Hotel industry celebrities, influencers and the financial elite were in Los Angeles this past week for the for the first major hotel conference of the year, the Americas Lodging Investment Summit (ALIS). For those unfamiliar with the event, it’s one of the major tent-pole financial industry conferences for the hotel industry. And this years was […]
Top 5 Renovation Tips to Save Time and Money Renovating a property is always a nerve-racking prospect, but it’s critical nonetheless. Essentially, if a property is not up to snuff in the digital age, it simply cannot compete against newer, or more recently renovated hotels. But in many cases, the biggest challenge is not […]
Happy New Year, and welcome to 2017. This is a very exciting year for both the hospitality industry, and us as well here at The Refinishing Touch. The lodging business is on a fantastic journey, and this year we expect the hotel industry to see more renovations than at any time in history. With so […]
We all know you designers out there love to design. It’s what you were born to do. Here in the hotel industry, you’re helping define the next generation of hotels by developing looks and feels with a distinct point of view. And we thank you for that. Without you designers, we’d still be […]
Millennials are a fickle bunch. Partly because they’re a group still trying to figure out their likes and dislikes, and partly because the world in which they grew up is vastly different than the ones their Generation X and Baby Boomer brethren experienced in their formative years. But there are ways to better connect with […]
It was time for the hotel industry’s midyear check-up as the most powerful lodging industry leaders headed to New York for the annual NYU Hospitality Investment Conference. This event focuses mostly on the financial side of the business, so for two days, the NY Marriott Marquis became the epicenter of the hotel universe. If you […]
At The Refinishing Touch, we take guestroom design seriously. No joke. We want your hotel to stand out from the competition. A well-constructed furniture asset management program makes all difference to your guests and your bottom line. So straight from our home office in Alpharetta, GA, here are the Top 10 reasons partnering with The […]
In previous posts we have shared our views on furniture asset management as environmental and fiscally responsible behavior. We discussed the need to maximize opportunities to reuse resources, minimize waste, and to take stock and understand the value of current furniture assets.
Which brings us to one of the cornerstones of furniture asset management; inventory management. We help our customers to gain visibility and to track furnishings, fixtures and equipment as capital assets with our Global Furniture Asset Management, or GFAM, web-based asset management tool. If you’d like to hear more about this, please contact our team.
Whichever system you use, it’s important to ensure that someone takes ownership of furniture inventory management. We typically find that this is managed by facilities management teams, but it’s important that the ownership is supported and encouraged by general management and also by finance. Furniture is a considerable investment for any college, hotel or government organization, and it’s important that it is tracked.
Establishing an inventory management system for furniture starts with an active database. Note the highlight on the word active. We talk to many organizations keen to discuss how much they can save through furniture asset management that have outdated or non-existent databases of existing furniture assets. They aren’t sure what furniture they have, where it is or what condition it is in. The old adage ‘you can’t manage what you can’t measure’ is certainly true in furniture asset management.
One obvious challenge of managing furniture is the ease with which pieces can be reconfigured and moved. This means it is important to track them and to have someone with an assigned responsibility to keep the database updated. Audits are essential. If your organization doesn’t have an updated database of its furniture, then you need to do a furniture audit. Map out, room-by-room and building-by-building, the furniture assets you have, where they are, what they are and their condition. Best practice involves associating the date and cost of acquisition, a practice which your finance team will appreciate. It shows how best furniture asset management practices such as refinishing, re-upholstery and remanufacturing can save up to 80 percent of budgets.
When tracking furniture we consider location, condition and evaluation of existing assets as three key criteria that need to be consistently tracked. There’s no need to have a complicated system as this is about simple quality control measures that will determine where money has been spent, where it can be saved and how budgets can be protected.
Finally, it’s important to consider the furniture asset management best practice of buying high-quality furniture in the first place. Increasingly we find that clients turn to us before they make new purchasing decisions, to ask us for our opinions of which product they should buy; which materials, which finish. We understand the importance of helping our clients to make a best value decision at the moment of purchase, to give then long-term investment protection.
For more details of how we approach inventory management in the real world or to hear about our Global Furniture Asset Management (GFAM) tool, please contact us email@example.com.
As well as our award-winning furniture asset management services, we provide the materials required to take each project to completion. This includes our exclusive hardware collection so we can seamlessly – and beautifully – take refinishing and refurbishment projects from beginning to end. The hardware line was launched in response to our refinishing clients repeatedly asking our teams for hardware recommendations that would match our level of services and give them a choice of furniture features ranging from the traditional to modern – whether it be dresser handles, drawer slides, knobs, pulls or casters, and it’s been a great success.
Refinishing is a fiscally and environmentally responsible activity that produces striking results – as just glimpses of some of our work at Georgetown University, The DoubleTree by Hilton in Denver-Aurora, and The Candlewood Suites in Killeen,Texas.
As well as this sense of responsibility, each of our customers, whether they are hoteliers, college administrators or government officials strive for the high level of attention to detail. This level of detail is where hardware plays its part, giving our refinishing, re-upholstery and re-purposing customers the types, styles and finishes that are the perfect complement to their recently revitalized furniture – at a fraction of the cost to purchasing externally.
The Refinishing Touch hardware: Crowne Plaza San Antonio
The photographs shown, of past projects with the Boston Hyatt Hotel and the Crowne Plaza San Antonio, depict the impressive before and after visuals of our refinishing work – complete with The Refinishing Touch hardware.
To shop The Refinishing Touch’s hardware collection, please visit our online store today. For more information on what The Refinishing Touch and furniture asset management can do for you, please contact us today at firstname.lastname@example.org.
In previous posts we have covered several furniture asset management best practices including life cycle planning and working onsite. We have also touched on the premise that investing in high-quality furniture underpins good furniture asset management.
When it comes to furniture there is a cost related to poor quality. Budget holders may be tempted to buy sub-standard wooden furniture, under the illusion that spending less at the point of purchase will save overall budget. Instead, poor-quality furniture is expensive in the long run.
Cheap furniture is frequently made out of composite wood materials. Composite materials, or fillers, are man-made through the process of binding strands together with different adhesives. They are made by combining wood fibers with wax, resin or glue then applying heat and pressure to create panels. The resulting materials include medium-density fiberboard (MDF), particleboard and chipboard. These are common in furniture as veneered, low-cost alternatives to authentic and solid wood.
For businesses or organizations with the necessity for high-quality furniture, buying furniture made of these wood composites is far from a cost-saving exercise. While composite-based furniture may have a lower initial purchase price compared to high-quality solid wood furniture, the financial benefits are short-lived. First, composite-based furniture is not robust enough for heavy or long-term use. Second, composite-made furniture is not suited to renewing processes such as refinishing, re-upholstery and remanufacturing. As a result, composite furniture cannot be updated when it becomes worn or outdated, and heads to the landfill after a very short shelf life.
Compare this to the lifespan of solid wood furniture. In the industries we work in:hospitality, education and government – the average furniture lifecycle of solid wood furniture is seven years. This figure is doubled when furniture asset management is well-planned and executed, delivering a strong return on initial investment.
So, we urge purchasers, facilities managers and general management to consider the long-term benefits: both financial and sustainable, when buying furniture assets. It’s important to stress that furniture is an investment, and needs to be managed as an asset.
For more information about how to plan and manage your furniture assets, please contact our team at email@example.com.