Regardless of the nature of your enterprise, your maintenance and facilities management (FM) budget is probably significant. And it takes a good amount of time, resources and labor to manage all types and sizes. This underscores the need for leaders to identify wasteful expenditures so they can reallocate those dollars toward other needs.
Here are three areas facility managers often miss the mark and end up overspending:
Mismanaging budget spend
A properly planned, well-informed budget is one tool to stay on track, but even the best intentions can lead to trouble. For example, is your budget based on hourly rates rather than work order averages? Say a contractor charges $100 an hour and it takes them 75 minutes to install a new toilet. The cost of labor will likely be rounded up and that’s not in your favor. The costs of these projects can add up fast and cut into profitability.
Improper asset management
Managing your facilities’ assets calls for some foresight and prudence. For example, when does it make sense to repair something versus replace it altogether? With the help of a partner like System4 Washington D.C., you can track your maintenance history, which gives you precise insights into how much time and resources you’ve invested into operational management.
Misaligned maintenance schedule
An intentional approach to a maintenance schedule is key to keeping FM costs down. In many cases, that means you should stay clear of cutting corners. Skimping on routine maintenance—or eliminating it altogether—will lead to projects taking longer (and therefore costing more) when they are finally addressed. Facilities that stay on track will fall into a rhythm that allows them to manage tasks, while anticipating future expenses and allocating funds accordingly.
We can help you manage all of these areas, saving you time and money. If you are a facility coordinator or manager, we can simplify your daily routine by sourcing and overseeing qualified service providers to meet your needs.Learn more on our website: https://www.system4dc.com/