Mind the Gaps, Master the Spend: Your Annual Facilities Budget Checklist
A practical guide to reviewing and planning your facilities budget before the new year.
ServiceChannel
- Identify your most expensive maintenance / repair categories
- Flag locations with the highest reactive vs. planned maintenance ratios
- Flag locations with a lease life shorter than the depreciation of the planned or expected asset replacement / failure
- Flag locations where the overall company health would be adversely affected if the location needed to close due to emergency asset replacement (top-tier stores)
- Evaluate ratio between Asset Life expectancy / Location Lease life / Cost of replacement / Affect on Customers (sales) and associates (HR Issues)
- Forecast known capital projects and asset replacements
- Model different budget scenarios based on inflation, vendor rate changes, or volume shifts
- Set performance goals tied to budget outcomes
- Leverage corporate sustainability or energy-efficiency initiatives to fund capital replacement if possible
After budgeting is completed, use this list to help yearly budget effectiveness:
- Evaluate and refresh your preventive maintenance schedule
- Determine which vendors had the highest total spend
- Note which vendors had the slowest average resolution times
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