BUILDING ESTIMATION SOFTWARE FOR 2023
Building estimation software can launch your firm to the next level. In this blog, we discuss how can you can boost your business with estimating software - and a new way of thinking - in 2023.
It’s a tough economic time for consumers and small businesses alike. The CBI predicts that the UK will experience a 12-month recession, starting in 2023. If building firms want to avoid collapsing under today’s economic pressures, they need to ensure their business model is robust. The CBI forecast suggests that the economy will pick up in 2024 but there’s a whole year to survive first!
But that’s enough of the doom and gloom. Whilst the state of the UK economy is beyond our control, you are in control of your business’s finances. Here are three key things to consider.
1. BUILDING ESTIMATION SOFTWARE – AN ESSENTIAL
You started a business to make money. More than a wage. Unfortunately, the effort you put in on site doesn’t guarantee profit all on its own. The profit stems from the costs you calculate and the quote you prepare. Every job you undertake should cover all of your outgoings. Labour, materials and plant should all be carefully calculated. On top of that, you need to include wastage, wear and tear of tools and equipment, business overheads and inflation.
On top of that, you need to add a profit margin. Each job should also leave you with extra in the bank for growing your business, marketing, and to tide you over difficult periods. A vague 10% figure isn’t going to cover your overheads and leave you with much in the bank.
EstimatorXpress does all the hard labour for you. The material prices are checked. The quantities are calculated. The labour times are estimated. The wear and tear and wastage are factored in. EstimatorXpress sees to the accuracy. Find out more here.
It can’t be a case of ‘shall I get building estimation software?’ it’s got to be ‘when?’. Only building firms with estimating software will thrive in 2023. The quicker you can get software in your kit, the better your position will be in 2023.
1) Your estimates will be precise – and you’ll be able to see how your business is faring. EstimatorXpress automatically generates reports to help you review the profitability of your projects.
2) You will estimate much more quickly – allowing you time to focus on other areas of your business – or even to have an evening or weekend away from your desk!
3) You’ll attract savvy homeowners who understand that a smart and detailed quote means a professional, reliable firm.
One of our customers recently said in his Trustpilot review:
“HBXL has been nothing short of excellent for us and has helped our company quote for some large projects producing some precision quotes using the EstimatorXpress.”
2. IT’S TIME TO THINK BIGGER
In periods of economic uncertainty, the worst thing you can do is stand still. If you do, you’ll end up going backwards. Even in challenging times, there is work out there for good builders. But this doesn’t mean you should be complacent. Now is the time to position your building firm to be the best it can be.
But how do you do this? Make sure you understand the market in your area. Think about what your competitors are doing and why your firm is winning - or missing out on - contracts. Then be prepared to go after the premium work. Don’t be content to fill your diary. You need to focus on the profitable projects.
To win the most profitable jobs, you must present yourself as a big player, with a professional approach and excellent customer service. Review the ways in which you promote your business and ensure you’re making the most of your social media channels and website. Tailor your marketing to attract the homeowners undertaking larger projects which can bring you better margins.
3. SWAP BUSYNESS FOR PRODUCTIVITY
Unfortunately, being busy doesn’t always equate to making good money. You might feel like your business is doing OK, because you’re never without work, but you may be surprised to see your bottom line when your accountant does your year-end accounts.
Your time has a price tag. The same goes for your team. In order to turn a profit on each and every project, you need the right people and materials on site, at the right time. Project management is crucial to the profitability of a project.
EstimatorXpress takes the material and labour calculations from your estimate and automatically produces a portfolio of reports. The automated Build Programme gives you a suggested schedule of work which you can adapt at the outset and as the project progresses. From material order schedules, which help ensure materials are on site in good time, to cashflow and profit reports, which help you understand your income and expenditure, the software’s reports aid with the management of the project from start to finish.
Make 2023 the year to work smarter, not harder.
NEXT STEPS
If you want to prosper in 2023, drop us a line. You’ll be delighted to discover how much less stressful, and more profitable, your life will be with building software at the heart of your business.
Give us a shout on 0117 916 7898, book a 1:1 online demonstration, or start your free 14-day trial today.