23/52 Assets: Strategies That Spark Success

KEY CONCEPT:  In our changing and unstable marketplace, small businesses should maximise their existing assets to drive sustainable growth, improve profitability and remain agile.

This is 23rd of 52 articles about what business owners can do to grow their businesses this year.

Introduction

Optimising your current business assets is the most innovative and most cost-effective way to drive growth, especially for small or handmade businesses. Rather than starting from scratch, spending heavily, or seeking new investment, you’re working with what you already have to extract more value, reach more people, and build stronger customer relationships. It’s about working with what you already have in smarter ways.

Step One: Identify your Current Business Assets

It makes sense to start by considering what assets you already have, and I am not just referring to buildings and machinery; if you have space, consider renting it out. If you have underutilised machinery, can you find or create work for it? Do you still even need that machinery? Could it be sold, releasing capital and space?

Therefore, it is essential to conduct a thorough audit of your assets, including financial, intellectual, and social capital. [6] Consider enlisting the help of someone unfamiliar with your business to assist you. They will see things you see every day, and don’t recognise the value/potential of. A bit like being lost in the forest, but can’t see the wood for the trees.

In a business context, assets are anything the company owns or controls that has economic value and can be used to generate revenue or support operations. Beyond buildings and machinery (which are tangible fixed assets), there are other types of assets a business might have:

1. Financial Assets

• Cash and cash equivalents (e.g. money in the bank)
• Investments (e.g. shares, stocks, bonds)
• Accounts receivable (debtors/money owed by customers)
• Wasted funds, e.g. subscriptions you do not use, magazines you do not read.

2. Intangible Assets

• Intellectual property (patents, trademarks, copyrights)
• Brand recognition, reputation and customer goodwill
• Proprietary processes, software or technology
• Licenses and permits
• Data and analytics tools or datasets

3. Human Capital

• Skilled employees – creativity, niche knowledge, unused or under-utilised skills and abilities
• Leadership talent
• Institutional knowledge and experience
• Collaborations and networks

4. Digital Assets

• Websites and domain names
• Social media accounts and following (Facebook, Instagram, TikTok, Etsy, Shopify, etc.)
• Email lists
• Digital content (videos, blog posts, product photos, etc.)
• Tutorials
• Your story, your mission
• Testimonials

5. Relational Assets

• Customer relationships – loyal, repeat buyers, email subscribers, social media followers, word of mouth referrers
• Partnerships and alliances
• Supplier networks

6. Products

• Bestsellers
• Slow-moving stock
• Leftover materials or packaging
• Customisable products

Maximising ALL assets, especially intangible and relational ones, can be key to sustainable business growth.

Step Two: Maximise each asset for growth

1. Leverage Your Bestselling Products

• Create variations (colours, sizes, themes).
• Bundle with slower-moving items to increase AOV.
• Turn bestsellers into a signature product line.

 2. Deepen Relationships with Top Customers

• Create a VIP program or loyalty rewards to increase retention and encourage referrals. [3]
• Ask them for reviews, referrals, or testimonials.
• Gather customer feedback to identify gaps in your offerings and areas for improvement. [8]
• Offer sneak peeks or pre-orders to make them feel special.
• Implement user-generated content strategies to enhance authenticity and attract new customers at low cost. [5]

 3. Make Use of Slow-Moving Inventory

• Repurpose into bundles, mystery boxes, or flash sales.
• Use as freebies to encourage larger purchases.
• Turn materials into limited-edition or seasonal products.

 4. Monetise Your Knowledge

• Teach a mini workshop (in person or online).
• Sell digital downloads, including patterns, templates, and tutorials.
• Share behind-the-scenes content to increase engagement.

 5. Optimise Your Online Presence

• Repurpose product photos into reels, carousels, or blog content.
• Update listings to include SEO keywords and better storytelling.
• Use email marketing to re-engage past customers with offers.

 6. Turn Social Followers into Buyers

• Run flash sales or exclusive drops for followers.
• Use polls/stickers to gather feedback or pre-sell new ideas.
• Share more about you, the maker — people buy from people.

 7. Collaborate and Cross-Promote

• Partner with other small businesses to share audiences.
• Collaborate with non-competing businesses that share your target audience to cross-promote services or co-create products. [3] [5]
• Create co-branded bundles or giveaways.
• Form strategic alliances to share resources, reduce costs, and access new customer segments. [7]
• Trade email (where you have permission to do so – consider GDPR compliance here) or social shout-outs.

8. Repurpose or reconfigure current assets to meet evolving needs, trends, or to create new products altogether. [6]

9. Improve Operational Efficiency

• Streamline processes and make better use of existing equipment and technology to lower costs and increase output. [6]
• Regularly review your business model to ensure assets are aligned with your growth objectives. [6]

10. Diversify Revenue Streams

• Expand your product or service range by introducing complementary offerings or bundling existing ones. [5]
• Explore subscription models or passive income avenues, such as affiliate marketing and licensing, to generate recurring revenue. [5]
• Move into online or offline channels if your business is currently limited to one, broadening your market reach. [5]

11. Financial and Investment Strategies

• Maintain high-yield business savings accounts and money market funds to ensure liquidity while earning returns on idle capital. [4]
• Use strategic reserves to act quickly on emerging opportunities, such as acquiring competitors or investing in new or cutting-edge technologies. [4]
• Consider tax-advantaged retirement plans to build long-term wealth while supporting business growth. [4]

12. Explore New Markets and Channels

• Penetrate new customer segments or geographic markets using your existing products or services. [7]
• Consider alternative sales channels, such as e-commerce platforms or national and local government contracting opportunities. [2] [7]

What are the Benefits of Maximising Your Assets?

STRATEGY	BENEFIT
Asset audit, repurpose and reconfiguration	Unlocks hidden value and supports innovation
Revenue diversification	Reduces risk, stabilises income
Customer relationship optimisation	Boosts loyalty, increases referrals
Strategic partnerships and alliances	Expands reach, shares resources
Operational efficiency	Lowers costs, improves profitability
Financial and investment strategies	Strengthens financial foundation
New markets/channels	Grows customer base, increases sales

Step Three: Track Your Return on Investment

Someone once said, “The definition of insanity is doing the same thing and expecting a different result.”   Measure the success of your changes and only repeat those that work. I know it sounds simple, maybe even trite, but many small business owners don’t check what is or isn’t working. They believe that simply making a change will lead to growth. Or they make many changes and have no idea which ones are working and which ones aren’t.

Keep a simple log of efforts and results:

• What products are selling more after bundling?
• Are social posts on which platforms are driving more website clicks?
• Are loyal customers buying more after special offers?

This lets you double down on what’s working. And where necessary, realign your assets with your goals. [6]

Remember, “If you can’t (or don’t) measure it, you cannot manage it.”- Peter Drucker

Here are some real-world examples for you.

One: If you sell handmade candles (also think about other craft products):

• Bundle slow-selling scents with bestsellers.
• Offer refills or candle care kits.
• Use leftover wax to create tealights as samples or bonuses.
• Host a mini-class on candle-making or scent-blending.
• Feature customer photos in your social media/email campaigns.
• Sell seasonal or themed collections based on your bestsellers.

Two: A bakery implemented an inventory management system. By accurately tracking ingredient usage, the bakery was able to reduce waste and ensure essential ingredients were always available. This optimisation not only cuts costs but also improved customer satisfaction by preventing stockouts and ensuring more consistent product quality. As a result, the bakery could redirect the savings into growth initiatives, such as expanding its product line or marketing efforts [9].

Three: A boutique clothing store analysed customer foot traffic data to optimise its staffing schedules. By aligning employee shifts with peak shopping hours, the store provided better customer service while minimising staff costs during slower periods. This strategic use of existing staff led to higher profitability, enabling the business to reinvest in inventory and store improvements, which in turn fuelled further growth. [9]

Four: A technology company maximised the value of its workforce by implementing a cross-functional training program. The company recognised that its employees were a significant asset and sought to increase flexibility and productivity by enabling staff to develop skills across multiple departments.

By investing in cross-functional training, employees became more adaptable and could be deployed where demand was highest, reducing downtime and bottlenecks. This approach not only improved overall productivity but also ensured that the company could respond quickly to changing business needs without requiring additional staff. As a result, the business saw increased asset utilisation, reduced operational costs, and higher employee satisfaction (and less staff churn), all contributing to sustainable growth. [17]

This case demonstrates how optimising staffing (human assets), rather than just physical assets, can drive significant business improvements and support long-term expansion.

In conclusion

What we have examined is how to optimise all our business assets to work efficiently and effectively. By focusing on these strategies, small businesses can maximise their existing assets to drive sustainable growth, improve profitability, and remain agile in changing markets. [3] [4] [5] [6]

#HaywardHub #MakeADifference #ChangeOneThing #BusinessGrowth #Assets

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References

1. https://hbr.org/1983/05/the-five-stages-of-small-business-growth
2. https://www.sba.gov/business-guide/grow-your-business
3. https://www.constantcontact.com/blog/small-business-growth/
4. https://www.pnc.com/insights/small-business/manage-business-finances/investment-strategies-for-small-business-owners.html
5. https://www.bazaarvoice.com/blog/key-strategies-to-amplify-small-business-growth/
6. https://www.skmurphy.com/blog/2020/06/26/how-to-leverage-current-business-assets-for-growth/
7. https://www.forbes.com/councils/forbesbusinesscouncil/2021/04/19/five-growth-strategies-for-small-business-owners/
8. https://sallyportcf.com/10-strategies-to-increase-profitability-in-small-business/
9. https://www.businesstechweekly.com/operational-efficiency/digital-transformation/asset-optimization/
10. https://fastercapital.com/topics/successful-examples-of-asset-optimization.html/1
11. https://www.assetinfinity.com/blog/how-does-asset-optimization-help-small-business
12. https://ezo.io/ezofficeinventory/blog/asset-optimization/
13. https://www.shelf.nu/blog/case-studies-and-success-stories-of-companies-using-asset-management-software-effectively
14. https://www.flexera.com/resources/case-studies/accruent
15. https://www.argosoftware.com/blog/asset-tracking-business-success/
16. https://www.igi-global.com/book/cases-optimizing-asset-management-process/266382
17. https://fastercapital.com/topics/successful-examples-of-asset-optimization.html
18. https://www.assetinfinity.com/blog/how-does-asset-optimization-help-small-business
19. https://www.flexera.com/resources/case-studies/accruent
20. https://nepis.epa.gov/Exe/ZyPURL.cgi?Dockey=P1010FIG.TXT
21. https://ezo.io/ezofficeinventory/blog/asset-optimization/
22. https://www.tracet.io/case-studies
23. https://www.igi-global.com/book/cases-optimizing-asset-management-process/266382
24. https://www.assetinfinity.com/case-studies
25. https://barcloud.com/resources/case-studies/