What should a contractor ensure before bidding on a project?

In the context of bidding on a project, ensuring competitiveness with other bidders is crucial. A contractor needs to assess not only their own cost structure and project capabilities but also the market conditions and pricing strategies of their competitors. Being competitive means having a thorough understanding of the project's requirements, including timelines and quality expectations, and knowing how their bid compares in terms of value offered. This can involve analyzing previous bids if available and adjusting their proposal to align with market standards while still ensuring profitability.

While having sufficient funding, a solid customer base, and necessary permits are important considerations for a contractor, they do not directly relate to the bidding process on a specific project. Sufficient funding is vital for executing the project once it is won, a solid customer base can aid in future competition, and necessary permits are a compliance issue that should be managed prior to starting work; however, the act of bidding primarily revolves around presenting a competitive offer that stands out against other potential bids. Thus, the focus on ensuring competitiveness directly impacts the likelihood of winning the bid.