Business and assets go hand-in-hand and both need to be protected. Sometimes we don’t understand exactly what assets are and how to protect them. In this article, we will be looking at the 3 main types of assets that your business can have. This should help bring some clarity. You can also read this article about how to protect your assets. Many of our other articles will give you valuable information about assets, loss prevention, risk management and more. All of these things go together to ensure that your business and your assets are protected.
1. Intellectual Property
Intellectual property are assets that are intangible. Examples of intellectual property include trademarks, logos, brand names, patents, formulas, inventions, songs, manuscripts, content, recipes, etc. All of these things are intellectual and don’t necessarily have a physical format. Intellectual property is especially important and valuable today due to so many things being online. People are working and writing and creating online and for companies far away. So, all these assets can probably be found on a device that can be hacked or easily accessed. It is very important to make sure that your intellectual property assets are protected. These types of assets are often very close to the main drive or the center of everything that makes the business run.
2. Tangible Assets
Tangible assets are exactly that, tangible. You can see it, you can touch, it, and it can most likely break or be damaged in some way. Examples of tangible assets include office equipment, factory equipment, buildings, vehicles, machinery, stock, etc. These assets are central to the operation of the business and they are often also the most expensive assets in the business. Unlike intellectual property, tangible assets can depreciate or get worn out. This means that they will likely need services, repairs, or replacement at some point in the future.
3. Intangible Assets
Intangible assets have to do with things that make the business look and sound good. They have no physical form but they can change or become negative. Examples of intangible assets include trade secrets, industry knowledge, business reputation, credibility, company know-how, talents, etc. All of these assets have an influence on how the business is perceived from the outside. It influences credibility and whether people will trust your business. When intangible assets are good and positive, it increases the value of the business and can even lead to more profits.
These three types of assets are all necessary for a business to run. Some are easier to destroy or copy or steal than others, but they are all necessary and important. Intangible assets and intellectual property are very closely related and they are also the things that can make or break a business. Be sure to keep your assets protected so your business can keep growing and improving and acquiring new assets.