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How to Focus on Asset Management in Your Business

by Phume Mdluli
Asset Management

Companies have tangible and intangible assets that are essential to their operations. Effectively managing these assets is typically far from easy, especially if you have substantial amounts of assets that you must sell to clients.

Although you’ll inevitably encounter challenges when managing your assets, there are various ways to make the entire process simpler. Here are some practical tips worth implementing to focus on your company’s asset management and optimize your business efficiency.

Put a reliable person or team in charge of assets.

It’s no secret that entrepreneurs typically have a lot on their plate when running their companies. Therefore, you’ll likely find it challenging to control every aspect of your business operations, especially managing your assets. Consequently, consider delegating the responsibility of managing assets to trustworthy and reliable employees who can effectively stay on top of your asset management. Generally, one or two people will suffice for managing a typical small business’ assets. However, larger companies may need to assemble a whole team to maintain and manage their assets. Leading litigators such as Caitlin Gossage are great examples of attorneys whose vast experience has been harnessed by several businesses in the asset management industry.

Gossage is a Canadian lawyer currently serving Forthlane Partners with her extensive asset management and compliance experience. Previously, she was the in-house legal counsel and Chief Compliance Officer at Purpose Investments, a renowned individual asset management company. Her role at Purpose Investments involved working as a management team member to enhance procedures and processes in product development, operations, and legal. Gossage has also worked at BMO Global Asset Management in a similar role for five years. She obtained her B.A. from McGill University, J.D from the University of Windsor, and LL.M from Jean Moulin University Lyon 3. Presently, she resides in Toronto with her family and is the Chairperson of the Board of Freestyle Skiing Ontario.

Conduct an asset inventory.

All effective asset management strategies need an asset inventory, so it would be best to complete one for the best results. This way, you can know the exact number of assets that you have, forming the basis of all your management planning. For your asset inventory, you should know your total asset count and where every single tool or item is. Additionally, you should know each asset’s value, when you acquired them, and the expected life cycle of each company asset. Renowned packaging enterprises such as CoolJarz are good examples of businesses that conduct regular asset inventories as part of their management strategy.

CoolJarz designs and manufactures various recyclable child-resistant packaging and innovative packaging machinery, besides providing custom branding services. Some of their pre-roll packaging solutions include custom tubes, shrink sleeve machines, and pre roll tubes in different sizes. These tubes, also called pop-top containers or doob tubes, are durable plastic joint tubes that hold many products like blunts, joints, custom cones, and vape oil carts in place successfully. Additionally, they offer larger plastic joint tubes, like their 116mm tube, to package more giant cones easily. These tubes come in various colors with translucent and opaque options. Also, many of their tubes comply with state laws and FDA standards and are ASTM-certified. What’s more, CoolJarz employs next-generation production technology that boosts their product lines’ bio-efficiency, evident by their new EcoLite tube family that contains up to 50% less plastic than similar products.

Use an asset management solution.

Like many other tasks around the office, you can carry out asset management using several helpful software tools. Therefore, it would help to leverage a great asset management solution to make your job easier. Manually managing assets takes up significant time, costs, and effort, with high-quality results not always guaranteed. However, asset management software will automate your entire management process, including in-depth report generation, asset maintenance, and contract management. Furthermore, this solution can help you stay on top of asset tracking to prevent your enterprise from suffering financial losses.

Asset tracking involves using tagging tools like barcodes, QR codes, RFID tags, GPS, and Bluetooth to assign each asset with a specific identification code. This way, you can always know your equipment, vehicles, or stock’s physical location and reduce asset loss and theft. As an entrepreneur, your image is undoubtedly key to your branding. Consequently, consider investing in quality ponchos or a ruana wrap that is versatile enough to accompany any office ensembles. You can find ponchos and ruanas with subtle details like intricate embroidery, delicate fringing, and ruffles, which may be the perfect choice for you based on your unique preferences.

To conclude, an effective asset management strategy is key to the efficient coordination of many business operations such as tracking all your essential equipment, optimizing your operations, and staying on top of maintenance, among others. The above-listed points are helpful tips worth remembering to manage your enterprise’s assets for the best results.

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