The Checker Blog

Five Ways to Prolong the Value of Your Assets

Posted by Shawn Macpherson on Tue, Dec 18, 2018 @ 03:00 PM

image for prolonging assets blog

The so-called Age of Efficiency is upon us. For the past several decades, the consensus was to buy cheap, wear out, and buy again. But this model has proven to be inefficient. It also greatly strains the environment. 

A more sensible and logical approach to the issue is to prolong the life and, by extension, the value of your assets. This approach ensures you achieve the highest ROI possible, all the while keeping your carbon footprint at a minimum. It's a win-win situation for everyone involved. 

So, what are the five most natural things you can do to prolong the value of your assets? 

Doing Regular Maintenance

Taking the necessary time to create a scheduled preventative maintenance plan is an excellent way of preventing any minor issues from turning into large and expensive events.

You can even turn to a bit of predictive maintenance. By looking at the manufacturer's service records, you can predict when your equipment needs repair, based on the average lifespan of various components, the extent of their daily usage, etc.  

Employee Training

Your employees should be trained on the proper handling and maintenance of the tools and equipment they handle. It's important to remember that, since assets such as these are not employees’ personal property, they will frequently disregard their value, thinking it's not their problem if they break down. 

And while this is technically true, since you will be the one who will have to pay for repairs or replacements, your employees should nevertheless be trained on how to handle company assets correctly. Not only will this prolong an asset’s life, it will ensure the users' safety. Even seasoned workers may need refresher training from time to time.

Conducting Regular Inspections 

Regular inspections for compliance are not only mandatory but also a great way to keep your assets working better and longer. These inspections are specifically for identifying any potentially hazardous conditions, determining the root causes of those risks, and monitoring hazard controls. They also recommend corrective actions, take into account employee and supervisor concerns, and offer further understanding of safety standards. 

Keeping Clear Records

Recordkeeping transparency plays an equally crucial role in maintaining the value of your assets for a prolonged period. By knowing what inspections and maintenance have been performed, your staff can determine with a higher degree of accuracy when the next review is due. This ties in with the predictive maintenance mentioned above. 

Proper Housekeeping

Keeping the workspace clean and organized is yet another easy step you can take to protect the value of your assets. You should make a habit of cleaning the floor after work hours have ended and make sure that assets are safely stored away from the elements.

Takeaway

Prolonging the life and value of your assets should not be something hard to do. With a bit of care and mindfulness, it can be easily achieved. And by using The Checker, you will ensure that all of your inspections, audits, and maintenance plans are up-to-date and performed on a regular basis, leaving no stone unturned.

Topics: equipment maintenance, inspections and profitability, why inspect?, legal compliance