Assets are resources owned and used by a company to generate a positive economic benefit. Assets can be physical items, like equipment or furniture, or they can be intangibles like software, patents, or documents.

As a business owner, it’s important to know which assets you own, their location, and their value. Your shareholders would also like to know that company assets are being efficiently used and maintained.

All of that can be covered by a good asset management policy. Let’s see how.

Why do you need an asset management policy?

An asset management policy is an overarching, high-level document that helps businesses meet their governance, quality, and strategic needs.

It dictates how a business maintains the integrity and availability of all assets by outlining the company’s requirements for asset ownership, categorization, acceptable use, and ongoing maintenance.

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