Managing an Increase in Business Assets

Accurately managing your assets is a key component in running a successful business, whether your assets are physical, financial, human, information, intangible or a combination. Of course, if your business is growing rapidly and business assets are accumulating, then your ability to manage them all just got more important — and more complex. Read on for some tips on how you can effectively manage your growing base of business assets.

Know what you have

While it may seem intuitively obvious that you should know what assets you have, there are many businesses out there that don’t, and it could be costing them big time. Knowing what you have involves more than just list making, however, so complete the following steps if you want to be serious about building a foundation from which you can manage your assets:

  • Develop a list of all the assets you know about, and verify the list by actually going into the field and taking inventory
  • Create a ranking system for your assets
  • Evaluate your assets and decide how they affect your company’s strategic plan
  • Develop and implement a process that will ensure any future changes to each asset will be properly evaluated and recorded.

Establish an asset-management team

When you begin accumulating a large number of business assets, it can become overwhelming to try to keep them organised on your own, and establishing an asset-management team is a great way to resolve this issue. Another benefit of having a team to manage your assets is that they can provide input about your assets and continuously develop them so that they deliver more profits.

Do regular inventory of your assets

After compiling a list of your assets, you still need to make sure that list is regularly updated, especially if your business still has growth on the horizon (and what business doesn’t?). An updated list will ensure your assets are being protected, maintained and used to your advantage while your business is growing and changing.

Outsource your asset management

If your assets are growing beyond your control and you don’t have anyone in-house that is qualified to handle it, you may need to outsource your asset management. The professionals can help you manage all asset classes and provide you with the information necessary to make smart business decisions. Not only that, but they can also identify your specific asset-management requirements and areas for improvement, design appropriate frameworks for managing the entire asset lifecycle, and select, procure, integrate and configure any required hardware and software.

Maintain your assets

Your assets are only valuable if you keep them properly maintained, especially when it comes to physical assets like equipment. Computerised maintenance management software (CMMS) systems are extremely useful for keeping track of your assets, as well as recording data about your equipment and property, such as maintenance activities, specifications, purchase date, expected lifetime, warranty information, service contracts, service history, spare parts, and anything else that might be important. CMMS systems can also generate metrics, organise work orders and keep inventory in check — among other things.

A growing business with accumulating assets is a very good thing, and if you keep them managed properly, your assets could become an integral part of your business.