Posted on 12/11/2015
By Lora Mays, Product Marketing Manager
2016 is just around the corner and, for many organizations, it means it’s time to determine how to allocate budgets for the upcoming year (if you operate on the calendar year for your fiscal budget). As you think through your facility capital plan, what are some key elements that you should include in your plan?
Before you start making a list of everything that needs investment in the coming year, the first step is to think about your current facilities and associated assets. What do you have that you need to maintain? Without a comprehensive list, it can be difficult – if not impossible – to truly know how much you need to invest in order to maintain your facilities at what you define as optimal condition.
Once you do understand what you have, it’s important to evaluate the condition. Hearing that a roof is about to cave in at any moment is much different than having an objective assessment to understand the true condition. In doing so, you can evaluate all components of your facilities – from the structure to the interior assets – for a clear idea of whether your investment matches up to your needs.
From here, it’s important to prioritize your list of things that require investment. Using a software solution like VFA Facility makes it much easier to do this, as it leverages industry requirements and data to ensure that you are investing in the right spots. You can also tailor it to specific information related to your company, such as whether your portfolio will include a particular facility in one year, five years or even 10 years down the road.
That being said, your 2016 facility capital plan should include the following:
Interested in learning more? See how VFA Facility can help you simplify the facility capital planning process and maximize your facility capital planning budget.