You may not be able to quantify your company’s investment in its business information, but one of its most valuable assets is the accumulated information your company uses to compete in its marketplace. That information can take many forms – customer lists, strategic plans, pricing strategies, material sources, production costs, technical information, formulas, and many more. In the hands of a competitor, that information could give it a competitive advantage and result in loss of sales, market share, relationships and profits that drive the success of your company. The loss of that information is a devastating set back for any company; therefore, if you care about losing your top customers you should be proactive in protecting your business information.
All in Thoughts
It is often said that the most valuable asset of a business is its people. I am going to take a slightly different view and suggest that while employees are a very valuable asset, they are not the most valuable asset. Rather, I am going to suggest that a company’s systems and business information are its most valuable assets. After all, employees come and go, but solid systems and protection of your business information ensure that the success of your business is not disrupted by a staffing change.
Would you invest $5,000 with the potential to make $100,000 in three years? Most of us would without too much thought. Would you invest that much or less now to potentially save $100,000 over the next three years? Unfortunately, far too many entrepreneurs pass on that opportunity when they should be embracing it.
The year 2020 has brought unprecedented challenges and difficulties to virtually every business owner. But, those challenges do not have to sink every ship, as some owners will survive the challenges while others will find new opportunities. It is often said that 80% of results comes from 20% of causes. Generally, that means that 80% of revenues will come from 20% of your customers, that 80% of problems come from 20% of the issues you face, and so on. If you find and focus on “the 20%” you need to succeed, you will find the most likely path to success. This article begins a series focusing on what you can do to find your 20%.
The year 2020 brought us a perfect storm of economic disaster. Covid-19 hit with a vengeance leaving many unemployed with little foreseeable relief. Businesses have faltered from the shut-down and uncertainties that came with it. The collapse of the oil industry added insult to injury. Customer orders have been cancelled and customers are not returning because their customers are likewise not returning. Businesses fortunate to receive money under the Payroll Protection Program loans have exhausted those funds or will in the not too distant future with little to no relief on the horizon. Looking forward, it is hard to see the light at the end of the tunnel. What do they do?