Wednesday, August 18, 2010

The Intangible Business Assets That Make Business Work

When you think of business assets, what comes to mind? Most people tend to think about how much money they have, how many clients they have or how much equipment they have.
They tend to think in terms of tangible business assets. These are important but a great deal of your business success rides on intangible assets. Your human capital is an intangible asset. Think about the people in your business and the skills and talent they bring. Information capital is another asset. Your information systems and networks allow you to get critical information when you need it. You can then use this information to give you an edge in your business. Organizational capital is another asset. This includes teamwork and how your people work together. This can also include your ability as a team to execute things. You cannot touch these assets but they are just as important if not more important than the tangible assets in business.
Your personal intangible assets are another aspect. There are three things in business that are absolutely critical and they are all personal intangible assets. If you have these, every single thing that you want to accomplish in your business will be yours. Without these you will struggle.
They are very basic but extremely powerful. They are focus, consistency and patience. Focus
When most people talk about focus they are only talking about one dimension of focus and that is what to focus on. There are in fact three dimensions to focus. There is where to focus, what to focus and when to focus.
Here’s an example: You know what it is you need to focus on but the environment that you are in is not suitable. There is really loud music playing in the background and this is disrupting your focus. This environment is distracting and it doesn’t support you when you need to focus.
If you needed to study you wouldn’t go to a rock concert and pull out your books. You would go to the library or a quiet room where you can focus on what you need to do.

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