Small business asset tracking

Small business owners have too much to do in too little time. Not surprisingly, a majority of them (72 per cent) feel overwhelmed by their roles and responsibilities. Managers face daily pressures to get “everything done” and while asset tracking may be way down the list it’s actually one way to support growth, save time, and more importantly, save money. Asset tracking helps you when audits roll around, when assets go missing, or when you need to take account of your business. In fact, you’re probably familiar with many good options already. Often, small business leaders just need to reframe how they think about asset tracking and management strategies.

Small business asset tracking software is for businesses that don’t want to track thousands of assets but require insights into their assets to sustain them longer and get the most value from them. And at least once a year, an asset count or asset audit to check existing assets, tools and equipment are still locatable and in working order. Better asset control reduces the impact on productivity arising out of losses, missed repairs and maintenance events.

Small business can keep tighter controls over their limited but expensive moveable and shared assets (such as IT equipment) with the use of tamper-proof aluminim asset tags. Providing a deterrent to theft and generating accountability. Asset tagging and tracking will save you money on replacing missing or lost equipment.

https://www.hardcat.com/2019/09/18/asset-tags-technology-environments/
Small business asset management

What assets should I track?

For small business asset tracking generally, it is your high-value assets, such as assets that are depreciated, moveable assets and assets that require regular maintenance, repairs, or replacement parts, such as equipment and machinery.

Equally important to some industries is the tracking of quantities of items, such as consumables, stock, parts and inventory to keep the business running smoothly. Automating and controlling the ordering process (so you never run out or over order) within the same system as your assets keep information connected. Allowing for low item-level alerts to be configured.

Better outcomes come from better integration! Don’t replace but integrate your existing software systems for a seamless user experience. Because the easier the process the more employee acceptance occurs.

https://www.hardcat.com/asset-management-services/integraton/

Whether the assets are office equipment, furniture, consumables, inventory, tools, machinery, spare parts, equipment or vehicles, small business asset tracking software should keep all of your information in one place. And of course, incorporate maintenance to keep a comprehensive history log of work carried out on your assets, reducing unnecessary replacement purchases.

small business asset management meeting

Small business asset tracking saves time and money

Business intelligence reports from your asset management system will provide you with cost-saving ideas, such as how to streamline certain labour-intensive business processes that are important to you. For instance, an asset tracking report can tell you a great deal about asset utilisation. Which assists in decision making regarding whether maintaining an item is costlier than purchasing a new one. And a modularised asset tracking solution will allow you to “add-on” business functionality as you grow.

Maintain a safe workplace

Being able to produce work orders and associate to faulty assets directly from your mobile device (Andriod and iOS) is a game-changer as there is minimal user training required and rapid staff adoption. Mobile apps provide immediate information on assets, work orders and problems, providing the functionality to perform quick “self-audits”. Each staff member can have access to assets they are responsible for, creating efficiencies and accountability. When asset management is disseminated throughout your small business it results in massive time and cost savings and a reduction in asset losses.

Small business asset tracking provides critical insights when you need them, to optimise and maintain your assets, mitigate the risk of failure and ensure that you have governance, compliance and workplace health and safety (WHS/OHS) covered. Work orders on smartphones will give your team what they need to quickly and accurately manage health and safety concerns, faults and service issues.

https://www.hardcat.com/2019/06/24/maintenance-management/

Stop wasting time looking for assets

Quickly identifying assets that are missing, in the wrong location, not being used, in poor condition, or not in the system is easy when you can access asset data anytime and anywhere with web-based asset management. Or keep connected using a cloud-hosted solution with mobile apps, so you always know what is happening wherever you are. For small businesses, cloud computing is the perfect package as it’s scalable and cost-effective. Not to mention no more software updates to contend with!

Audit reports let you see when and where assets were lost and who had ownership last. Improving your chances of recovery and holding employees accountable.

Streamline small business purchasing 

Small business asset tracking software is also a budgeting tool, assisting in the monitoring of purchases, depreciation and levels of consumables/inventory/ stock (so you don’t overspend). And if you are not tracking depreciation, your company will pay too much for both taxes, insurance, and maintenance. So it makes sense to track your assets from purchase order to delivery and beyond all in the one system. Identifying any risks involved in day-to-day operations to better meet compliance and reducing costly mistakes.

Meaningful information on the usage of your assets helps you better allocate expensive items, reducing unnecessary spending and sustaining your equipment for longer.

https://www.hardcat.com/2018/07/16/hardcat-solutions/

Investing in an asset tracking solution assists small companies to get the most value out of their assets. By tracking the movement of high-value assets, identifying underutilised assets (and redeploy them), alerting you to assets that have gone missing and making sure everything that needs to be maintained is maintained on time.

Small business asset tracking flowchart
Small business asset tracking flowchart

Small business asset tracking – a single source of truth

HardcatLite is for small businesses with under 3,000 assets, is affordable, but more importantly scalable, with cloud deployment, web-based and mobile options for flexibility. We understand that managing and maintaining your assets can become difficult and costly, and that not every business has the resources or expertise internally to provide effective support to the business. With our hosting option, combined with our expertise, we can make your life simpler and take the onerous tasks from your team.

HardcatLite lets you choose the modules your business processes require. Track the movement of your valuable assets, the financials and purchasing, inventory, stock, parts quantity, asset condition, maintenance and repair status all in one system!

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