Updating Resource Costs?

I had this question come up the other day during a training. The estimator didn’t know when his equipment costs were last updated. I had to think a little bit but then I remember the “updated” field that is available to view but only available on the “customized” tab (for Equipment and Labor). The crew updated field is shown on the one tab. After I answered the question I got to thinking I wonder how many estimators have checked when the last time they updated the resource costs? Not updating costs that historically rise a minimum of 3% per year puts your profit margin at risk in just around 3 to 4 years due to compounding. What does this mean? Just after three years, you could be bidding at your costs. It is just math. So check when the dates of your data and see what you find. This brings me to my next point and probably my most important one. HeavyBid has to be maintained and setup checked. My company, EWKS, offers this service where we will check your HeavyBid system from top to bottom and make recommendations based on our findings. Interested? Click on the “Contact” button upper right part of the screen and send us a message and we will get back to you.