Business owners and managers understand the critical role that capital assets and staff skills play in competitive advantage and business growth, but what are the areas in which businesses should focus on for future growth? We list the key areas you can, including IT infrastructure, staff training, and equipment and machinery.

1. Recruitment and Training

Your staff team is one of your most important assets. The level of training your staff members receive can be directly reflected in the quality of your products and the customer service provided by your business. Businesses that support their staff members with ongoing training

Recruitment is another crucial element in managing your organisation’s assets for ongoing growth. Your recruitment policy and procedures should be closely linked to your organisation’s growth strategies, to ensure that you are hiring the right staff with the necessary qualifications and background to support your business growth.

2. IT and Telecommunications

Your business’s IT and telecommunications infrastructure supports your operations and your staff, so it is crucial to invest in an up-to-date IT system that facilitates efficiency and timeliness as well as quality service. Whether it’s your phone system or desktop equipment, make sure that these are meeting your efficiency standards.

Security is also an issue not to neglect. Use professional IT services for regular checks and audits to ensure that your business’s IT system is secure and running as smoothly as possible.

3. Online Assets

Your organisation’s online assets are another vital area where you will want to redirect some of your profits. Your website, social media accounts, online marketing strategy, and search engine rankings all play a central role in your marketing strategy and the expansionary potential of your business. Invest in these with a long-term view and you will be acting to support the growth of your business.

4. Intellectual Property

Depending on your industry and business type, your business’s intellectual property can feature in your organisation’s competitiveness. Your trademarks, patents, and copyrights could be valuable elements of your business competitiveness. Investing in research and development can be one of the ways to boost your assets in intellectual property.

5. Vehicles, Equipment, and Machinery

Your business’s fleet, equipment, and machinery can be core capital assets in your organisation. Many companies have a fleet of vehicles for their mobile staff, while businesses in the manufacturing industry often have plant equipment and machinery.

Your products or services may depend on or be derived from your equipment and machinery, while your delivery or sales department might be reliant on your business maintaining a reliable fleet of vehicles. Hence, keeping these items in good condition with regular maintenance and upgrades as required should be part of your business policy.

6. Land and Buildings

Investing in land and buildings could be part of your strategy for expansion. These may be retail, industrial, or other types of commercial sites. While purchasing land or buildings might not be viable for every single business, by purchasing rather than leasing, you can set up a foundation for capital growth and eliminate the need for lease payments.