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Besides the other more administrative control mechanisms you could also
safeguard your assets by physical control.
Having a safe
You could buy a strong safe to keep cash, cheques, legal documents etc. At
least use a safe place.
If you often hold large sums of cash you should consider a strong safe.
Alternatively go to the bank daily and deposit the money.
Insurance cover
Securing sufficient insurance cover is a way of safeguarding the assets you
already have acquired. Go through your assets and evaluate whether you will take
the risk of losing it. If not you can take out an insurance.
You could have the following assets insured:
- Inventory - all risk cover of the content in the buildings
- Buildings - cover for fire, storm, flood damage etc.
- Vehicle - cover for theft, damage etc. of cars and other vehicle
- Employers liability - claims from workers who had an accident
- Public liability - covers injury, loss and damage made by company staff
towards others
Management and control of fixed assets
You should implement a system for control and management of your fixed
assets. Little by little, you - or more precise your company - become the owner
of cars, computers, office equipment, nice modern lamps, stock of papers and
pencils, office chairs etc.
If these assets are not managed properly they will loose value because of
lack of maintenance. They could also be stolen.
Draw up a list - an Assets Register - and make a policy on how to check up on
your assets.
- Go to next business issue: Double-Entry Bookkeeping
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