When a business is growing, there needs to be an awareness of the key “assets” within the business. These assets are not just land and buildings or plant and equipment, but include a range of individual items that, when they are consolidated, are real “business assets” of the company.
These key assets should be subject to ongoing monitoring and evaluation to see where changes could be made and improvements implemented. Companies which are committed to growth strategies will have most of these assets:
Intellectual Property: has it been documented and is it safeguarded?
Patents applied for: is someone monitoring the deadline for the next document to be lodged?
Patents owned by the company: has a business case been developed to exploit the value of this asset?
Products/Services: what stage of the business cycle are individual products/services at? Have strategies been implemented for rejuvenation of products/services or phasing out and replacing products/services?
Trademarks: are they being used effectively in your marketing strategies?
Trade secrets: have these been documented?
Team: have you implemented team training, skills development and succession planning so that your company does not experience problems from “talent attraction or retention”?
Leadership team: has a skills matrix been prepared for each member of the leadership team? Have strategies been introduced to supplement the skills of individual members and succession planning?
Board of Advice Members: has your company introduced a Board of Advice? These boards can make significant contributions on business matters.
These assets are very important in the overall corporate fabric of a company.
Towers Business Development can assist in conducting a due diligence review of the assets within a company and design strategies to ensure ongoing contribution from these assets. To find out more, contact us on 1800 232 088 or email .