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The Bruges Group spearheaded the intellectual battle to win a vote to leave the European Union and, above all, against the emergence of a centralised EU state.
The Bruges Group spearheaded the intellectual battle to win a vote to leave the European Union and, above all, against the emergence of a centralised EU state.
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Quick Asset Tracking Tips for Business Beginners

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As a business owner, you are going to invest in numerous resources and tools to help your business grow. Some of those assets will be more tangible, like vehicles and computers, while others are a little more conceptual, like employees, and training strategies. Having a tracking system in place will help you to ensure that you're leveraging your assets correctly and making the most of every investment. Proper monitoring can also help you to improve the safety of your business, by ensuring that valuable equipment doesn't end up lost or stolen. Here are some quick tips for beginners just beginning to step into this unique environment.

Know the Difference Between Assets and Inventory

Both inventory and investments need regular monitoring to ensure that you are not losing out on any cash-building opportunities. However, asset and inventory tracking are two very different things. Your inventory is what your company sells on a regular basis, such as freight goods or food for the hospitality industry. Alternatively, assets refer to the things your company holds ownership of for various reasons, like managing your go to market strategy, or empowering team members. An example might be your fleet of crucial business vehicles which you can watch with GPS fleet tracking to improve your chances of maintaining a safe, efficient, and compliant business. There are plenty of great tools for handling your assets, including this one here from Samsara.

Know What you Need to Watch

Some of the things you invest to drive business success will require more consistent watching than others. For instance, you might use tools to keep track of your equipment's performance, or when your employees take a piece of technology with them out of the office, like a company phone or a computer. Knowing exactly what you need to examine will ensure you can search from the right technology to serve your needs from day one. Remember, you should be adding to your efforts as your company grows. The more you invest in new tools for your company and employees, the more you'll need to watch. Make sure that any software or tools you're using are scalable enough to increase with your business.

Always Keep Life Cycles in Mind

Life cycles need to be considered when managing investments. This includes the lifecycle of your chosen asset, and the cycle of any projects in which the product is involved. The stages of an asset's lifecycle can include everything from researching the best purchase, acquiring your investment, using it, and maintaining it long-term. You should also consider disposal or end of life care for assets. Some investments last longer than others. For instance, business vehicles require more maintenance, but they should also be able to stay with your company for years to come. For long-lasting assets, you'll need to decide which red flags will inform you when it's time to stop repairing the purchase, and start looking for a new investment. A good idea of the life cycles you can expect will make budgeting easier. 

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