24 Assets

building a business that lasts means creating something that can thrive without constant hands-on involvement. many entrepreneurs start out with high hopes for independence and impact, only to find themselves bogged down in daily operations, constantly chasing sales and putting out fires. while hard work is essential, lasting success comes from building assets – components of a business that hold value over time and make growth sustainable.

there are many different types of assets – intellectual property, brand strength, market positioning, and a well-designed product ecosystem, among others. together, they form the backbone of a business that can withstand change, scale effectively, and stand out in competitive markets. focusing on assets, rather than just tools or immediate sales, helps create a company that can operate smoothly, even as it grows.

in this chapter, you’ll discover some of the 24 key assets every business needs to thrive, organized across core areas like brand, systems, culture, and funding. you’ll see how each asset can drive growth, build resilience, and make your business a valuable and lasting entity.

let’s get started with the first type of asset: intellectual property.

how do some businesses become almost untouchable in their fields, scaling rapidly and dominating markets with seemingly intangible advantages? the answer often lies in their intellectual property, or ip, assets – unique, scalable elements like content, methodologies, and registered trademarks that embody a business’s value and uniqueness. these assets are the building blocks for a resilient, growth-focused business in a fast-changing, digital-first economy.

one of the most accessible ip assets is content. from blogs and videos to podcasts and graphics, content tells your story, clarifies your ideas, and connects you with a global audience. it’s cost-effective, scalable, and multipurpose. a well-written blog can evolve into a book, a video into an infographic, or a podcast into training materials. businesses that actively produce high-quality content are more likely to gain visibility, trust, and, ultimately, customers.

methodologies are another key ip asset. these structured processes or systems define how your business achieves results and also distinguish you from competitors. some methodologies, like google’s search algorithm, are kept private for competitive advantage, while others can be shared openly to attract attention and clients. the important thing is to formalize your unique processes, whether as diagrams, algorithms, or even software.

finally, registered ip protects your brand and ensures long-term ownership. trademarks, patents, and domain names can all be secured to legally defend your business identity. even unused social media handles should be registered to safeguard future opportunities.

building ip assets requires proactive effort. start by organizing existing content, documenting your processes, and consulting an ip lawyer to ensure protection. whether you’re creating a small lifestyle business or preparing for high-level growth, ip assets are foundational to a business that lasts.

next, we’ll explore how to use your brand assets to communicate your values and build a memorable presence in the market.

why do some products sell for five times their generic counterparts, even when the quality is nearly identical? a swiss army knife costs £50, while a comparable multi-tool sells for £10. the difference lies in branding. a strong brand builds trust, recognition, and a willingness to pay more. brand assets are essential for creating lasting value, allowing your business to stand out and thrive in competitive markets.

building brand assets starts with defining a clear philosophy. this is your company’s vision and values, which should guide decisions and set you apart. a strong philosophy is distinctive and memorable – think of lego’s mission to “inspire and develop the builders of tomorrow.” display your philosophy on your website, packaging, and social media so that employees, customers, and stakeholders can easily identify what you stand for.

consistency is key to establishing a recognizable brand identity. from logos and colors to tone of voice, your brand should look, feel, and behave the same across all platforms. a consistent brand builds trust and familiarity over time. use a brand guidelines document to ensure that everyone in your company, from staff to external suppliers, adheres to the same standards.

ambassadors amplify your brand’s reach and credibility. high-profile individuals, community partnerships, or local influencers can embody your values and connect your business with new audiences. even small actions, like sponsoring a local team or hosting events with industry figures, can have a lasting impact.

strong brand assets enable you to charge more for your products, enter new markets, and build lasting value. next, we’ll look at how market assets can help you position your business, expand reach, and better understand your customers.

take a moment to think about what makes your business the obvious choice for your customers. in a crowded marketplace, success depends on standing out, connecting directly with your audience, and offering them exactly what they need. this is the power of market assets: the tools that help you position your business effectively, establish reliable communication channels, and gather valuable data to better serve your customers.

positioning is about shaping how your business is perceived. customers choose brands based on specific questions: who offers the best quality, the lowest price, or the fastest service? who can they trust? to claim one of these positions, you need external validation, like awards or certifications, which signal credibility. aligning with respected organizations or being featured in trusted media also boosts your standing. the goal is to ensure customers associate your brand with positive attributes that make their decision easier.

channels are your pathways to reach customers. owned channels, such as social media, blogs, or email lists, let you control your messaging and distribution. earned channels, like partnerships or media coverage, expand your reach further. both are essential for staying connected to your audience and scaling efficiently.

data transforms your customer relationships. by collecting and analyzing information, you can personalize interactions and predict needs. for example, knowing your customers’ preferences allows you to deliver experiences that feel tailored, increasing loyalty and trust.

market assets give you the tools to secure your place in the minds of your customers. they ensure that your business isn’t just part of the competition but stands out as the natural choice. next, we’ll explore product assets and how they form the backbone of what you offer to your customers.

what makes one product feel like a must-have while another is easily overlooked? consider a hermès handbag, valued at thousands more than its competitors, or champagne, which commands a higher price than prosecco. the difference lies in the ecosystem of value surrounding these products, not just their physical features. a successful product delivers consistent results, aligns with a customer’s desires, and is packaged in a way that feels unique and attractive.

building strong product assets begins with clarity and scalability. products should have distinct names, such as the ipad or air jordan, which encapsulate their identity. they must also be standardized and replicable, ensuring consistent quality across markets. for example, a broadway musical like the book of mormon delivers the same experience globally, regardless of the cast or venue.

no business succeeds on one product alone. a thriving business uses a product ecosystem consisting of four categories. gifts, like free reports or podcasts, attract attention and build goodwill. products-for-prospects, such as workshops or trials, create an entry point for customers with minimal commitment. core products solve a problem completely and generate the majority of revenue. finally, products-for-clients, like subscriptions or add-on services, extend the customer journey and drive recurring income.

for your products to stand out, they must also be effectively communicated. use brochures and webpages to simplify their complexity and highlight their benefits. this makes it easier for customers to understand the value you provide.

a well-designed product ecosystem ensures profitability and long-term growth by meeting customer needs at every stage of their journey. next, we’ll explore how systems assets help streamline your business, creating a foundation for scalability and efficiency.

in any given industry, there are always a few businesses that stand out from the rest – think amazon or uber. how do they do it? it’s not just their products or services but the systems behind them. amazon’s automated warehouses and one-click checkout ensure rapid, seamless customer experiences, while uber’s streamlined ride-booking process revolutionized transportation. these systems are the unseen engines driving their efficiency, scalability, and customer satisfaction.

systems assets are the tools and processes that make a business predictable and repeatable. in marketing and sales, systems generate leads, guide prospects through the sales process, and onboard new customers smoothly. for example, a business might use targeted facebook ads, search engine optimization, and automated emails to attract leads and nurture them into paying clients. when a customer makes a purchase, automated onboarding emails or welcome kits can enhance their satisfaction and loyalty.

management systems reduce administrative burdens and improve decision-making. dashboards displaying key metrics like revenue or cash flow help teams focus on priorities. tools like slack, trello, and xero integrate communication, project management, and financial tracking into efficient workflows.

operations systems ensure the consistent delivery of your core offering. whether through training videos, apps, or checklists, these systems help meet and exceed customer expectations. for instance, uber’s app-based system combines real-time tracking, automated payments, and minimal human interaction to create a frictionless experience. by focusing on operational excellence, you can surprise and delight customers while simplifying processes for your team.

with strong systems, even small businesses can scale efficiently and compete with larger organizations. in the next section, we’ll look at how culture assets shape your company’s identity, engage employees, and build long-term loyalty.

not every business can offer the highest salary or flashiest perks – so how can these companies attract and retain top talent? high-performing teams don’t just happen – they’re built with culture assets that align your team with your values, inspire loyalty, and encourage excellence. these assets allow you to scale effectively, maintain team cohesion, and build a company that delivers consistently outstanding results.

culture assets begin with clarity. clearly defined vision and values set the tone for your organization, attracting individuals who align with your mission. these should be documented in onboarding videos, team handbooks, and role descriptions. systems like structured performance reviews, reward programs, and ongoing training ensure that your team continues to grow and excel.

every high-performing team includes four key groups: leaders, sales and marketing professionals, managers, and technicians. leaders inspire innovation and represent the brand. sales and marketing professionals bring creativity and data-driven strategies to attract and engage customers. managers and administrators turn vision into actionable steps, ensuring smooth operations. technicians deliver the products or services that define your business. each group requires tailored tools and systems to succeed, from training resources to role-specific performance metrics.

sustaining a great culture also means capturing and sharing success stories within the team. highlighting contributions, aligning efforts with values, and fostering collaboration build trust and morale. never underestimate the power of clear communication – weekly meetings and regular updates can reinforce alignment and accountability.

with strong culture assets, your team becomes a unified force driving your company toward its goals. in the final section, we’ll explore funding assets and how they underpin growth and stability for the long term.

securing funding for a business often feels like a daunting task. investors and lenders expect more than a compelling idea – they require proof of your business’s value, structure, and future potential. funding assets are the tools that communicate this effectively, making it easier to access the capital needed to grow and thrive.

a professionally created business plan is one of the most important funding assets. it outlines your goals, strategies, and financial projections while demonstrating your preparedness to handle challenges and opportunities. investors are more likely to trust plans produced by reputable advisors, rather than those crafted solely by entrepreneurs. supporting documents like an investor memorandum, a shareholders’ agreement, and a capitalization table add further transparency and credibility.

an independent valuation provides a realistic picture of your business’s worth. this document uses industry data, financial projections, and comparable company sales to justify your valuation. without it, investors may dismiss your pitch as speculative or unfounded.

your business structure also plays a significant role in attracting funding. limited liability companies are common, but more complex structures like trusts or public companies may better align with investor preferences. additionally, operating in a respected jurisdiction with clear legal protections increases your appeal.

finally, risk mitigation assets address potential concerns about leadership, strategy, and unforeseen events. shareholders’ agreements, experienced boards of directors, and insurance policies all reassure investors that their capital is protected. strong operational, legal, and cybersecurity policies demonstrate that your business is prepared to handle challenges responsibly.

by leveraging well-crafted funding assets, you position your business as a credible and attractive investment. with access to the right capital, you can continue building valuable assets that drive long-term growth and success.

in this chapter to 24 assets by daniel priestley, you’ve learned that building a sustainable, scalable, and valuable business is about creating strong assets across key areas like intellectual property, brand, market positioning, product development, systems, culture, and funding. each of these assets works together to form the foundation of a business that can thrive independently, adapt to change, and consistently deliver value.

from protecting your ideas and developing a recognizable brand to creating a seamless product ecosystem and attracting top talent with a strong culture, the right assets will make your business stand out in competitive markets. additionally, robust funding assets ensure access to the capital needed to fuel growth, while operational systems streamline processes and keep your business running efficiently.

the ultimate takeaway? a thriving business doesn’t just rely on hard work and great ideas – it depends on the tangible and intangible assets that generate resilience, scalability, and long-term success. by focusing on these areas, you can build a business that grows while also holding enduring value for you, your customers, and your team. now is the time to start investing in the assets that will shape your business’s future.

okay, that’s it for this chapter. we hope you enjoyed it. if you can, please take the time to leave us a rating – we always appreciate your feedback. see you in the next chapter.