Check out our latest article: IT Asset Management: 14 Best Practices for ITAM in 2022
Small businesses aren't easy to run. Just when you think you have your systems figured out and you're ready to go, something changes in your industry or you grow your business. Although small businesses will always evolve, they will never be able to ignore the need to manage business assets.
An organization's assets are the glue that keeps the company going. Regardless of the size of your organization, managing your assets effectively is a critical part of achieving a dynamic and profitable business.
Tracking how many fixed assets a small business owns, their condition, and where they're located is in their interest since proper asset management software won't cost them much time and money.
Considering all the things that can lead to a small business' collapse, smart asset management makes sense. Especially in cases where a small business appears to be doing well, it is easy to assume that an occasional lost item or big-ticket repair won't have a lasting effect.
Despite this, there is often a pattern of mismanagement that goes on over time. Rather than being isolated incidents, they are more likely to be part of an ongoing process.
Benefits of Asset Management Software
Here are some of the benfits of asset management software for small businesses:
- Reduction of duplicate purchases. Organizations waste a great deal of money by not knowing what assets they already have and which ones need to be purchased.
- A rise in productivity. By having an efficient system for tracking assets, who is using them, and whether or not they need maintenance, you can guarantee that everyone has access to what they need.
- More accurate forecasts. As you become more adept at tracking your assets and their condition, you will be able to more accurately track future costs associated with those assets.
Getting started with Asset Management
Start by taking an inventory of all your assets and inventory. Performing this exercise on a regular basis is something that every small business should do. Do some of them have unique specifications or rules that need to be recorded? Do you have enough of each item? Add details about who purchased them and when they were added to your inventory.
Are your assets located in one location or are they scattered across the country? For example, you might have a distribution warehouse, storage room, a job site, and an office in each state. When assets travel from place to place, how will you maintain them?
Be aware of who is using your assets, how they are being used, and how often. It is common for employees to take things they don't need. With small business asset management tools, businesses can maintain a record of what employees need or use.
Choose the Right Tool for the Job
BlueTally is a free and simple asset management solution we built to help companies and organizations manage their most important assets, both physical and digital. Learn more about BlueTally and get started for free.
