Generally speaking, asset management refers to the way a company monitors, maintains and keeps track of things of value. These things of value can be both tangible assets (like equipment and buildings) and intangible assets (like intellectual property, goodwill, human capital, financial assets). Every new startup should make sure they have proper asset management, so their business is able to systematically develop, operate, maintain, upgrade, and cost-effectively dispose of their assets.

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This is an important aspect of running a successful business as it can:

  • Help you generate revenue
  • Increase the overall value of your company
  • Make your business run smoothly

Depending on the niche you are in, your company’s equipment manager can transfer or sell assets, while with a well-organized and systematized asset management you can increase the revenue and efficiency of your startup and even lower your taxes. This can help your company save big money in the long run.
Some startups also decide to lease assets instead of buying them, which can be a much cheaper and more plausible option, especially for companies that haven’t hit the ground running.

Equipment Manager

Knowing your way around your assets can help you minimize health and safety risks, while it can also help you with warding off inefficiency during business hours. If possible, your startup should have an equipment manager – a person who will monitor and maintain tangible assets and operating resources of your business, which usually include:

  • Premises
  • Property
  • Equipment

Tangible assets of a business can be very useful, even crucial, especially when it comes to the presentation of your company’s financial position. As the value of some tangible assets tends to decrease over time, the process of depreciation is also something to take into account, as it can help you recover the original asset costs, which can result in big tax savings.

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