The beginning of a new year is a great time for contractors to re-examine their key performance indicators and conduct any necessary fine tuning.
Given the environment we’re in today, perhaps the first indicator contractors should consider is their bid-hit ratio. Why? Because many contractors do not know what their ratio is. In one survey of 2,000 general contractors, subcontractors and design-build companies, only 6 percent knew what their ratio was and tracked the information.