How to Develop a Strategic Asset Management Plan
Developing a strategic asset management plan is an essential part of any company's strategy, as it guides the purchase, use, maintenance, and disposal of every asset a company needs in order to conduct business. The goal of every asset management plan is to define the use of assets in order to streamline productivity and delivery with minimal loss of capital. Asset management is usually an organic process that takes higher delivery demands, unexpected company losses, and new product development into account to achieve the best results. If you own a company and need to plan out how best to manage your assets, read on to find out how to develop a strategic asset management plan.
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1Decide which departments of your company should participate in your strategic asset management plan.- An asset management plan should be coordinated with all major departments of the company such as human resources, research and development, logistics, and accounting.
- Each department is accountable for the assets it controls.
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2Make a register of current assets, their original cost, annual devaluation, maintenance costs, and expected disposal costs. Request that each department keep the register of its assets current and updated.- There are a number of software programs that allow for easy asset registering. However, it's also possible to create a simple database for the company's specific use.
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3Determine which assets need to be managed. This can include different types of assets depending on your industry.- Buildings, building plants, and transportation assets pertain to the physical production and delivery of services.
- Hardware and equipment pertain to the development and production of services and products.
- Intellectual property such as patents and copyrights need to be maintained for consistent rights to use.
- Intangible assets such as enhanced technology and alternatives to existing technology, as well as res killing need to be carefully planned and budgeted for as they're an investment in the overall value of the company.
- Unique domain names that are associated directly with the company need to be maintained as part of the brand's assets.
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4Develop separate plans for each step of the asset management cycle.- The organizational asset management plan ensures the company's direction and vision is represented and implemented in the asset management plan.
- The facilities management plan defines every aspect of managing current facilities to enable the efficient day-to-day running of the company.
- The maintenance plan outlines the maintenance of current assets, including buildings and equipment.
- The capital development plan defines assets built with company capital and the supporting infrastructure.
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5Create budgets for each department's asset management plan. Each budget should reflect the realistic costs of acquisition of necessary assets, the maintenance of current assets, and disposal of old assets.Ad
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- The larger your company, the more extensive your asset management plan will need to be. If necessary, get expert advice from accountants, property managers, and investment professionals in order to develop a strategic asset management plan.
- Encourage department managers to look for efficient solutions when developing a strategic asset management plan. For example, innovative, energy-saving assets may be costly to acquire but can yield a higher return on investment than conventional assets due to longevity and tax breaks.
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Categories: Workplace Management and Coping Skills
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Español: Cómo desarrollar un plan estratégico de administración de activos
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