Managing Your Business Assets: 3 Critical Mistakes You Need to Avoid

Posted on May 21, 2015

No matter what type of business you have, you'll most likely need to purchase tools and equipment that let you finish your tasks quickly and efficiently. But don't just stop at buying these items; to ensure you'll get excellent value for your money and make your investment last, you also have to take several key steps. One of these is to avoid the following mistakes:

Buying low-quality equipment

It can be tempting to purchase products that are offered at incredibly low prices, but don't give in to the temptation! These tools and machines are cheap for a reason so, before forking out your cash, shop around and look for durable and high-quality items.

If you own a restaurant, for example, do your research and look for a company who offers world-class commercial refrigeration equipment. By getting their help, you'll have access to freezers, fridges, ice cream displays and wine storage units that are made by trusted manufacturers like Cyberchill, Friginox, Zanotti and Eurocryor and are designed to last for a long time. So, the only thing you should do is to choose the machines that suit your specific needs and budget.

Not keeping track of your assets

Some business owners think their job is done once they've bought commercial refrigeration units and other types of equipment and installed these in their workplace. But don't adopt the same mindset; to make the most of your investment, you have to create a system that lets you keep track of your machines. This way, you'll know where they're located and who are using them and ensure they won't get lost, stolen or misplaced. You'll also receive reminders about when they're due for maintenance and find out if they have any wear-and-tear damage.

These might sound complicated, but don't worry since there are lots of people who can help you. If you're based in New South Wales, for instance, just get in touch with us here at Asset Inventory Management. We offer high-quality and easy-to-use asset management software that can be personalised with various modules (such as data capture, barcode auditing and depreciation reporting) and configured to meet your business's specific requirements. By investing in our software, you can easily keep a close eye on your equipment and ensure they're always in excellent condition.

Failing to properly train your staff

Even if you'll buy the latest and most expensive machines, they'll still be useless if your employees don't know how to use them. So, as soon as you purchase a new tool or piece of equipment, organise seminars and workshops to teach your staff how to properly operate it. This way, they can maximise its potential and utilise it to increase their efficiency and productivity. They'll also know how to take care of your new machine and avoid damaging it because of incorrect usage.

Steer clear of these blunders to effectively manage your business assets and enjoy high ROI.

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