Avoid Long-Term Surprises by Properly Managing Your Short-Term Assets Now

On a recent episode of The Small Business Weekly Podcast, Michael Rogers talks with Thomas Cook, CEO and founder of TCC Facilities Asset Management Consulting in Troy, about how business owners can better manage their property assets and avoid costly surprises down the road.

Cook, an Elite Member of the Small Business Association of Michigan, works with building owners and lessees to help them maximize the value of their property assets. One of the biggest mistakes he sees businesses make is focusing too much on the short term and putting off necessary maintenance.

That approach can eventually lead to equipment or systems failing and significantly larger expenses when problems can no longer be ignored.

“When things start to fail, now you’re looking at huge expenses and now you’ve got real decisions that you have to make,” Cook says.

Instead, Cook encourages business owners to look ahead and understand what their facilities and building systems may require over the next several years.

“Think how much do I have to spend over the next let’s say five years, 10 years, every year,” Cook says. “That will then maintain these different assets, these different systems over a period of time so that you don’t get any surprises with breakdowns and failures.”

Taking that longer-term view can help businesses better prepare for maintenance needs rather than waiting until something goes wrong. By understanding their assets and planning for future expenses, owners can make more informed decisions about their facilities.

Listen to The Small Business Weekly Podcast Episode 551 to hear the full conversation with Thomas Cook and learn more about how thoughtful asset management can help businesses prepare for future facility needs and expenses.

The Small Business Weekly Podcast, presented by the Small Business Association of Michigan, delivers a new interview with an entrepreneurial expert each week – featuring practical advice and success stories designed to support and inspire Michigan’s small business community.

Visit SBAM’s Media Hub for past episodes of the Small Business Weekly Podcast.