It is increasingly common for businesses of all sizes to carry out Facility Condition Assessments. Especially for smaller teams, however, this task is usually easier said than done. When existing manpower and capital is already under high scrutiny, setting aside time for building out an FCA may sound like an unecessary chore. And a precise and defensible facility capital plan starts with data, more than you may think. Leaders and decision-makers in key fields like HVAC and plumbing frequently have the most to gain from well-made FCAs, as they can provide an accurate accounting of repairs and replacements, identify the real age of a facility, and allow for a thorough inventory of spaces.
A facility condition assessment, or FCA, is the best approach to gather all of this information.
If you’ve never performed an FCA or you and your team don’t perform FCA’s regularly, here are three reasons why you should do so before you start any major capital planning.
Reason 1: Increase Knowledge of Your Existing Portfolio
You wouldn’t create a retirement savings target unless you first assessed your existing financial status. Major financial decisions for your business as well as your personal assets require throughout consideration. So, the best FCAs also include a meaningful audit of everything your business already owns or has financial stake in.
Think of your facilities in the same way you think about retirement planning: don’t make any large choices unless you comprehend your portfolio’s financial risks and human safety problems. Knowing where you’re starting from can help you figure out how to attain your long-term objectives in a more realistic way.
Reason 2: Account for Decay of Existing Stock
Data on facility conditions can assist you in making the best investments for your business and directing cash to the areas where it will have the most effect. Using active inventory data is a great way to not only assess the overall value of your wares, but also to understand the age of those wares. The worst case scenario for a business is failure of essential machenry or decay of products before shipping. An FCA opens the door for more meaningful inventory management, and at that, more invested management of your business.
Objective FCA data helps you to strengthen facilities that are functioning well and enhance those that need investment, ensuring that your whole portfolio fulfills your requirements.
Reason No. 3: Know Your Options
Let’s face it, many money decisions happen based on the feelings and momentary considerations of people in charge. While gut feelings have their place in business, why not make a gut decision informed by data and clear options? Data gathered by an FCA eliminates emotion from planning and gives your business an objective baseline for decision making.
FCA’s carried out with purpose and intention can be used to inform several decisions for your business. Knowing where your assets and investments stand makes your business more sleek and lean. And further, engaging with the raw numbers of your business will only go on to improve your scope and business acumen.
How to Assess the Condition of a Facility
CloudApper’s Facility management software puts your FCA in the hands of a trained facility management team. Using CloudApper’s unique and intuitive dashboard, the finer points of your FCA can become impressively clear.
CloudApper makes it easy for your team to work together with the FCA pros, meaning your final FCA will both be more personally engaging, and relevant to your business. Physical assets, systems, and places may also be defined, documented, and evaluated using the program. Whether you are a one-person operation or manage offices across the world, having a thoughful FCA can be the difference between avoiding disaster or weathering it.