Asset Management: Get Started With These Easy Tips

As a small business owner just getting started in your industry, you know you need to be good at managing your assets so you can improve your finances and make enough money to justify the hard work you’ve put into your business. But how do you get started? What things do you need to remember as you embark on your asset management journey? Let’s take a look at what you need to know as you move forward.

First thing’s first: What is asset management?

Asset management is a critical part of running a successful business. Basically, you need to know what you have, where it is, and what its value is — especially when it comes to running audits of your inventory. Especially now that mobile devices, cloud technologies, automated software tools, and other technologies are being used every day in business, it’s imperative that you track what you’re using. These systems can track both software and hardwareassets.

The benefits of asset management systems are folded into how you run your company. You can see where your assets are and collect data on them in one centralized system, eliminate the need for complex spreadsheets, and improve data collection by automating it. Not to mention that knowing the location of your assets can save you time and money when it comes time for maintenance and tax auditing.

Go from here: Steps for getting started

Now that you know what asset management entails, let’s go over what you need to do to get ready for your new system.

Figure out whether you need asset management software. List out all the devices, tools, and documents that you need to keep track of. Do you have a lot of convoluted spreadsheets, but you can’t seem to find the right one when you need it? That’s a sign.

  1. Find an asset management system that allows you to automate processes and keep track of your inventory and devices, but make sure that it’s within budget.
  2. Consider applying for a loan to get started with asset management software. There are myriad loans and grants available to small businesses.
  3. Partner with the right company or consultant so you know exactly how the asset management system works and how to use it to its full advantage. It won’t do you any good if you don’t know how to use it.

Important reminder about cybersecurity

As you mature in your asset management practices and get a handle on what devices, products, and tools you have at your disposal, don’t forget to consider cybersecurity. Especially as the Internet of Things (IoT) becomes more prevalent in the business world, small-business owners want to make sure their networks are safe and that malicious actors can’t gain access to your resources. Therefore, the assets you’re tracking need to be secure.

One way to ensure your networks and assets are as impenetrable as possible, you could consider ethical hacker recruitment. These professionals, who can be found on online job platforms that display reviews, delivery time, and cost, can test your network’s security by lobbying a cyberattack against it — for your benefit. (This is commonly referred to as a penetration test.) When they find vulnerabilities, they let you know, so you can patch them.

Partner with the right people

Now that you know how to get started with asset management software, it’s time to take the next step: making sure you implement your solution accurately so your company can take advantage of the efficiencies coming your way.

Article courtesy of Marissa Perez, who has spent the last 10 years honing her marketing skills and now shares her knowledge with entrepreneurs. She co-created Business Pop to provide insight and advice to those who aspire to succeed in owning a business.  

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