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How Old Assets Can Become New Resources for SMBs

How Old Assets Can Become New Resources for SMBs

The initial stage of the startup-launching process is stressful for many reasons. Even if you possess the knowledge necessary for the niche you’re starting in, you’ll lack business experience. Office decoration and the rent issues, accounting, business planning and other features might look difficult in the beginning. In addition, it’s also important to recognize the value and potential of your business assets. Here you’ll see how every single asset can and should be treated as a new business resource.

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A budget-guarding flow of energy

From the beginning to the end of your business journey, every single item, product and service should be treated both as an asset and a resource. For instance, when a line of products is ready for sale, you’ll force their placement on the market until the last item is sold. This includes regular selling procedures, as well as special discount campaigns. In line with that, the same strategy should be applied to your office equipment. Whenever you have a piece of furniture you don’t use anymore, try to get rid of it as soon as possible. Still, don’t throw it away, but use it in a practical way. It can be re-purposed or reused and kept it in the office – for example, an old file cabinet can be transformed into a desk. Moreover, you can simply sell the old items and buy new pieces of furniture without spending the money from the income base.

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Electronic devices

In addition to furniture items, electronic devices are the second most useful group of assets in an office. Outdated or broken equipment can be treated in several ways. Firstly, you can sell those devices when they’re still in function. For instance, you should analyze your inventory, inspect the warranty for every device in the office and sell all the gadgets and machines whose warranty has expired. Here, it’s important to prepare them for sale by removing any confidential data from them, as well as taking care of their hardware.

The second option is to continue using them until they break down. While in this case you don’t have to buy new products for a longer period of time, you lose more money, because you can’t sell them when they break.

Software maintenance

With the number of small businesses surpassing 28 million in the USA [source], SMBs are under a constant threat of hackers’ attacks and data theft. It’s no wonder that even the US Government issued a public statement regarding the risks those enterprises are exposed to. Therefore, SMBs have to pay great attention to their business data. This especially refers to their old documents that might be kept on easily accessible in-house hard disks. Once lost or wasted, those data can affect the productivity and endanger the future of the entire business. To avoid such unfortunate outcomes, SMBs should transfer their old data to the cloud. Big data specialists can help them find the best solutions for their storage needs and save them from any inconveniences caused by potential data loss.

Fortune in large assets

When talking about business assets, it’s necessary to get out of the box (and your office), to take a different view of your possessions. There are many businesses that have a fortune lying in their outdoor equipment. As the experienced evaluators from Slattery Asset Advisory claim, you can recover your budget by selling different vehicles, machines or first-class tools. Those large assets are most often sold in two cases. The first one is selling them to collect money for new ones. The second is overcoming financial issues. Whatever happens to your business, always seek assistance, to get the best estimate on the value of your large assets. That way, you’ll find a way to sell some of the assets without affecting your work flow.

No matter if you’re a small business owner or a partner in a mid-sized business, you should never underestimate the power of asset management. It can save your business when it’s experiencing difficulties. After all, if you turn each and every asset into a new resource, you’ll always have fresh capital for new investments.

 

 

 

 

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General

Dan Radak is a marketing professional with ten years of experience. He is a coauthor on several websites and regular contributor to BizzMark Blog. Currently, he is working with a number of companies in the field of digital marketing, closely collaborating with a couple of e-commerce companies.

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