Do you have a small business and have been wondering what business assets are and how they can help your business grow?
A business asset is anything from eye-catching images of your work, creative videos showcasing your expertise, blog posts sharing industry knowledge, and even finished results of your work. Basically, anything that you can use to impress a potential customer is considered a business asset…
Read on to learn everything about business assets and how to leverage them to skyrocket growth.
The power of business assets:
Existing works you have done and video clippings of some of your most successful jobs are mainstays. Just about anything that can be used that can speak for the quality that your business offers is an asset. Don’t put all your faith in fancy advertisements, public relations, or promotions, as you’d be underestimating the volumes that your work speaks about what you can do.
Your small business assets are a driving force behind your financial outlook on a larger scale. Therefore, you need to know and understand how to manage these assets and how to maximize their purpose and use to you and your strategic objectives.
What are Business Assets?
Business assets or property are referred to as items of value that are owned by a company, organization, or business and are mainly used to run it. While assets come in many types such as furniture, cash to land, buildings, vehicles, and machinery, other forms are often overlooked. These assets include previous work, illustrated complex content, and marketing videos. Anything that can be used to bring forth new clients and revenue can be described as a business asset.
These works can be used to analyze the state of profitability of your business. Why is that? Well, this is arguably your main way to generate sales, appeal to new customers, and maintain existing ones. Business assets fall under a few types, two of which are tangibles and non-tangibles.
Tangible assets are things you can feel and touch, such as machinery, tools, etc. These may be used to get the job done or they can be the finished products that you can use to display your immense capabilities.
On the other hand, intangible assets refer to those that are harder to measure and not necessarily the things you can touch and feel. Things such as the business’s reputation and brand awareness are considered intangible assets that speak to how valuable your company is.
Note that the application of tangible or intangible assets as demonstrations of your offerings is a subjective measure. For example, one of a construction firm’s strongest assets is the structures that it has already work on. On the intangible side of the spectrum, this would be akin to the reviews that a hotel has on a popular platform.
That's not to say that the construction company could not be reviewed as well, but the relevant measures defer based on the nature of the business.
Why are Business Assets Important?
Assets are crucial as they can help you increase the value of your business and smoothly move towards your operational objectives. These may include generating revenue, sales, and new customers. From a small business owner’s perspective, you may not have a lot of cash to throw into marketing which may not achieve the intended purpose.
Simply putting your content out there cannot be it, as a lack of proof to substantiate your claims render them useless. Instead, direct your energy into creating and formulating creative, eye-catching assets that can grab the attention and interest of the intended audience and even persons outside that target group.
Don't make the mistake of assuming that you should stop putting content out there to promote your business offerings. Marketing has an important place in the success of any business. You could say that it is the largest part of your brand identity from a public relations point of view. Therefore, if you were to stop all marketing efforts and rely on demonstrable assets, you would still not see the kind of success that your business could achieve.
The point here is to use your content creation efforts to supplement these kinds of business assets. So, do customer case studies, get customer reviews, photograph your work, create a reference library, etc. When your marketing efforts begin to generate attention, cement it with unquestionable demonstrations of your capabilities. It's also important to point out that doing so constitutes and non-traditional form of marketing too.
You aim to attract new customers and sales. Therefore, you don’t want to stop at images and videos of your work. Take it a step further by using blog posts showcasing your knowledge base. This is another invaluable asset for you and your business.
As a small business owner, you likely don't have the kind of budget to go for a layered marketing approach. The good news for you is that you don't need to if you can pull off leveraging these assets correctly. You were likely taught that the traditional SEO and fluff approach was the way to go. However, consumers are smarter and have access to more information than ever before. That's why they are now often concerned with qualifications and experience.
Consider discussions with other small business owners to give and get tips and tricks and insightful information on how to use your business assets to determine the value and get a wider customer base. Writing detailed guides can put you and your business out there. While you are educating others, you are bringing awareness to your business and expanding your potential client base.
You created your business to solve a problem in the first place. Whether you have competitors that are doing the same thing or not, if you can be the one to appeal to the customers who need that specific problem solved, you have all but cemented increased sales. Don't look at your guides as free information for people who have not paid for your services. Instead, look at it as free advertising with a purpose. Interested people are not going to forget where they got the valuable insights from, which is where your competitive advantage lies.
The use of infographics can be important too, as it is an efficient way to explain and provide an overview of complex concepts using visuals. While your business assets can be used to attract new clients and customers, also ensure you are not overextending yourself and create debt.
Assets are the most powerful way of reaching and engaging new prospects. When you go online and read about ‘content is king’, this is not referring to selecting a topic and simply writing about it. No, not at all, in fact, this is the biggest mistake small business owners make. The idea is: let’s find some good topics, create 500-word articles, and see what happens right? Wrong.
Your goal is not to put out content, your goal is to produce powerful assets that can entice prospects (your intended reader) to take an action. It could be to get people to sign up for your weekly posts, it could be to get someone to sign up for an informational video series you are offering, or it could be for a quote form submission. The point is that just writing without a specific purpose is a total waste of time. Instead, share your knowledge, capture key moments of your work, create unique videos that make readers stop, and give your secrets away. The more you do this the more trust you will build. Remember, at the end of the day content doesn’t bring customers, assets do. Assets bring readers, bring leads, and bring sales.
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Think about your own business, what are some assets you can begin using right away?
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