Are you trying to improve the infrastructure of your business but don’t know where to start? Then you’ll be pleasantly surprised by the increase in valuation you can get from just a few inexpensive business assets. These are easy to acquire and can help improve the efficiency of your company.
In this article, I’ll share the best inexpensive business assets you should consider. These will also increase the sale price of your company if you wish to sell it at a future date. Hence, the investment versus the reward is worth the hassle.
Here’s the 7 inexpensive business assets anyone should consider.
1. Accountant
Accountants are an excellent asset to your company since they can crunch the numbers and inform you about the state of your business. For example, they can tell you if there’s too much stock, or if you should quickly place a bigger order to avoid running out.
In 2020, there were 1.27 million accountants operating in the United States, so there’s more than enough professionals to choose from. Ideally, the accountant will stay with your business for multiple years so they get a better understanding of how to help.
Also, you’ll need to decide if you should hire a freelance accountant or an agency that can potentially throw more resources at your work.
2. Extra Brand
You should consider adding an extra brand to your portfolio since that adds to the diversity of your business. Adding another brand is usually not more expensive than getting another brand registry. Selling through more than one brand makes sense in cases where you have a diverse range of products selling in multiple categories.
When selling a company, you can package the brands up to increase the value of the company. If you were to sell the brands one-by-one, you might get a lower price. That’s because the underperforming brands can piggy-bank off the success of the others.
3. Marketing Material
Investing in marketing material allows you to draw in more customers and increase the number of sales. The type of marketing material can include blogs, videos, a YouTube channel, social media posts, infographics, and much more.
Once you have obtained enough marketing material, you can use it repeatedly over a long period of time. You can get in-house employees to create the marketing material or invest in a marketing agency to complete the task on your behalf.
Remember that you usually get what you pay for. Therefore, you should look for a marketing service that has proven results and can get you the extra online attention your business needs.
4. Employees
For some businesses, the quality of employees dictates the quality of the company. Therefore, you need to have a rigorous hiring process that only finds the best workers for any role. Ideally, you should create a work environment where employees are encouraged to stay for the long term and grow with the team. That’s because it’s the loyal employees that add a lot of value to the company.
5. Email List
A large email list allows businesses to quickly receive a large number of new sales in a short time period. Here’s a few ideas to consider for growing the size of your business email list:
- CTA: make sure to have well-placed CTA buttons around your website to subscribe to your email list. This ensures that new website visits that are causally browsing will notice that you have an email list and decide to sign up.
- Provide offer: you should include an offer for subscribing to your email list. This could be a discount on their first order or a digital freebie that helps the target audience in any way.
- Provide value: make sure the email list provides value so that users will not unsubscribe because they are unhappy with the quality of what’s offered. If you’re unsure of how to provide value, then you could look at what your competitors are doing.
6. Commercial Real Estate
Does your business need physical locations to operate? Then make sure to buy commercial real estate instead of investing it. You can always sell it at a future date or rent it out for a profit. Also, you can use commercial real estate as collateral when applying for a bank loan. This increases the chances of a successful application, and you may get bigger loans than you would have otherwise.
Make sure to get a good price for the commercial real estate and don’t skip on the insurance. This ensures that it’s well-protected and your business is not one natural disaster away from collapsing.
7. Website
Any modern business should have a fully functioning website that allows it to perform every function that contributes to scaling your business. This includes:
- The ability to buy your products online.
- Sign up to a newsletter.
- Access your blog for further information.
- Contact customer support for help.
- Read the about us page to better understand your business.
There are many inexpensive tools nowadays that will help you build websites without any coding knowledge. Top examples include Wix and Shopify. The user interface of these software solutions is ideal for beginners.
Alternatively, you can ask to hire a website building service to build you a fully modern website that can compete with the best competitors in your niche.
Final Thoughts
To conclude, the 7 inexpensive business assets in this article are a great addition to any company. It will increase the price of your business when you’re ready for an exit, so making the investment is worthwhile.
Eventually, it’s a good idea to acquire a wide variety of business assets so there’s diversity in your company. This will increase the reputation and quality of your business, which increases the chances of dominating your marketplace.
