Six Practical Tips For Small Businesses Looking For Asset Management Solutions

Asset Management Software / November 2020

In theory, an SME business is any business that employs less than 250 people, but in practice, small businesses in the UK employ about 20 people and turnover anywhere between £1 to £5 million. In this guide, we’ll cover these six helpful tips to for finding the best small business asset management tool:

  1. Consider asset audits

  2. Take care of fixed and IT assets

  3. Involve all stakeholders

  4. Opt for configurable software

  5. Pick a supplier who values your business

  6. Create implementation plan

1. Consider If You Need Asset Audits as a Service From Your Asset Management Software Vendor

Even if your business does not have a regulatory need to audit assets, most businesses benefit from a thorough asset audit once every six to twelve months.

Auditing assets is even more important for a small business because finding asset auditing experience can be hard. So consider this option upfront.

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2. Find an Asset Management System That Takes Care of Fixed and IT Assets

In the asset management solutions market you will find that some suppliers focus on fixed asset management and some on IT asset management. For a small business, a more profitable approach is to choose an asset management system that allows you to manage fixed and IT assets, along with basic asset tracking capabilities. This will enable you to get more return from your investment but also ensure that you have more visibility and control over most of your assets.

3. Involve All Stakeholders Including Management

A software solution that looks good may not be the one that gets used. It is critically important to involve all of your asset management software users right from the start. Most asset management systems have a good user interface – but your users are the best judge. Watch video on how to shortlist and compare asset management software.

Don’t cut corners here, as full user adoption is very important to the successful management of your assets. Try to involve users during the search, shortlist and demo stages of your software selection.

4. An Out of the Box Configurable Software Is More Suitable

Asset management systems come with various configurable and customisable options.

Configuration means changing field names and making minor tweaks like getting the right reports in place.

Customisation is deeper; it may involve adding small software features to incorporate your workflows in the asset management system. Where possible try to stick to standard software with almost no customisation, as for a small business this is most cost-effective. Jumping from spreadsheets to a heavily customised solution can be a huge and time-consuming undertaking!

There are cases where customisation will save you significant overheads and in some cases even give you a competitive advantage. Software customisation comes at a higher cost and should only be considered if the return and the rewards are clear and tested.

5. Choose a Supplier Who Will Value Your Business

From a supplier relationship perspective, choose an asset management software supplier who will value your business. Most companies have good account management protocols, however, protocol is one thing and genuine care is another. Push hard for the small business references from your potential asset software suppliers to see if the supplier really cares.

6. Get a Clear Idea on Implementation Before Committing

Implementation not only means putting data into the software but understanding how your current workflows are going to be adapted in the software. Think about data duplication, user rights, field names, reporting… the list goes on! Before you sign on the dotted line, try to ensure you have a good understanding of the implementation plan. Where possible free trials and evaluation licences should be used to test out the implementation.

Even after training your users will require asset management system support. It is best to get support statistics from the supplier before you sign the deal. Support will make a big difference to your asset management success so get an agreement in advance on support response times.

Ongoing costs such as additional users, cloud storage limits, support limits, training limits, new locations, customisation costs can be hidden. Get clarity on all the possible future costs before you sign the deal.