HOW TO AVOID THE 3 MOST COMMON ESTIMATING MISTAKES!
Errare humanum est, sed in errare perseverare diabolicum – Seneca the Younger.
Translation: To err is human, but to persevere in error is diabolical.
Every estimator has their own unique story. We work alongside each and every one to overcome their challenges, and after more than 30 years in the business, they’ve taught us that most mistakes fall into 3 simple categories. The good news is that these mistakes are completely avoidable! Read on to find out how…
1. Incorrect transposing of information
The more manual data entry you do, the higher the risk of error. A spelling mistake or the wrong decimal point can result in failure for a tender, a project, or even a business.
Here’s the secret, though. Dedicated estimating software significantly reduces the need to manually transpose information, which in turn allows you to reference results throughout a project. The result? You can be confident in the consistency of your tender.
2. Incomplete estimates
What about information that is simply missing? This can be far more drastic than a typo, and when a deadline looms, things can get missed in a complex tender.
With dedicated estimating software, you can track the status of each item included in the project. Quick filtering can display which items are finished, unfinished or need to be checked, and Base Resources can be tracked to make sure that the prices are confirmed.
The best packages on the market also alert you if your project is incomplete before they permit you to produce client facing documents. This means you can rest assured there are no gaping holes in your hard work.
3. Incorrect calculations
Errors can creep into calculations – even in the sexiest of spreadsheets. If (and that’s IF) they are noticed, they can be incredibly difficult and time consuming to locate and fix. We already know time is of the essence with estimating – so how can you save yourself the headache?
Dedicated estimating software uses structured workflows and predefined functions. Calculations become automated, leading to consistency. But what about if you want to create your own brilliant formula? The best software provides feedback and validation for user created formulas, ensuring that your results are always accurate. And errors? The software will notify you about those too!
The secret to success?
As Seneca the Younger pointed out, we can and should learn from our mistakes. Avoiding these potential pitfalls is an easy win, and by integrating industry-leading software such as Expert Estimation in your business, you’ll get accurate results faster, making you an expert estimator sooner.
And why simply be an estimator when you can be an expert estimator instead?