Furniture asset management: Time to take stock

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January is named after Janus, the god of beginnings and transitions. Here at The Refinishing Touch we see this time of year as a great time to take stock, review business opportunities and check that your business plan is on track.

When we say ‘take stock’ we mean just that. This month we’re keen to demonstrate that protecting your business and the environment are complementary goals. Every business and organization wants to be sustainable and environmentally responsible, but also needs to be financially responsible. Before you can realize these mutual goals, it’s important to understand the value of the assets you already own.

Imagine buying a new car just because your old car needs new tires. That’s the approach of many businesses that ignore furniture asset management. Furniture assets are frequently high-value investments with lifespans that can be managed and extended. Yet many institutions do not know what assets they have. These businesses and organizations are buying new tires without even glancing at the car.

In an ideal world every business or institution would record the date of acquisition, acquisition costs, composite materials, current condition and locations of existing furniture assets. It would then be simple to systematically evaluate assets in line with renovation plans and cycles.

Greater visibility and long-term planning maximizes asset investment and saves budgets. Best practice furniture asset management respects existing assets by using and enhancing existing investments. Consider the desk you are sitting at as you read this: Do you know what it’s made of? Or how to maximize its lifespan and protect your business investment? Well that’s what we do, and we can help you.

Hotels, colleges and government institutions that we work with track and manage their assets. This changes how they approach new furniture acquisition and it helps them to understand the financial impact and other benefits of buying high-quality assets that can be refurnished. Our clients shorten renovation cycles and are rewarded with long-term investment protection and asset management.

If you would like further advice on how to launch best practice furniture asset management in your own organization, then please contact our team of experts.