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What’s the Big Deal About Asset Management Plans?

March 1, 2017

The healthy growth of an organization requires the careful consideration of how to appropriately manage assets. Creating a strategic asset management plan plays an important part in encouraging growth while offering valuable insight into what is working and what areas need to be addressed. March is Asset Management Awareness Month – the perfect time to review or create your asset management plan.

How can a plan help?
Understanding how asset management can help your business growth is the first step in developing a solid plan. Consider how you reach decisions, how you conduct your business, what processes you use and how you communicate information. In addition, take a careful inventory of all your assets and determine which ones are the most important. Understanding these areas will help you clearly define the next steps in creating a plan.

Knowing how you conduct business will give you a clearer picture of how your assets are being utilized, as well as their lifecycle value. This information my help you see that some assets are too costly for your business and are no longer an important part of your plan.

Do your homework
The next step in creating a plan is to collect information on assets that are available to your organization. Determine how they might benefit your company and serve the overall goals of an organization as a whole and not just a specific department or individual within your business.

Consider long-term goals as well as short-term plans and use this to determine which tools are the best for your organization. In addition, determine the projected cost vs. return of assets.

Make your choices
Once you have thoroughly evaluated your options, take some time to prioritize each. Create a list of pros and cons and consider their overall importance to your organization as well as how frequently they will be utilized.
Once you have established which tools are the best assets, start to create a plan, determining the order of importance for each item on your plan. Consider the following when developing your plan – asset acquisitions, impact on operations, asset maintenance, asset disposal, funding and a risk assessment of the asset as well as how you will manage these risks.

Creating an asset management plan can be very complicated. When in doubt, contact the experts at Tax & Business Consultants to discuss your options.

 

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