Discover the secret to your success with bid-hit ratios
Abstract: Some contractors equate success with the number of bids they win or perhaps simply with the number of jobs on which they’re bidding at any given time. But a more accurate and useful gauge lies in their bid-hit ratio — the rate at which they successfully bid on projects. A low bid-hit ratio can help contractors identify project types where they consistently fall short, and decide whether to allocate more resources to them or to bid more on other project types. But even the best bid ratio doesn’t guarantee profitability, so it’s important to track that measure as well.