When you think of your physical branch, the first thing that comes to mind may be banking equipment. ATMs/ITMs, drive-up lanes, money equipment and all the traditional banking technology and machines required to support the needs of your financial consumers might come to mind. What isn’t so evident is that retail financial branches require as much support for facilities management as any other workplace. In one day, internal teams might be addressing a stuck window drawer, following up with a vendor to schedule an ATM move, addressing needs for furnace repairs, and changing a lobby light bulb! To track these expenses, they use a facility maintenance budget.
Getting your maintenance in order
Managing all of this creates a balancing act of staffing requirements, budgeting, vendor management and internal/departmental communications. This balancing act can challenge even the most seasoned facilities management teams. Considering the high costs of operating brick-and-mortar branch offices, creating a budget template for maintenance is essential.
When creating a successful facilities management program, start with three steps:
Create a preventative maintenance checklist for your regular tasks to decrease downtime and reduce expenses
Determine what tools and resources can be used for tracking assets and work orders to maximize efficiency
Identify costs for both scheduled repairs and unexpected breakages
ARTICLE: PREVENTATIVE MAINTENANCE CHECKLIST
Build a facility maintenance budget
There are many ways to create a temporary budget or build an annual budget template you will use each year. However, the key to every good budget is to list all your needs. Be sure to provide reasons that justify them. We’ll look at that more later.
All of your essential tasks and their associated costs can be structured using a facility maintenance budget template. There are many readily available apps and online tools to help you build your facilities maintenance budget. Most will probably take some time to be adapted to your specific needs. Nevertheless, they can provide an excellent starting point.
Include what you know—and what you don’t know in your budget
Depending on how much you manage, there are several categories of expenses you may need to plan for. HVAC, electrical, plumbing, custodial, grounds, structural, furniture, supplies, as well as general facility consumables might all need to find a place in your budget.
For some line items, services like routine maintenance or common repairs have regular costs. However, other items are far less predictable. Major expenses (particularly emergency repairs to the building or utilities) can eat away at a budget quickly. Staying on top of routine maintenance can help lower the risk of these expenses. It’s also important to make sure your budget has an extra expense line to handle the unknown problems of the coming year.
Remember: For each piece of equipment or office area that needs to be maintained, it’s important to estimate both equipment/tools/replacement expense and the staff time required. For full-time staff, it may not seem like employee hours need to be assigned to a line item. But it can be helpful to document your estimates to show how much work is getting done.
ARTICLE: FACILITIES MANAGEMENT BUDGET PLANNING TIPS
Your budget template tells your story
A clear and detailed template is not just a valuable resource that helps to organize facilities management. It can also be the key to successful negotiation once it’s time to present your budget to the C-Suite.
As you build a budget, it’s important to recognize that you are creating a story about your facilities and how they impact the business. To make your story convincing, it must be backed by clear data. Your leadership needs to know what you’ve done in the past. They must know why it was so important, and where you need more money to make the branch work even better for your visitors.
Ultimately, your success in selling your budget to your leadership team is dependent on how well you document and can provide evidence of the needs. Tracking this takes time, effort and resources—things that are often in short supply for many facilities managers!
Getting the data for the template
Support from Equips helps financial institutions to maintain their facilities and can reduce the stress of unexpected problems. Our management tools provide clients with a simple and effective platform from which day-to-day service requests can be created, tracked, and reported.
Equips’ tools don’t just help facilities teams stay organized. They can also help uncover the critical data needed to “tell the story” of the work being done at each branch. Armed with the right data, facilities management teams can oversee the work being done, better support the branch environment, and prove the value of their short-term and long-term budgets and strategies. To learn more about how the Equips web application can simplify facilities management for you, be sure to book a demo below. Thanks for reading!