Utilizing CoConstruct's single-entry financial system allows you to enter the project scope - including specs, allowances and options - and leverage that information to obtain and lock inaccurate pricing for you and your clients.
Here's how to leverage the features of CoConstruct effectively to achieve this goal:
- Set up Accounting Codes
- Build your estimate framework
- Build your project scope
- Send and receive bids
- Populate your estimate with winning bids
- Present the proposal to your clients
- Issue purchase orders to contract costs with vendors and subs
In CoConstruct, your accounting codes will be the basis for budget tracking throughout the project. If you already have a set of accounting codes that you use for job costing, getting those set up from the beginning allow you to more accurately track your budget costs throughout the job by creating consistency within financial transactions.
If you don't have accounting codes - or aren't sure - don't stop here! Move on to the next step and you can review this with your coach or reach out to our Support team and they can guide you through this part!
Build Your Estimate Framework
The first step in building out your estimate is to input the items and outlining the relevant costs that make up the project scope. This will be the basis for the information you're requesting in your bids and eventually building out a proposed price for your clients.
Keep in mind, that you don't need numbers yet - you'll get these through your bids - but any related quantity data or specifics of what should be included (or not included) in the base proposal price should be set up here.
- Step #1 - Estimating overview
Once you have the outline of items and costs that you need to account for, you'll be ready to build out the detailed scope of information you need to supply to your clients and trades.
Build Your Project Scope
The Specs & Selections will be the basis for representing your project scope for your team, trades and clients.
Lay the foundation of obtaining and contracting accurate project pricing by entering the project scope and outlining related costs.
- Step #1 - Know how your financials will link with your Specs & Selections
- Step #2 - Understand where to put what information
- Step #3 - Utilize templates for populating common information
Once you have your project information established, you're ready to start collecting bids from your vendors and subcontractors through CoConstruct.
Send and Receive Bids
Requesting and managing your bids through CoConstruct allows you to leverage the data already built out in your estimate to ensure that the quotes you're getting from your trade partners accurately reflect the proposal you're presenting to your client.
- Step #1 - Review the Bidding process
- Step #2 - Understand how your trades will interact with bid requests
- Step #2 - Enter and send out your bids!
As you receive quotes back from your vendors and subcontractors, remember to update the bid table within each request. That will enable you to keep track of which bids you've received and streamline the process of awarding your bids.
Populate Your Estimate
As you've received bids back from your trade partners, CoConstruct allows you to push the winning bid directly into the estimate lines.
This eliminates mistakes that can often occur from manually transferring numbers from one page to another - no more missing digits or decimals.
Push your winning bids to the estimate before you send out the award notice to your trade partners. After all, you'll want to present and sign the proposal with your clients before they start showing up!
- Step #1 - Push your bids
- Step #2 - Update non-bid costs and allowances within the estimate
- Step #3 - Apply your markups and tax
Present the Proposal
Once you've populated all of the costs and markups within your estimate, you're ready to finalize the proposal for your clients.
If you're running a fixed price project in CoConstruct, be sure to set your project's Base Price first. Then use the "Generate Proposal" button on the Estimate or Specs & Selections.
- Step #1 - Generate your proposal documents
- Step #2 - Present & Sign!
Issue Purchase Orders
After you have a signed contract with your client, purchase orders allow you to lock in the pricing you built that proposal price on.
CoConstruct allows you to easily generate your purchase orders directly from the bid requests. This ensures that the exact same information that your trades saw when populating their quotes for you appears on the PO - eliminating questions, objections or surprises.
- Step #1 - Award your bids
- Step #2 - Understand how your trades will interact with Purchase Orders
- Step #3 - Generate and send your purchase orders
Once you've mastered these elements outlined above, you're well on your way to start building better, more accurate proposals for your clients. Remember that utilizing templates to store and document your common contract language and scope will make this process even easier and more efficient.