Budgets in construction jobs need to be accurate from the beginning, whether you're quoting small fixed price jobs over the phone, or doing full design and build projects on a fixed price or cost-plus basis. When contractors use the right construction budgeting software, they can build accurate cost estimates quickly.
This allows you to control costs on every job, communicate pricing every expense to the homeowner, and make sure you are making money on every project without guessing costs yourself.
In this article, we'll explore what a construction budget is, why it is important, and how you can use Bolster as not just a Construction Budgeting Software, but an all-in-one tool to help you save time, win more jobs, increase profit, and get paid faster.
A construction budget is simply the total amount of money planned to be spent on the whole project. A construction budget shows how much money is needed for a project and where it will be spent, which includes the contractor's design and build budget, cost of materials and labor, and other costs like paying subcontractors, surprise expenses, and fees.
By having an accurate budget, you build trust between you and your customers. When jobs are completed at or under budget, this adds profit to your bottom line. Homeowners will also be happy that they haven't had to pay more than what they were expecting to complete the project. This also leads to repeat business from the same customers, or word-of-mouth recommendations for future customers.
Many contractors choose software tools that promise the world but fail to deliver on a few key features. By using a software that allows you to build construction budgets quickly and accurately, you can win more jobs by giving your customers a better understanding on pricing on every part of the job.
Further to this, by presenting your quotes in a virtual showroom, you will impress your customers and ensure they have clarity on every part of what you are offering in their projects.
Bolster's patented system also allows you to offer options and upgrades to your customers, which updates your overall pricing in real-time, which eliminates you having to rebuild budgets when customers ask for different options or change scope.
How Bolster Enhances Your Budgeting Process and Your Bottom Line
Bolster is made for contractors, remodelers, and home builders to do more than estimate. It’s an all-in-one solution that will help your business and make you more money. Here are a few things that make Bolster stand out from the rest.
Fast and Accurate Quoting with Built-In Profit Protection
Bolster is changing the game as not just a construction budgeting software, but an all-in-one tool to help contractors and builders save time, win more jobs, increase profit, and get paid faster. By uploading and storing your company’s data on vendor pricing sheets, overhead expenses, and average subcontractor costs, Bolster can generate estimates and budget construction projects that are unique to your business in minutes.
But Bolster doesn’t stop at just speed and accuracy; its built-in profit margin system ensures every line item, from labor and subcontracting costs to even small expenses like nails, is profit protected.
Unforeseen costs like labor charges, material price fluctuations, or additional subcontractor fees can eat into your profit margins if not tracked properly. For example, if material costs go up and you need to update your quote on the fly, it’s easy to miss adjusting for profit margin. But with Bolster, this will automatically update all affected line items in your bid and ensure your expected profit margin is earned. To learn more, check out our blog on “7 Ways to Increase Construction Business Profits.”
Also, by showing homeowners all options and upgrades in their estimate, homeowners can see how their project would look with higher-end materials, often resulting in higher ticket prices per estimate.
Bolster AutoCost is changing the game for building budgeting software. Material prices are always changing, and for many builders, making sure they’re charging the right amount means checking vendor websites and pricing sheets all the time. But not for Bolster users. AutoCost has over 25,000 items that are exclusive to that user’s area and zip code.
This means you don’t have to search online or in price lists to find out how much materials cost. You’ll also be notified when an AutoCost item’s price changes, and with one click, your quote will update to the new price. This keeps your profit margins safe from price changes, so your estimates are accurate and you make money.
You can make quotes using basic estimate software like Excel or other estimate software. But those programs don’t have enough features for full financial and project management. Bolster is a real building budgeting software and complete end-to-end platform that gives contractors tools like estimation, advanced budgeting features, real-time price updates, and guaranteed profit protection.
Don’t settle for simple tools that leave holes in your planning process. Choose Bolster to give yourself and your business the tools you need to be successful and financially stable in the long run. Book a demo now and see for yourself how Bolster can change the way you budget and make your business more money.