14 October 2014
Small businesses and nonprofit organizations will benefit most from this blog entry. I encourage you to create a business assets inventory.
I worked with a client organization that sought ways to expand its income by develop new revenue streams. I facilitated a brainstorming session in which I asked representatives of the organization to list assets they had available to them. At first, they came up with only a few of the obvious suggestions: their physical space, their employees, their services.
After some prodding I got them to think more broadly about other types of assets they held that could be leveraged as new income streams. By the time we finished, their list had grown from six items to well over 40 items.
My own business hit a slow spell recently, and I was inspired to try the assets exercise for myself. I identified over 100 assets in six categories that I had accumulated over two and a half years, that I could use to jumpstart my business. Now, I want to share that exercise with you.
Here’s how you start. If you are a solopreneur, you can do this exercise by yourself, or bring in your accountant, attorney, or other business advisor. If your company or organization has employees, gather a diverse team of four to six people.
Download my free Business Assets Inventory Guide by clicking on this link:
Go through the exercise and generate a comprehensive Assets Inventory for your organization.
Here are some quick bullet points about why this exercise is valuable:
- Gives you a basis for brainstorming new revenue streams
- Allows you to identify unused or underused assets
- Adds to the value of your business to know and list all of its assets, not just the traditional financials on your balance sheet.
I’d like you to add a comment about the value of the Assets Inventory for you and your organization. Once you’ve completed the Inventory, share something you learned, or a success story about how you leveraged one of the named assets to your advantage.