When I speak with business owners about their assets, they often refer to their tangible assets such as their office(s), computers, and machinery. However, the value placed on intangible assets, such as people, knowledge, relationships and intellectual property, is now a greater proportion of the total value of most businesses than is the value of tangible assets.
It’s these intangible assets, rather than the tangible ones, that enable a company to distinguish itself from competitors. Your intangible assets might include your customer lists, intellectual property, business plans, recipes, pricing formulas, and trade secrets, and are typically the foundation upon which your company is built. Think about KFC’s intangible asset – the special, secret recipe, without which KFC would just be fried chicken.
To ensure your “secret sauce” does not become that of your competitors, you’ll need to develop a strategy to properly protect your intangible assets. To achieve this, you’ll…
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