What New IT Business Owners Need to Know About Asset Management

What New IT Business Owners Need  to Know About Asset Management

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Asset management: maybe you’ve heard this term before or maybe you haven’t. Asset management can be of significant importance for IT or tech business owners, but it can also be confusing. What follows are the answers that will make asset management work for your startup.

What assets should small businesses manage and track?

If you are new to the business world, you may be unsure of what the term “assets” really means and how to apply this concept in your own business. Any equipment used to get your business up and running is categorized as tangible assets. For an asset to be tangible, it must be a physical asset that you can measure and easily value. Equipment, including any software or tools used for asset management in tech-related businesses, is one of the most common tangible assets. Other assets you will want to consider when mapping out your new business can include intangible assets, such as your company’s brand or any trademarks.

What tools are available to help businesses manage assets?

For entrepreneurs who are interested in starting a tech or IT business, managing equipment is an essential part of managing the overall assets of their startups. Asset tagging tools, like those offered by Camcode, can help you quickly identify and categorize various asset types, assign unique identification numbers to assets and ensure that updated asset information is properly integrated into an efficient asset-tracking system. Using asset tagging, as well as other enhanced asset protection tools and processes, can improve the accuracy of your asset management practices and can help get your business off to a successful start.

What can IT businesses do to ensure HIPAA compliance?

While tangible assets, such as your IT equipment, can form the foundation of your new business, you should also focus on protecting intangible assets, including client information. Data security measures need to be especially tight and effective when HIPAA compliance is a concern for your new startup. These concerns can arise when your business deals with legally protected medical information, such as providing IT services to a medical equipment company or supplying any sort of tech solutions to medical professionals. Since HIPAA violations can be very costly for small businesses, you don’t want to leave it up to chance. So, consider outsourcing HIPAA concerns to an experienced IT business such as Refresh Tech.

What can asset management mistakes end up costing small businesses?

Working out a plan for asset management requires a certain amount of upfront and tedious work. That may be why many entrepreneurs end up putting this essential task off when they start a new business. If you’re still wondering whether asset management is important for your own startup, it may help to understand the potential costs of poor asset management. Some common IT asset management mistakes include failing to focus on information security, which can lead to costly breaches for small businesses. If an information breach or asset mistake results in a HIPAA violation, per-record fines could end up bankrupting your business.

Where can new IT and tech businesses turn for help with asset management?

There’s no question that asset management can be a complex process for any entrepreneur to understand. Asset management concepts can be especially challenging when HIPAA compliance is a major concern, and asset mistakes can result in disaster for small businesses. So if you are worried about how to implement proper asset management processes for your own IT or tech business, you may want to hire a consultant. Hiring a consultant is a smart move when essential startup tasks are beyond your scope of expertise. Utilizing consultants to handle more complex business processes can also save you time, a valuable asset for entrepreneurs.

Asset management should be something you do for your startup. Proper asset management is a must for any successful business, and knowing how to manage intangible and tangible assets is crucial for any IT or tech startup, especially when HIPAA compliance is a potential concern.

Do you have more questions about how to integrate asset management into your startup’s existing business plan? Call Refresh Tech today.