Running a company is very similar to juggling many different balls in the air all at once. You have to manage so many different aspects of the business and be sure you are keeping things moving effectively. From delegating tasks to your team or handling sales numbers and tracking profits to marketing your new products, you’ve got a lot to keep track of. Many of these important pieces to the puzzle are considered your assets. These are the items, systems, and intellectual property that makes your company the unique company it is. Essentially, without your assets, you wouldn’t have a company.
The sustainability of your enterprise depends on how you manage the things that are important to you. Your assets are your prized possessions. This means you need to stay on top of product development, keep assets secure, and be sure they can reach your customers in a timely manner. You also need to be sure your assets are functioning at full capacity and earning you extra income instead of costing you profits. As a company, you need to prioritize the way you manage the things that are important to you. Here are just a few asset management tips you’ll need to get started.
1. Find the right person for the job.
As a company owner or project manager, delegating tasks is extremely important for your job. This doesn’t necessarily mean it is easy to give up control of certain areas. However, finding the right person for the job is a great way to know your business is in good hands. Specific areas and tasks like asset management need their own manager. You need someone who is experienced in studying asset depreciation and knows the importance of merchandising and inventory management. It may be tempting to take on these tasks and responsibilities yourself, but it really makes a difference when you have someone on the job that makes this their main priority.
When you are searching for that person, experience makes a big difference. You also want someone who knows what it is like to communicate with a range of different people. Look at someone like CaitlinGossage, for example. Gossage is a leader in Canada for asset management and substantial compliance. Not only does she have public relations and customer service experience, but she also worked as a litigator. This means she will know the details of your assets at length and be able to help companies in a variety of ways. Find someone like this who can be an asset themselves as they help you manage your important products.
2. Prioritize packaging and distribution.
Getting your assets out to the public is half the battle when you’re running a company. Whether you’re selling digital platforms and products that can be delivered through email or you have physical merchandise that needs to be packaged and shipped, your customers will appreciate efficiency and consistency. How you package your products matters. When you can get creative and custom with it, you are giving your supporters better aesthetics overall. Take roll tubes for example. There are so many dispensaries that sell joint tubes and pre-rolls for you to enjoy. With fun roll tubes for any size and shape, you are giving customers more flexibility and ease when they make their order. This helps guarantee that items get out effectively the first time and in a way customers can appreciate.
3. Manage your inventory more effectively.
For retail stores, your most important asset is your inventory. Managing that effectively will make a huge difference for your company. There is nothing more frustrating than having a ton of customers clamoring for one item and being completely sold out for weeks at a time. It can also be frustrating to have too much of one product that just isn’t selling. Basically, you want more of the skirt dress products that are doing well and less of the dresses that aren’t selling. It’s a tricky balance to find. Commit to a software program that helps you manage your assets and track your needs so you can stay on top of everything. By keeping your inventory stocked correctly, you are helping to save money and manage your assets in the most secure way.
4. Review asset depreciation and update your technology and systems.
As with anything, your assets are going to lose their value over time. This is called asset depreciation. Oftentimes, this happens with technology. When you buy a computer one year, it isn’t going to be as speedy or effective five years down the line compared to the more advanced models. You want to continue updating your systems and review your asset depreciation. If you are finding that your assets are costing you more in time or money, it may be time to cut your losses and invest in something else.