Anyone can become a small business owner with a little bit of ingenuity. And even if you start with only a little bit of startup cash, it won’t take you long to acquire some business assets. You need to manage those assets because they will be all you have until your business actually starts turning a profit.
There are different ways to protect and manage the different assets your business may have. Listed below are four asset categories and some things you may want to do to ensure that they are doing the most for your business, and that they are protected as well.
Your Business Hardware And Software
Business hardware is a huge asset to any business. It helps you keep track of inventory, it helps you keep track of your money, and if you decide to hire employees it will also help you keep track of their hours, and much more. Business hardware is definitely an investment, and usually not a cheap one.
You can start out with trial versions to find out what will work best for your company, prior to purchasing a full copy. Save your receipts though, as it may be a tax write off for business expenses!
You also need to protect your computers and printers, cash registers, and other electronics. Most likely they will be insured under your business or building insurance. Make sure you have a log of the items you have and their value.
If you have a company vehicle, it is definitely an asset. A company vehicle helps you get to external meetings, run business errands, and helps when more distant business travel is needed. Basically, to protect your company vehicle, you just need to have it insured, get regular maintenance done on it when it is due, and keep track of the money you put into it, including your gas mileage.
Not all business these days have inventory they need to keep an eye on. Many companies do pack and ship from their providers and only get what they need when they need it so there is a quick turn around from supplier to business to consumer. If you do keep inventory in a warehouse or somewhere in your business, you want to keep track of it.
For a store selling items this is extra important. Keeping track of your store’s inventory is the best way to work towards loss prevention. This is where that trusty software comes in.
The building you run your business out of, even if it is your own home, needs it’s own protection. Make sure your place is insured, even if you are just renting. You also want to take some extra precautions– like making sure you have enough smoke detectors, and that they are working, and having at least one fire extinguishers on the premises, that gets regular maintenance.