Maintenance of fixed assets is the process of keeping physical assets in good working condition. This includes both preventive and corrective maintenance. Preventive maintenance is performed on a regular schedule to prevent problems from occurring in the first place. Corrective maintenance is performed to repair or replace damaged or broken assets.
Fixed assets are typically long-term investments, so it is important to maintain them properly to extend their lifespan and protect their value. A well-maintained fixed asset will also be more efficient and reliable, which can save businesses money in the long run.
Here are some tips for maintaining fixed assets:
- Create a maintenance schedule. This will help you keep track of when preventive maintenance needs to be performed on each asset.
- Inspect assets regularly. Look for any signs of wear or tear, and address any potential problems immediately.
- Keep up with repairs and replacements. Don’t let broken or damaged assets go unrepaired, as this can lead to more serious problems down the road.
- Clean and lubricate assets as needed. This will help to keep them running smoothly and prevent premature wear and tear.
- Store assets properly. When assets are not in use, store them in a safe and dry place to protect them from damage.
It is also important to keep records of all maintenance activities performed on fixed assets. This information can be used to track the condition of each asset and identify any potential problems early on. It can also be useful for insurance purposes.
Here are some of the benefits of maintaining fixed assets properly:
- Extended lifespan. Well-maintained assets will last longer, which can save businesses money in the long run.
- Improved efficiency and reliability. Well-maintained assets are more efficient and reliable, which can lead to increased productivity and profits.
- Reduced downtime. Well-maintained assets are less likely to fail, which means less downtime for businesses.
- Improved safety. Well-maintained assets are safer to use, which can help to reduce workplace accidents and injuries.
- Reduced insurance costs. Insurance companies may offer lower rates to businesses with a good track record of maintaining their assets.
Overall, maintaining fixed assets properly is an important part of any business operation. By following the tips above, businesses can extend the lifespan of their assets, improve their efficiency and reliability, reduce downtime, improve safety, and reduce insurance costs.