When some people hear the phrase ‘asset management’, they mistakenly immediately think of financial assets , whether it’s a university endowment, hotel annual revenue, or government treasury bonds, and not in its true broader sense of any non-disposable commodity.
Here at The Refinishing Touch, our goal is to change the way that individuals, organizations, and institutions think about furniture, because furniture is an asset; high-quality, solid-wood furniture is costly, and when treated correctly and provided regular upkeep, is a life-long investment and asset.
We consider our work as ‘furniture asset management’, whether it involves refinishing, remanufacturing, or reupholstery. Our goal is to ensure our customers get a lifetime of use out of their furniture investments, while being environmentally-friendly and increasing overall sustainability.
In our newest blog segment, ‘Asset Management: tips for success’, we will bring you a series of useful tips and industry insight, so your organization can enact its own furniture asset management plan.
Tip #1: Evaluating your assets
1. Understanding your furniture: If you’re a large organization, such as a sizeable hotel, run an inventory of all of the furniture you have, everything – from chairs to desks to dressers. Next, determine how long you’ve had it and the money you invested when it was first purchased.
2. Determining your goals: Is a big renovation in your plans? If not, don’t replace furniture unless it’s broken or no longer functional. If so, determine your goals for the renovation’s outcome and the budget allocated to achieve it. Understanding the assets you already own and your future goals for the property can help determine if furniture can be re-used-refinished to like new condition or updated with fabrics, furniture hardware, color change or armoire modification in order to achieve new design goals at a fraction of the cost.
3. Considering refinishing: Discuss your aesthetic and budget goals with a refinishing professional. Review refinishing options and ask for pictures from past projects. Compare these to furniture you had planned to buy new, chances are you won’t be able to tell the difference, and in most cases the existing furniture is of better quality than what is on the market today and will outlast a new furniture investment.
After you’ve evaluated your assets and determined how they fit into your organizations long term renovation and update plans, consider the cost savings and decreased environmental impact you will enjoy from choosing to refinish. By following the steps above and looking at your furniture as an asset, you will realize that refinishing provides the like-new appeal your organization desires for a fraction of the cost and environmental impact.
For more information about furniture asset management or to get a free project quote, visit our website at www.therefinishingtouch.com.