With deep experience assisting business owners of all sizes, Pinnacle Financial Advisors Founding Partner Susan Talbott discussed the importance of effectively assessing small business assets in the November issue of In Business.
Assets can include physical items such as machinery, computers, and products, but they can also include patented ideas, intellectual property, and services.
Susan explained the importance of understanding and accounting for all business assets, noting that doing so can help drive growth and streamline operations. When small business owners have effective knowledge of their assets, they create the optimal situation for deployment of those assets, tax strategies that depreciate assets, can better prepare for asset replacement, and more. She also discussed how small businesses can use assets in unexpected ways to maximize their value or generate income.
Susan stressed that keeping meticulous records is essential to properly track asset value over time and provide a more accurate picture of the company’s value.