Using Financial Planning Tools

Using Financial Planning Tools

Two words that are taking on increasing importance in today’s unpredictable business world are “financial planning.” This is particularly true when it comes to managing building properties. Since most companies can’t afford to be “surprised” by certain unexpected expenditures such as a leaking roof that needs extensive repairs. Now, more than ever, it is important for businesses to plan for anticipated property repairs or replacements. As well as, properly maintain and track their building assets. One way companies are doing this is through programs such as the “Spann Guardian Service.” It is a Total Roof Management plan offered by Spann Roofing & Sheet Metal, Inc.

Since its inception in 1957, Conway-based Spann Roofing & Sheet Metal has grown to become one of the largest commercial roofing contractors in South Carolina. One reason for its success is its focus on long-term relationships, according to Sammy Spann, president. “We don’t believe in simply installing a roof and walking away,” he states. “We want to help our clients get the best value out of their roofs by making sure it is inspected, maintained, and when necessary, repaired properly. That’s why we offer our clients the ‘Spann Guardian Service’ program.”

Using Financial Planning Tools

A Powerful Asset Management Tool

Spann’s Guardian Service program is a combination of three different programs: RCA, a yearly comprehensive inspection that documents roof conditions and simplifies cost forecasting for new and replacement roofs. PMP, which coordinates roof inspections and helps Spann’s clients manage leak repairs and life extension work. Roof-Track, a portfolio hosting database that keeps all critical information vital to the management of multiple roofs.

Putting these programs in place requires gathering and storing a lot of data about the roof, such as warranty details, repair history, and inspection schedules. To help them manage this information, Spann uses an organized database system, roof maintenance program, and high-quality report generators. The program also offers the ability to do financial planning, such as preparing 5 or 10-year budgets; and creating long-term schedules of expenditures such as repairs, maintenance, and replacement.

Using Information to Save Money

Perhaps the biggest benefit of having access to all of this information is saving funds that might have been spent on premature roof replacement. “We can use this data to identify and stop roof leaks quickly and perform cost-effective corrective work that can extend the life of a roof by two to eight years,” Spann points out.

Recently Spann inspected almost 400,000 square feet of roofs for one Guardian Service client and was able to use data from those inspections to prepare budget information for the client for the next five years. Now this company can manage their building assets wisely and avoid nasty “surprises” – which is what financial planning is really all about.

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