When you mention asset, people immediately think of cash, precious stones, bonds and other physical things like brick and mortar. These are all assets.
But the Webster dictionary defines an asset as:
A useful or valuable thing, person, or quality
Property owned by a person or company, regarded as having value and available to meet debts, commitments, or legacies.
The definition of an asset I want to draw your attention to today is the first one.
An asset is “A useful or valuable thing, person, or quality”
This effectively means that everybody has an asset in one-way shape or form.
You have something, a skill or people in your network that can be regarded as having a value – value that can have an immediate financial impact when accessed.
7 common assets that people normally overlook in business are:
- An engaged mailing lists (that is why you should start creating one of you don’t already)
- Old client list
- Relationships with family, friends and business contacts
- Any form of Intellectual property
- Skills that set them apart from other like – public speaking, writing, etc
- Good reputation
These are all useful or valuable things that can be used with the right approaches to generate income.
Assets are only valuable when you know what to do with them – or at the very least recognise that they are valuable.
Lets not make the same mistakes …
Otherwise its just like diamonds lying like popcorn on the beaches of Africa before German Explorers discovered them in 1908 at Sperrgebeit or the Forbidden zone! OUCH! [Source: The Diamond Cutter: The Buddha on Managing Your Business and Your Life by Geshe Michael Roach and Lama Christie McNally]
Imagine what history would have been like if the value of those diamonds were recognised by the indigenous people. I digress.
A quick cash injection
I recently took on a new client who had a lot of dormant assets.
To solve her immediate cash flow problems, we were able to tap into her assets to release some of the value that was sitting unutilised. The first thing we did paid for my services 5x over. An immediate cash injection enabled her to stop dipping into overdrafts giving her the clarity and peace of mind to look up and focus on other long-term strategies that would sustain and fuel growth in her business.
So my question to you is this – what are you doing with your assets? Do you recognise them for what they are?
Work those assets! You know what they say: use it or lose it!
Not sure where to start? Let me help you. Click here to find out how?