5 Tips to Efficiently Manage and Track Loan-Outs

Lending out equipment to customers, employees or students has countless benefits, but it can end badly if not managed optimally.

Examples of loans:

  • Hotels and resorts providing sporting gear like bicycles or scuba gear to guests
  • Schools and Universities loaning out IT, AV or other tech equipment to students
  • Companies who want to keep track of their employees’ IT equipment checkouts
  • Video production companies assigning AV equipment to productions
  • Government or military bodies issuing safety equipment
  • Sports clubs that lend out sporting gear to their customers

Recurring problems

Unfortunately, it’s easy to lose oversight when loaning out equipment: keeping track of due dates, who last used which item and your equipment’s condition can become complex fast. Prevent double bookings by using proper asset calendar.

Manually searching through documents to retrieve information or to check availability becomes increasingly ineffective and inconvenient, while calling people to find your equipment is a waste of time.

If an item is returned in dubious condition, it can be hard to verify or prove that the damage was caused by a specific person, resulting in unnecessary confusion or disputes.

But no need to worry – solving these consistent, recurring problems is easier than you may think!

5 Tips to efficiently loan out your equipment

1. Keep records up to date

Reliable data is key to good equipment management. Make sure both the info on your equipment and the users borrowing them is up-to-date. Have users sign a loan agreement so you can hold them accountable if something goes wrong. Make sure to debug your equipment management

2. Keep complete packages together

Keep laptop chargers in laptop bags and store things neatly in a secure location. Loose pieces can be stored separately and labeled under “extra charger”.

3. Track damage

Document damage with pictures and accurate descriptions. Remove damaged items from circulation and keep track of why it is not in use.

4. Accurately register

  • Any necessary upcoming inspection, repair, maintenance, or cleaning
  • When certain procedures last took place (e.g. making a backup of a laptop or resetting it to factory settings)
  • Reservations in a calendar

5. Make clear agreements communication about:

  • Where and when items were picked up, and when and where they should be returned
  • The condition of items when they are checked out (cleaned, recharged etc.)
  • Acceptable use of the equipment (what may it be used for – only professional or only personal use etc.)
  • Items’ values, so users know how much they have to pay to replace them

Equipment management software has instantly solved these issues for many companies, and it can even provide extra advantages that improve your business's overall efficiency.

Cheqroom integrates all the tips given here and makes it easy to register, manage, organize and track your equipment.

This intuitive software turns your front-line employees into rental experts!
Even when they are not at their desks, employees can manage your equipment using any mobile device. Changes are immediately synchronized to the cloud so everyone works with the same information.

Try us out or request a demo!

Written by Hana Belbecir Dec 01, 2019