Exploring Estimating Templates and How to Use Them

An estimating template provides estimators with a framework to use as they are creating their estimates. Think of it as a pre-defined format that estimators will repeat each time they create an estimate. Let’s dive deeper into how to use an estimating template, the importance of estimating templates and how electrical estimating software helps.

Key Takeaways

• Estimating templates provide estimators with a framework as they build estimates.
• These types of templates for bids help estimators avoid errors and build consistent estimates, and, ultimately, improve the quality of their bids.
• Electrical estimating software can automate calculations — helping contractors create more accurate estimates — and some offer built-in estimating templates.

How to Use an Estimating Template

Using an estimating template involves a few straightforward steps:

1. Select or design a template that fits the needs of your specific project. This template should include all the key components of your estimate, such as labor, materials, overhead and profit margins.
   
   1. Labor
   2. Materials
   3. Overhead
   4. Profit margin projections
   5. Client details
   6. Dates
   7. Scope and description
   8. Quantities
   9. Unit costs
2. Once you have your template, you’ll fill in the details as you work through any current project. This includes inputting item amounts, supplier costs and other project-specific data.
3. After filling in the template with your project details, review the information to ensure accuracy and make any necessary adjustments before finalizing your estimate.

After each project, you should assess your estimating template to determine if it could be more detailed or clear.

The Importance of Estimating Templates

Estimating templates play a crucial role in the estimating process by creating a consistent approach to generating cost estimates.

One of the primary benefits is their ability to standardize estimates across different projects and teams. This consistency is important for several reasons:

1. Improving Accuracy

By following a consistent, standardized format, estimators reduce the risk of missing key elements or making errors.

This results in more accurate estimates — leading to better project planning and budgeting.

2. Building Estimates Faster

Templates provide a pre-defined structure, which streamlines the estimating process. This drastically reduces the time spent on each estimate.

An estimating template allows estimators to focus on inputting the specific details of each project instead of building an estimating structure from scratch for each project.

These templates can be saved in the system, cutting time down even further for construction companies who’re dealing with future projects of similar layout and design.

3. Comparing Estimates

When estimates are created using a consistent format, it’s easier to compare different projects or construction bids.

This helps in evaluating the financial viability of various options and making more informed decisions based on past project outcomes.

4. Easier to Learn and Review

New team members can quickly get up to speed with the estimating process by following a template.

This reduces the learning curve and ensures that everyone on the team is using the same approach and can quickly identify key information when they review the estimate

Simplifying the Bidding Process with Estimating Templates

The bidding process can be complex and time-consuming, particularly when dealing with large projects or multiple bids. Estimating templates simplify this process in several ways:

1. Easily Manage Multiple Bids Simultaneously

Templates allow estimators to generate bids more quickly by providing a ready-made framework.

This is particularly useful when working under tight deadlines or when submitting multiple bids simultaneously.

2. Build Consistent Bids

With a standardized template, every bid is structured in the same way. This helps ensure that all bids are comparable and easy to review and evaluate.

3. Minimizes Errors

A well-designed estimating template guides estimators through each step of the estimating process — reducing the likelihood of errors and giving construction professionals almost a checklist of sorts to review to make sure they covered everything.

4. Justify Project Costs to Project Owners

When using a template, it’s easier to track and justify the costs included in the bid.

This transparency helps in building trust with clients and can be a key factor in winning projects because it gives project owners more context about necessary costs.

The Role of Electrical Estimating Software Electrical Estimating

Electrical estimating software takes the concept of estimating templates to the next level. Electrical estimating software automates many aspects of the estimating process including calculations and data entry.

This software is also capable of managing and storing large amounts of data in a secure location — such as the cloud.

With electrical estimating software, like McCormick, contractors can more effectively assess their estimating templates and perfect them.

Additionally, McCormick offers built-in estimating templates to get you started.

Contact us today to see examples of these built-in estimating templates and watch McCormick in action!