The Importance of Asset Management for Small Businesses
As a small business owner, you know asset management is important, but you may not have the time or resources to invest in a full-fledged asset management system. Small businesses might have some limited capabilities out of the box, but software solutions can help them to record and track assets in real-time, organize assets, assign assets to users, adjust asset values when they're moved within the company, and use reporting tools to track trends like asset depreciation. The bottom line is: investing in asset management software is an important step in ensuring the longevity of your small business.
What's defined as a small business is dependent on the industry your business is a part of, but generally speaking, it is any business with fewer than 500 employees which accounts for 99.9% of businesses.
Benefits of Improving Small Business Asset Management
The benefits aren't just for businesses that own physical assets like machinery or construction tools. Businesses that rely on computers and other electronics can also benefit from this software because it tracks all of their computer equipment and ensures everything works properly.
Better tracking equals better business decisions
Small businesses that use asset management software can improve their cash flow and make better decisions about buying new equipment or hiring more employees. When you have the right data and can confirm it's accurate, you'll be empowered to make decisions that promote growth and stability.
When you and your employees can track the location of assets and keep other parameters in mind when using them, you will be better able to avoid confusion and delay while accomplishing tasks. If an asset is needed, but no one knows where it is, employees can refer to the software's asset detection feature to find it. Everyone can benefit from the information available to optimize and smooth out operations, which will help boost productivity.
Scaling while saving money
Small businesses often start with a limited inventory, but as the business grows, so does the inventory. For example, a small business may start as a one-person operation with just a few assets. As it grows into a larger company, it will need to track more assets, including computers, printers, monitors, and other equipment.
The capability of barcode asset tracking software can be scaled up or down based on the size of your business. The more assets you need to track, the more locations or facilities you have, and the larger your company is, the greater your need for a versatile barcode system with the right asset management system that can save you time and money, and improve your bottom line.
Features of Asset Management Software That Help Small Businesses
If you’re looking for asset management software for your small business, there are a few things to keep in mind. Ensure your chosen system includes features that address your specific needs and will scale as your business grows. Finding a system that’s easy to use and provides good customer support is also important.
Small businesses are constantly growing and changing. Some of those changes include adding new employees, purchasing new equipment, or expanding differently than originally anticipated. How your business grows or changes determines what asset management software features will be important for your business.
Reporting provides real-time, comprehensive insights into asset usage, maintenance, procurement, and disposal.
Whether you're in an area without wifi or taking physical inventories, the mobile-ready power of asset management software empowers you to continue working even when you are not near a network connection and manage your fixed assets on the fly.
A good asset management system can save your organization both time and money. This software should be easy to use, allowing your staff to complete essential maintenance activities in less time, reducing the need for expensive in-house training.
Overcome Small Business Challenges with RedBeam
As a small business owner, you wear a lot of hats. Don't let asset management be another one. See how RedBeam Asset Tracking Software can work for your small business. Try us out for free today.