Developing an Asset Management Plan: What You Need to Know

The development of an asset management plan is a critical aspect of your business strategy. It will be used for defining asset utilisation for more streamlined productivity, as well as delivery with the least amount of capital loss in mind. In general, your plan must take the following into careful consideration:

  • Deciding specific departments required to develop the plan

PlanningIt is imperative that your business’s major departments like accounting, human resources, research, logistics, and development are included in the planning and every department will be liable for the assets under their control.

  • Making an inventory of your existing assets, their costs, annual devaluation, and costs regarding planned disposals and maintenance

With this, tell all involved departments to keep and update a log containing all existing assets.

  • Determining specific assets that require managing

These assets will obviously differ from business to business, as well as the industry it is a part of. Normally, these assets include buildings, warehouses, manufacturing plants, transportation, hardware, machinery, intellectual property, and intangible assets usually in the form of improved and alternative technologies. Personalised domain names directly related to the business should also be managed and considered assets.

  • Developing individual plans for all the stages included in the plan

The organisational plan is used to determine your business’s vision and direction, while facilities management plan is used for defining all elements of handling existing facilities. Also, a capital development management plan can be utilised for defining assets produced with capital from your business, while a maintenance plan highlights all maintenance processes for all existing assets.

  • Setting a budget for all plans controlled by different departments.

The budget must be sufficient for obtaining additional assets, expected disposal of malfunctioning or older assets, and maintenance.

The implementation of an asset management plan is critical to your company’s profit, so it is important to work with experienced consultants who can help you build a plan specific to your company’s needs.

About the Author

As a New York-based psychologist. Thelma Scott has conducted several seminars tackling adult autism.