, industry growth, competition challenges, marketing strategy, digital age, trust over price, profitability, subcontracting, general contractor, building trust, communication, project diversification, bottleneck identification, resource optimization, training and consulting.
What You’ll Learn
1. The challenges millwork companies face in competing with each other and the impact on pricing in the industry.
2. The increased need for training and consulting in millwork estimating due to industry growth and a shortage of experienced professionals.
3. The significance of incorporating estimating into marketing efforts to effectively communicate a company's message in the digital age.
4. The importance of prioritizing trust over price in winning bids and avoiding a race to the bottom.
5. The emphasis on hit rate optimization to address growth and competition-related problems in the estimating department.
6. The necessity of outside input for refining the estimating process due to a lack of resources and capacity within the department.
7. The essential steps in improving hit rate, including tracking bid performance, analyzing hit rate data, being selective with bids, and focusing on marketing and messaging.
8. The recommendation to carefully assess a company's capacity and schedule before taking on larger projects and to prioritize slow and steady long-term growth.
9. The value of identifying hidden bottlenecks and areas of potential growth within a company and investing in training and resources to optimize these areas.
10. The importance of clear communication, building trust with contractors, and being selective with bids to achieve growth and profitability.
More from our Guest:
Ben Hudachek: LinkedIn
BH Estimating: The Solution to Growing Your Millwork Business - BH Estimating
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