In uncertain economic times, finding ways to save money is more important than ever. And when you think of your assets of value, you may think of investments – stocks, bonds, or trusts. But there is another type of asset to consider: non-financial assets such as properties, art, cars, jewelry, and appliances.
These non-financial assets don’t always come to mind, but they actually hold quite a bit of value. Plus, they are often essential components in everyday life and must be adequately maintained for optimal performance. Because when these assets are not functioning at their best, it can cost you in the form of repair bills and lost time – not to mention the potential danger of faulty appliances or vehicles.
Preventative maintenance is essential – helping you extend your assets’ life and save money in the long run. And when you maintain your assets regularly and correctly, it can save you a lot of time and money.
What Is Preventative Maintenance?
Preventative maintenance is the practice of regularly scheduled inspections and repairs for your assets so that you can identify potential problems early. This helps you to address minor issues before they become major ones, and it also helps to keep your asset running efficiently.
Depending on the type of asset, the preventative maintenance program may involve regular check-ups, cleaning, lubrication, and repairs.
For instance, we often think of maintaining vehicles by replacing oil and filters, checking tire pressure, and other basic maintenance tasks. But when it comes to home appliances or jewelry, you may need to regularly inspect them for signs of wear and tear, replace parts or components when needed, and make sure they are performing as expected.
Ultimately, preventative maintenance is an essential part of asset management that helps ensure your investments’ long-term success.
Benefits of Preventative Maintenance
The obvious benefit of preventive maintenance is that it can help you save money by avoiding costly breakdowns, but it also provides numerous other benefits. For instance:
- Lengthening Asset Lifespan: Regular maintenance helps to keep your assets running longer and can help to extend their lifespan. When you don’t have to replace your assets as often, you’ll save money while boosting their value.
- Lower Risk of Breakdowns: With preventative maintenance, you can identify and address minor issues before they become major concerns. This reduces the risk of breakdowns and improves your asset performance.
- Increase Efficiency and Decreased Unplanned Downtime: The last thing you want is to have your appliances, vehicles, or jewelry unexpectedly fall apart. Fixing these problems early can help to minimize unplanned downtime and keep your asset running at peak performance.
- Long-Term Financial Savings: Most importantly, these non-financial assets play a role in keeping your portfolio strong. When you can rely on your assets to perform as expected, you won’t have to spend extra money on repairs or replacements. This saves you money in the long-run and keeps your financial goals on track.
Practical Tips for Implementing a Preventative Maintenance Program
Naturally, the more you know about preventive maintenance, the better you can manage your assets. Here are a few practical tips to help get you started:
Utilize a System to Manage Your Assets
Are you keeping track of all your assets? Knowing what you have and their condition is the first step to developing a successful preventative maintenance program. Utilize an asset management system to help organize your inventory, track usage, and set up scheduled check-ups.
Create a Preventative Maintenance Schedule
Once you know what types of maintenance your assets require, create a checklist outlining the required schedule and tasks. Make sure to include both short-term and long-term maintenance goals and any preventive measures that need to be taken.
Set Aside Time for Preventative Maintenance
With all the other tasks on your plate, it can be easy to forget about preventative maintenance. But what gets scheduled gets done! Set aside a specific time each month, quarter, or year for maintenance and inspections, and ensure that nothing falls through the cracks.
Create an Emergency Plan
Unexpected breakdowns can happen even with preventive maintenance in place. To prepare for these types of scenarios, create an emergency plan that outlines the steps you should take if something goes wrong.
Create Your Personal Preventative Maintenance Plan with EstateSpace
Preventative maintenance is an essential part of asset management that helps you keep your assets running longer and more efficiently. By implementing a preventative maintenance plan, you can help ensure your investments’ success while saving money in the long term.
Want to implement your own asset preventative maintenance program? EstateSpace’s digital estate management solution makes it easy to keep track of all your assets, create maintenance schedules, and more. When you can rely on your investments, you can focus more time and energy on achieving your financial goals. Visit us online today to learn more.