All businesses have assets, even if yours is just the laptop that you carry out all your work on. Once you start to increase the asset count of your small business, it’s super important that you begin to manage them correctly.
This way, you always know the true value of your company, and can ensure that no asset is at risk of being stolen or lost. New to the world of asset management? Here are my top tips to help you shake your assets and improve your management of them.
Train Some Staff to Deal with Assets
Looking after all of your assets is critical to your company and can help you place your investments wisely. So, it’s important that you get all of your managers and higher-tier staff on board to help you with your asset management.
It’s also worth sending some of them to take asset management courses. Part of being able to look after your assets correctly is that you can handle data about them. If your staff are unable to do so, then things could go wrong with this area of management.
Use Computer Software and Programs
There are now lots of great computer software and programs, including the likes of Enterprise Asset Management Software, that can help you keep a close check on all of your items and equipment.
Not only will these help with your asset management, but they can also make it easier for you to track any data that is related to them. They will also ensure that all of your employees who deal with assets stick to correct procedures and processes.
Estimate each Asset’s Lifespan
All good entrepreneurs can correctly estimate when the time to replace current items of equipment and machinery is. To help you do this with all of your assets, you should try and figure out each individual item’s lifespan when you first get it.
Remember to include things like services and regular maintenance into your estimates, as these can help most machinery and equipment last for a lot longer than originally expected.
Continually Monitor and Review
Even if your assets are currently in a good condition, it’s important that you continually monitor them. This way, you can quickly know if something needs any maintenance or repairs. If you continue to use any equipment or machinery while it is in quite a poor condition, you will find that its lifespan and the quality of its work will reduce.
So, continual monitoring and reviewing can help keep your assets in top quality and at the top-end of their estimated values.
Investing in profitable assets is a great way to make a bit of extra cash for your business. You just need to follow all of the above tips once you do, so that none of yours end up depreciating in any value.
You will find that, over a few years, your assets will greatly increase in value if you take good care of them. They’ll certainly help boost your business status! It’s safe to say that my accounting classes during my human resources management course actually paid off.
How have you included asset management in your business? Leave a comment below!