How to Manage and Extend the Life of your Business Assets

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Your company’s assets represent a portion of the financial strength of your organization. When your company invests in an asset, it is your job to extend the life of that asset for as long as possible to get the best rate of return.
 
Do Routine Maintenance
Each asset you buy will come with a user’s manual that will have maintenance instructions in it. Some companies will just utilize their assets and make necessary repairs instead of focusing on maintenance. When you maintain your assets properly, you can avoid many of the costly repairs that can become necessary. Regular maintenance using quality materials and supplies is a process that can pay for itself several times over.
 
Refurbish Instead Of Replace
There will come a time in the life of an asset where routine maintenance is no longer enough to keep the asset viable. That is usually the point where a company will discard the old asset and buy a new one. But there are ways to refurbish assets that will extend their lives and save you money on new purchases. Look in to having the manufacturer or a certified service technician refurbish your assets instead of discarding them. Find a company that can help with asset management and refurbish your assets to look new again.
 
Intended Use Only
Sometimes business owners will use assets in ways they were not intended to try and make a few extra dollars. For example, you may have an asset that was designed only for indoor use, but you decide to use it outdoors instead of buying a new unit. When you use assets in ways that they were not intended to be used, then you will wind up replacing those assets and buying new equipment to cover the job the old equipment could not handle. Only use your company equipment in ways that are consistent with manufacturer’s direction.
 
Manage The Hours Of Operation
Each asset your company purchases has a recommended lifespan that is usually measured in hours. If you want each asset to last a long time, then manage their hours of operation and shut them down when they are not being used. When you properly maintain your equipment, you can extend the life of each asset.
 
At the end of the fiscal year, your company will review its financial books to determine profitability. If you are not managing your assets properly, then that has a significant effect on your company’s ability to turn a profit. It may require a few extra moments of your staff’s time to care for assets properly, but the financial rewards are well worth it.

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