5 tips for better asset management

Dylan Rogers

Your people are at the heart of everything your business is known for. And your assets—whether it’s lighting, HVAC, or cooking equipment—are an essential part of how they create exceptional customer experiences.

  • For restaurants, it could be the consistency and satisfaction of a classic menu item.
  • For bridal galleries, maybe it’s the kind of lighting that elevates a bride-to-be to her confident best.
  • For convenience stores, it might be the steady comfort of fresh coffee for a long trip home.

No matter your specialty, your business assets are a vital component to creating memorable experiences for those you serve.

Here’s five tips to ensure your assets continue to support your unique service goals.

1. Keep tabs on the basics

Your asset data portfolio should begin with the essentials: Who, what, where, and when?

Your work order management system should provide a space to collect, track, and manage the following:

  • Who manufactured the asset? Are they a known, trusted brand? Who distributed the asset and brought it to your locations? Who was hired to install and configure it?
  • What is the model and serial number of the asset? How much did the asset cost? And what other identifying information can you use to set it apart from other similar assets?
  • Where is the asset installed? Does the asset have a location-specific identifier, QR code, or another kind of tag you can use to set it apart?
  • When was the asset installed, and when was it last repaired?

With this baseline information for assets across your entire portfolio, you’ll be well-equipped to make more effective repair trips and anticipate future needs.

2. Maintain a detailed history of repairs

You might remember the last time a certain HVAC unit was repaired. But what does that really tell you about the life of the asset, and how long it’ll stay in service?

In reality? Not much.

Collect a detailed history of asset repairs. With a more complete history, you’ll know more about how well—and for how long—those assets will continue to work for the customers you serve:

  • It’ll be easier to predict upcoming repair needs
  • You’ll know how much you can expect to spend on those repairs
  • You’ll know if it makes sense to simply replace the asset altogether

Tracking asset repair histories makes it easier to prevent downtime. In turn, you’ll keep customers satisfied with the quality of service they’ve come to expect at your locations.

3. Keep up with preventative maintenance

A preventative maintenance plan is essential to any asset portfolio.

On the one hand, a preventative maintenance schedule is an effective strategy to ensure operational consistency and uptime. It helps you maintain brand value.

And on the other hand, it’s an effective cost-saving measure. In virtually every case, planned maintenance is less costly than reactive maintenance—especially when it comes to emergency repairs.

Plus, once you have a snapshot of essential asset data and a history of repairs, you’ll be even better prepared to anticipate a pattern of asset repair needs.

Use your routine maintenance schedules to target the assets that need it the most, so you’re less likely to get the dreaded 3 a.m. emergency call.

Over time you’ll see that emergencies become less frequent—freeing up time and energy to focus on your long-term facilities strategy.

4. Put warranty agreements to use

When asset manufacturers believe in their products, they offer a warranty.

And very often, warranty agreements cover most—if not all—of the costs associated with the most common repair needs. Manufacturer coverage tends to last a year, sometimes longer.

This means significant savings—but only if you track the paperwork.

Your work order management system should offer an easy way to upload all the necessary information. When work orders inevitably crop up, you can quickly reference the warranty agreement to see if the repair costs are covered.

5. Look to the future

It could be time to modernize your assets. Opportunities for investment exist all over your portfolio.

  • Your light fixtures could be modernized to fit new, cost-effective LED bulbs.
  • Restroom doors and the toilets behind them could be upgraded to touchless models.
  • HVAC units can be fitted with ultraviolet purification systems, enhancing safety and cutting down on long-term filter expenses
  • Entrance pull doors could be modified to revolving doors, which transfer less air and make it easier for climate control units to do their job

Don’t get stuck in the loop of repairing unreliable, aging assets.

Over time, modern facilities upgrades pay for themselves. They’re more energy-efficient, more reliable, and often cost less to repair than their predecessors.

Your customers will feel the difference, too.

There’s so much more to facilities management than the story of break and fix. Your business locations are a destination. And although they’re often seen as merely humming away in the background or just overhead, your assets are vital to carrying out your company mission.

Consider partnering with facilities experts ready to manage your asset needs—and quite a bit more. Want to learn more? We’re here for you: weknowFM@smsassist.com.