It’s easy to get caught up in the day-to-day operations of your business. Paying attention to the quality of your products and services, your marketing plan, and budgeting are extremely important, but there are likely a few things you are forgetting.
Here are a few assets that you may be taking for granted, but they deserve your attention.
When you think of business assets, you probably think about tangible assets. They’re the ones that you’re most likely to protect legally, but there might be a few tangible assets that you’re overlooking.
Tangible assets are much more than just money. They include things like:
- Land that you own
- Buildings, such as manufacturing plants, stores, and offices
- Inventory of your products
Make sure you take a long look at your fixed assets, as well as current assets that may fluctuate and change over time.
It’s easy to understand that the physical things in your business would be assets that you should protect, but assets can be intangible too. And the most valuable asset, intangible or tangible, is your clients.
Don’t believe it? Consider these statistics:
- 80 percent of your revenue will come from 20 percent of your existing clients
- Retaining 5 percent more of your clients can boost your profits by as much as 75 percent
- It’s 50 percent easier to sell to existing clients than it is to sell to new clients
There’s no doubt that your current customers deserve your attention. Instead of focusing all of your attention on finding brand new customers, try diverting your marketing plan towards your existing customers to boost their involvement in your company.
Regularly communicating with your existing customers and offering complementary products and services are great ways to pay attention to your clients too.
Your customers deserve your attention, but so do your employees! Without them, your business simply wouldn’t enjoy the same level of success. By paying more attention to their needs, you may be able to boost your business even further.
Consider implementing a flexible schedule and giving your employees more control over when and how they take time off. Be as transparent as you can about the future of your business, and reduce the frequency of meetings.
Your most valuable asset that you don’t know about is your ideas. The question is, how do you protect those ideas?
Taking legal action is one way, but it isn’t the only way to protect your ideas. From being careful about what you say to whom, creating relationships with your competitors, and requiring employees to sign a non-disclosure agreement, there are many little ways you can ensure your ideas remain your own.
Don’t let the fact that you need to pay attention to your products and services be the reason why you forget about some of your most important assets. By keeping an eye on the things on this list, you can protect your business from the inside out, boosting your chances of success.