Asset Management Tips Every Business Owner Needs to Know

Pexels – CCO Licence

I think we can all agree that our assets are a vital part of our business, so it is important we do everything we can to manage them as effectively as possible so that they can work for us as efficiently as possible. You will find a few useful tips to this end below.

1. The Almighty Inventory: Know Thy Assets
First rule of Asset Club: You need to know what assets you actually have. Sounds basic, right? Yet, you'd be surprised how many businesses have as much insight into their assets as I have into quantum physics (spoiler: it's not much). Conduct regular inventory checks. This doesn't mean a casual glance around followed by a shrug. Detail is key. If it contributes to your operation, it needs to be on that list – yes, even Kevin from accounting.

2. The Age of Enlightenment: Embrace CAFM Software
Enter the digital savior of asset management: Computer-Aided Facility Management (CAFM) Software. This isn't your grandma's spreadsheet. This is high-tech wizardry that tracks, manages, and analyzes every asset under your roof. From preventive maintenance to space optimization, CAFM Software is like having a crystal ball that actually works, giving you insights and foresights that can save your bacon (and who doesn't want to save bacon?).

3. The Lifecycle Saga: From Cradle to Grave
Every asset has a story – from the glory of unboxing to the dignity of retirement. Managing this lifecycle efficiently can be the difference between asset utopia and a budgetary black hole. Use your newfound CAFM powers to monitor usage, maintenance, depreciation, and eventual disposal. It's like being the biographer for your assets, but without the need for dramatic plot twists.

4. The Maintenance Chronicles: Preventive Over Reactive
Waiting for something to break before fixing it is like waiting for your pants to fall down before considering a belt – not the best strategy. Embrace preventive maintenance. Regular check-ups and fixes can extend asset life and prevent those “Everything's on fire” moments. Plus, it's significantly cheaper than the “Oh no, it broke” panic purchases.

5. Training Camp: Knowledge is Power
Your assets are only as good as the people using them. Invest in training your team not just on how to use the assets, but on the importance of maintaining them. Think of it as teaching someone to fish, but instead of fish, it's your expensive machinery, and instead of fishing, it's regular maintenance checks. You get the idea.

6. The Green Path: Sustainability isn't Just a Buzzword
Last of all it's worth us taking the time to talk about sustainability. Efficient asset management isn't just good for your bottom line; it's good for the world we live in too. From energy-efficient equipment to recycling and repurposing old assets, every little bit helps to improve things for the planet, while also helping you to run a more efficient business over time Plus, being green is a great look for any business.

Time to take better care of those assets than ever before!