Policy - Asset Management
Why does your business need an Asset Management Policy?
This policy essentially manages your business assets. Over the life of your business, it will invest a substantial amount of money in various assets. This policy allows your business to:
- Establish a register of business assets (including various details relevant to your tax and insurance needs);
- Plan for maintenance requirements on certain assets;
- Plan for replacement of essential assets;
- Reduce the likelihood of assets disappearing;
The immediate conclusion is:
- increased value of your plant/equipment;
- increased plant/equipment availability/dependability;
- increased equipment reliability using a proactive approach.
A thorough Asset Management Policy involves a team approach team that creates value, utilizes the resources of your business and employees and reinforces the core values of your business.
If you currently do not have an Asset Management Policy consider a series of steps to take -
- Develop an asset management policy/strategy;
- Acquire (build on) an inventory of assets;
- Assess the condition of assets;
- Perform a financial valuation of assets;
- Establish capital and operational budgets that refers to those assets; and
- implement procedures to maintain, repair, renew, and replace those assets before a catastrophe arises.
If you require any amendments to the document after it has been returned to you, one of our lawyers can make those amendments however the cost for this work is
not included in the price of this document. Please contact us on info@ampalmer.com.au for further assistance.