Assessing Your Assets

Have you ever considered taking an inventory of your “business” at year-end?

What are your really valuable “assets” (not in the accounting sense) and what is the balance that you are carrying at year-end? You might want to prepare a list of such “assets” for assessing where you are, determining what you need to grow such assets, and monitoring progress throughout the year.

An Entrepreneur might consider certain goods and services, pertinent technology, engaged and high-performing employees, key clients, reliable suppliers, valuable advisors, and so on as core “assets” to run a successful business.

Taking inventory of these assets at year-end, and planning on how to increase them in the coming year could be a key component of your annual plan. Measuring your assets at the end of the next year would determine your performance in this area.

Do the Right Things!

Ravi Patel

http://www.PatelCFOservices.com

 

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Published in: on December 19, 2017 at 4:27 am  Leave a Comment  
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Completing the Balance Sheet

In a previous blog, I suggested that Entrepreneurs “take an inventory” of their businesses.

Taking inventory identifies the “assets” of your Balance Sheet  (not in the technical accounting sense, but similar). In order to complete the “Balance Sheet,” you also need to focus on your “liabilities.”

What are the areas in your business that are weak and need to be improved? What technologies and processes need to be beefed up before they cause serious problems? Do you have employees or managers that need to be discarded because they are becoming liabilities? Do a few of your clients and suppliers pose issues that account for most of your time for resolution?

Taking a true assessment of your “liabilities” and coming up with plans to address those will definitely strengthen your “Balance Sheet” to acheive your Vision and Mission.

Do the Right Things!

Ravi Patel

 

Taking Inventory

While taking physical inventory at year-end is familiar for Entrepreneurs with businesses that deal in goods, there is something else to ponder.

Have you ever considered taking an inventory of your “business” at year-end?

What are your really valuable “assets” (not in the accounting sense) and what is the balance that you are carrying at year-end? You might want to prepare a list of such “assets” for assessing where you are, determining what you need to grow such assets, and monitoring progress throughout the year.

An Entrepreneur might consider certain goods and services, pertinent technology, engaged and high-performing employees, key clients, reliable suppliers, valuable advisors, and so on as core “assets” to run a successful business.

Taking inventory of these assets at year-end, and planning on how to increase them in the coming year could be a key component of your annual plan. Measuring your assets at the end of the next year would determine your performance in this area.

Do the Right Things!

Ravi Patel