5 Intangible Assets That Your Business Can’t Live Without

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5 Intangible Assets That Your Business Can’t Live Without

Featured image via TraskBritt Patent Law

Every successful business has tangible assets and intangible assets that they need to keep control of. These assets are ultimately responsible for the overall long-term success of a business. Without any assets, you don’t have a business. Because intangible assets cannot be physically obtained, it is smart to pay attention to them a little bit more closely. So here are five intangible assets that your business needs to in order to experience long-term success.

Patents

Say you have a business that creates a very innovative product that’s valuable to the marketplace. You, being the creator of this product, do not want someone to take your idea, make it their own, and steal away all of your market space. This is where patents come in. A patent is a contract or license with the government that basically states that you have rights to a certain good for a specific amount of time. Patents are important because they protect ideas and products, but it’s easy to get it wrong if you’re not careful. Successfully patenting your invention(s) allows your business to thrive long-term.

Email Lists

As leads come onto your website, it is your job to get their information and ultimately make them customers of your business. This is where email marketing is king. Once you know how to optimize your sales funnel and get people’s emails, your business is going to take off. You will be able to turn on paid advertising, collecting dozens of new leads every single day that will lead to dollar signs over the long term. Once you know how much a lead costs and how much that lead generates you over the long term, your business is unstoppable.

Processes

Your business can’t survive without a product and products don’t just spontaneously generate. A quality product is almost always the result of a strong and reliable process. Whatever the endpoint of your business needs to be, whether it’s a manufacturing line or a sales optimization funnel, you’ll want a reliable process to help you achieve better results. Be sure to have written documentation describing your process–and always, always devote time and resources to optimize it further.

Talent

Your internal team is essential to the growth of your business, which is why employers work hard to find and hire talented people. To procure top talent, businesses often take steps to screen potential hires through in-depth interviews and pre-employment testing. This process helps employers make informed decisions when hiring. When you’re able to hire the right people for the job, you effectively reduce employee turnover and increase the productivity of your business operations.

Brand

Your brand image is very important. It is important to put out quality content that represents your brand online. We have seen bad publicity completely kill brands and their revenue. This is why it is so important to care for your customer base online. In the long term, your customers have to resonate with your brand.

In many ways, a business is only as good as its website. Keep your business moving forward with a strategically crafted website from Pressed Solutions today!


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