As you may recall, business assets are the valuable resources your business must create to achieve the financial metrics you desire. For example, without building a customer base (a key business asset), you will not be able to grow your sales. Other common business assets required to grow include new products and services, distribution networks, intellectual property, customers, locations, strategic partnerships, and your team, among others.
Your first challenge is to determine which assets to build and when. For example, a few years ago I looked at my business and identified a series of business assets I needed. I needed to create and launch several new products and services, hire and train three key managers, and build national credibility through PR. I also needed to implement systems to more easily run the business so I could take more vacations and spend more time with my family. Without these business assets, I would not be able to grow my business.
Although I had identified the right business assets that would allow me to grow, creating them was, at first, a daunting task because they led to several questions such as: How do I create these assets? Which one(s) should I create first? If I create these assets, will my short-term results suffer?
This chapter answers these questions and more so you can build the required business assets that allow you to achieve both your short-term and long-term visions.