The Most Valuable Asset in Your Business

by JR Griggs

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Corvette Z06

The police officers looked on in disbelief as he was detailing his car on the side of the highway. His white Corvette was almost in an accident and while avoiding this accident, he got mud on the car. Once the officers had all the info they needed from everyone, he proceeded to clean the car, right there on the side of a major highway.

This was the manager of a car dealership I once worked with. His Corvette meant a lot to him and he was VERY protective of it.

Not only was it kept spotless and only driven when there was the least risk of contamination, it was kept in a temperature controlled bubble in the garage.

This was his most valuable asset and it showed. He cared for it and protected it.

If you were to ask most business owners what their most valuable asset is, you will surely get a variety of answers.

Some might say their location, their brand, their logo, their website, etc. Maybe they think they are the most valuable asset, or an employee.

All those answers are dead wrong.

Your Most Valuable Asset is Your Customers

A customer who exchanges money with you in a business transaction, is your most valuable asset. That customer, has said “yes” and handed over their money to you. That means they are most likely your target market and have been sold on doing business with you.

Forget about your location, your logo, your website, etc. those are all secondary to your most valuable asset. Those should all come from your most valuable asset. You pick a location based on where your most valuable asset would find you best. Your website should be designed to be found and sell to your most valuable asset. Everything you do should be designed around that asset.

So What Are You Doing to Care For and Protect That Asset?

So are you willing to clean this asset up on the side of a major highway because it got a little dirty? Are you making sure it sleeps in a protective bubble?

Stay with me on this….

Being that a paying customer is your most valuable asset, what are you doing to ensure that you can keep them? Do you collect their name and contact info so you can contact them later? Are you doing any customer appreciation events or offers?

You should have a database of your customers. You can use this database to communicate with them. You can contact them about special offers, events or even just to let them know you appreciate their business. Once that customer says “yes” and does business with you, it is now up to you to protect that asset and make sure it stays yours.

It amazes me how many businesses just let customers come and go without ever trying to get more info from them. Just hoping that their product or logo or location or whatever they mistakenly think is more valuable, will bring them running back.

So what ways are you protecting your most valuable asset?

Leave a comment to let me know.

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