How To Keep From Losing Your Most Valuable Asset

Let’s say you have 10 employees and do a million a year in revenue. You sell high ticket B2B, so maybe you have less than 100 customers, and a handful that make up a lionshare of your business. If you came into work one day to find that your biggest client that accounts for 25% of your revenue is pulling all of his company’s business, you are out $250K overnight. Quite a hit.

It would still seem customers would be the most valuable. Maybe so in the short term and in the financial sense short term. Contrast that with the same day, coming in to find out that your top sales rep or manager has jumped ship to your competitor. It’s not uncommon for companies to try to poach their competitors' people by enticing them with a better deal (at least on the surface). If it’s an employee that has relationships with your customers, they are likely to bring those customers with them.

What if it is an operations person or an employee who doesn’t have direct interaction with clients so there is no risk of that? You may have NDAs, Non-compete agreements in place, but it is extremely hard and expensive to enforce these in real terms. That person takes all the internal knowledge of your company, your intellectual property consisting of things like your processes or systems. Suddenly your competitors realize, oh, that’s a good idea, let’s do what they are doing internally. How much has that cost you and how much damage has that done? Potentially, a lot.

What I am getting at here, is that I kind of view assets in terms of the value they have if you lose them. It’s just like sometimes in relationships, “don’t know what you’ve got until they’re gone” or however the song goes. An asset should be viewed not in what it brings to the table as that is speculative, but what it will cost you if you lose it.

Key Talking Points of the Episode:

The most important asset a small business owner has is the team you put together, whether it’s your employees, contactors, or a combination of the twoIt would still seem customers would be the most valuable. Maybe so in the short term and in the financial sense short termAn asset should be viewed not in what it brings to the table as that is speculative, but what it will cost you if you lose it

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Resources Mentioned: 

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