Money Insights: Strategies You Can Take to the Bank

By Dan Hounsell, Editor  

People generally divide into two categories — those who are good with money and those who are not.

Those chosen few who are good with money never seem to sweat until payday, always handle life's little unexpected financial surprises, and have just enough cash left once the bills are paid to buy themselves a little something special.

Then there are the rest of us.

Life is more challenging in almost every way for us when it comes to handling money. Bills pile up, paychecks seem to evaporate, and frantic searches for coins hidden under couch cushions become more frequent as each month comes to an end.

Maintenance and engineering managers in institutional and commercial facilities generally do not have the luxury of being bad with money. Most organizations watch department budgets more closely each year, and convincing top financial executives to invest in products, equipment and technology is an arduous task, at best.

For managers who need extra insight and guidance in successfully overseeing their departments' operating and capital budgets, we have put together our Product & Technology issue.

For starters, Andrew Gager's column offers managers time-tested insights on being more money-smart and deal-savvy when specifying and buying products for maintenance and engineering departments.

In our Roundtable, Dave Lubach, our associate editor, shares suggestions and strategies offered by three managers who have years of experience successfully putting together operating and capital budgets for their departments.

Finally, each of our feature articles — HVAC, Lighting, Paints & Coatings, Roofing, CMMS, and Grounds — offers information that updates readers on new products and, more importantly, helps them use their budgets wisely when purchasing products, equipment and technology. Each feature article also includes a roundup of related products releases as a sampling of new-generation product options.

While few managers are likely become financial wizards, applying the insights, strategies and recommendations in this issue might help them stretch department budgets just a little further and select products that offer a little bit better return on investment. We hope managers can take that to the bank.

Dan Hounsell offers observations about trends in maintenance and engineering management and the evolving role of managers in facilities.

Agree? Disagree? Have something to say? We want to hear from you. Visit myfacilitiesnet.com/danhounsell, and "Start a Conversation."

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  posted on 5/24/2013   Article Use Policy

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