Should a small business care about equipment management?
The answer is simple: yes. In this blog post we will look at why every single business, no matter how small, needs to have an efficient equipment management and equipment tracking system.
To do that we are going to look at five reasons why having a better asset management solution can help your company to thrive.
1. The less you have, the more it’s worth
If a business with 1000 drills loses one, it loses 0.1% of its drilling capacity – not a big deal, right? But if you only have 10 drills and you lose one, that’s 10% down the drain.
If you have fewer replacement options, the value of each piece of equipment becomes bigger. This means that the less equipment you have, the more important tracking it becomes.
2. Focus on what really matters
Out of dozens of issues that might demand your attention on any given day, only a small number of growth issues will allow your business to thrive. The rest? These maintenance issues need your attention simply to keep your company running.
So make sure that you have easy & efficient systems in place to handle the maintenance issues!
The less time you have to spend keeping track of all of your items, the more time you can spend on delivering great service. A good equipment management system will allow you to focus on the future of your company.
3. Better safe than sorry
A stolen laptop, a crashed hard-drive, a misplaced folder – it doesn’t take much to ruin your day. But if that laptop or folder held all of your equipment information, it might ruin more than that!
Imagine having to search for all of your warranty documents, or puzzling together from scratch which customer is renting which items…
Having multiple backups in different locations or using a cloud-based system minimizes your risks. Make sure that a crashed laptop ruins your day, not your business.
4. Prepare to scale for effective equipment tracking
Maybe your goal is to keep the size of your business stable, forever. But if you hope to grow, you’d better start preparing for it now.
Keeping track of your assets on paper or in a spreadsheet might keep things running when it’s just you and 50 items – but what happens when it’s you and 19 other people managing 500 items?
The safest solution is to use a system that will work just as well two years from now as it does today. You don’t want to be stuck using a system that doesn’t meet your needs – and you also don’t want to spend valuable time switching systems when you no longer have a choice!
5. Don’t get stuck in the past
In past blog posts we’ve looked at the history of equipment tracking. What we found is that too many organizations are still stuck in the past. If someone walked up to you today and suggested using carrier pigeons to communicate, you’d ask them which year they think it is.