As a business owner, you know the importance of insuring against losing a physical asset. But what about intangible assets?
Intangible assets are the lifeblood of your business. Knowledge, processes, and employee onboarding are just a few examples of assets that cannot be insured. Sure, you can hold an insurance policy on your essential employees. But will that actually help in the event they need to be replaced? And what if a “non-essential” employee needs to be replaced?
Intangible assets usually shape your customer experience and help run your business. Will your customer know if a laptop is stolen? Probably not, but they will feel pain if your customer support process breaks down because an employee departs, or a new employee is not up to speed.
It’s important to document intangible assets such as internal knowledge and processes. But don’t stop there – have someone review and question this documentation. A fresh perspective could add even more value to your company’s intangible assets.
How could an already successful business benefit from this work? An outside point of view will identify areas to improve, which will increase productivity, profit, and/or capacity.
Would you like to find and document unknown assets? Contact Beck Insights (www.beckinsights.com) and we'll work together to determine the right solution for your business.