Smart Asset Management Strategies for SMBs

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smart asset management for smbs

Starting a small business is hard as it is, and due to the complications and problems that entrepreneurs stumble upon along the way, sometimes they leave some important aspects unfinished until better days arrive. Asset management must not be one of these aspects. It’s crucial to manage your assets accurately from the first day of doing business, and not a single one should be left out – everything from IT equipment to vehicles must be in check. This is not something businesses should take lightly. It requires a concrete strategy without any holes and mistakes. And since data entry operators, just like all human beings, are prone to making errors, it’s best to use asset management software.

Try Out the Software

Never pay for anything you haven’t previously tried out, or it may turn out later that the asset management software you have chosen and paid for has a bunch of unpleasant surprises. This is especially important for your employees who will have to learn to work with this software in a short timeframe. Make sure it is easy enough to use before you finalize the purchase. Plenty of vendors offer live demonstrations, and you should enable your employees to see how the software works, or even better, find the ones that provide free trials so they can have an immediate experience.

Know Your Assets

Sure, asset management software will help you with managing the date you’ve imported, but where do you get the data from? First, you need to go through the asset verification program, where you will conduct the counting of existing assets and prove the accuracy of your information. When verifying your assets, you should use the well established techniques and verify all the important aspects (existence, cost, value, authorization, presentation in the accounts and beneficial ownership), advise the experts behind Slattery Asset Advisory.

Make a Priority List

When you have familiarized yourself with all of your assets, you will know exactly which software features you’ll need. Still, it is easy to get caught up in all the tempting features the vendors might offer in the package with their software. Think about it, though, – how many of these features you actually need? Still, this can not only add up to the total price of the product, but also to its complexity. Keep things simple and write down your priority features (e.g. tracking assets by serial numbers or access them on various locations). One feature that you might want to have in any case is mobile capability so that you can update asset data on the go.

Integrate the Software with the Technology You Have

One important thing to consider when deciding for asset management software is whether it will fit in well with the rest of your technology. If not, it can lead to serious problems and glitches that can affect the efficiency of tracking your assets. Unless you don’t want to spend even more money by buying new equipment that can support the software you’ve purchased, you should make sure our existing hardware and operating system support your choice. Also, take in account the software you’re using.

Find an Affordable Product

And when we say affordable, we actually mean cost-effective, not cheap. Are you getting what you want and is the price you’re paying worth it? When negotiating the offer, you will probably be presented with the price of the software without any additional elements, but when you make the purchase the price can skyrocket. Why? Elements such as barcode scanners or mobile computers are added to the price, and you were not told they have to be paid for separately. So, before buying you should request a package that includes everything you need, and ask to get a final price.

Managing your assets is much easier in the Digital era, and here there’s only one strategy that actually counts: choosing your asset management software wisely.

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