As your business grows and gains assets, there are a few key things you need to do to maintain and protect your hard-earned success. Your business assets could be anything from a physical space to equipment and inventory or even something less tangible, like your company’s intellectual property. This blog post will outline five vital must-do things, from keeping accurate records to performing regular maintenance.
Keep Accurate Records
One of the most important things you can do for your business is to keep accurate records of your assets. This includes keeping track of purchase dates, prices, and any relevant serial numbers or model information. Accurate asset records will help you keep tabs on your inventory, track depreciation for tax purposes, and make it easier to get insurance coverage in the event of theft or damage.
Create An Asset Management Plan
An asset management plan helps you decide when to upgrade, repair, or replace your assets. This planning can save money by helping you avoid unnecessary repairs or replacements. Having an asset management plan can also help you budget for future upgrades. When creating an asset management plan, consider the costs of ownership (e.g., repairs, maintenance, insurance) and the asset’s replacement cost. An asset manager who follows gips standards can also help you create and implement an asset management plan that would be most beneficial for your business.
Get Insurance Coverage
As a business owner, it’s important to insure your assets in case of theft, damage, or loss. The right insurance policy will give you peace of mind knowing your assets are protected in unforeseen circumstances. When shopping for insurance coverage, compare policies and rates from multiple providers to find the best coverage for your needs. Not all insurance coverage plans were created equally, and you must ensure you get the right coverage for your business.
Secure Your Assets
To protect your assets from theft or damage, it’s important to take measures to secure them. This might include installing security cameras or alarms, keeping valuables in a safe or locked storage area, or investing in tracking technology such as GPS devices. Securing your assets will help deter criminals and give you peace of mind knowing your property is safe. Additionally, if your assets are lost or stolen, having them appropriately secured will increase the chances of recovering them.
Perform Regular Maintenance
Regular maintenance is essential for protecting and prolonging your assets’ life. Depending on the type of asset, this might include tasks like calibrating equipment, changing fluids or filters, or running diagnostic tests. Performing regular maintenance according to the manufacturer’s recommendations can keep your assets in good condition. You will be able to avoid costly repairs down the road.
As a business owner, keeping a close eye on your company’s assets is essential. Taking measures like the ones mentioned above can protect your assets and ensure they continue contributing to your business’s success for years to come.
Carolyn R. Owens is an ICF-certified Master Coach and serves as a Career Strategist, Executive, Leadership, and Mentor Coach. She can assist you by helping you up-level your skills to up-level your income, career, business, or life. Carolyn provides one-on-one and group coaching, organizational training, and personality assessments. She is certified to give the Energy Leadership Index and Myers-Briggs Type Indicator Assessment. You can learn more about assessments and other products and services at https://infinitycoaching.net.
