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What Are Assets?

An asset is something that a business or individual can use to generate revenue or to protect their interests. Assets can be tangible, such as property and equipment, or intangible, such as intellectual property or stocks.

Important Business Assets

Some of the most important assets for businesses are their employees. A business that can attract and keep top-quality employees is likely to be successful. This is why many businesses invest in employee training and development programs. Other important assets for businesses include its physical plant, including equipment and buildings; its intellectual property, such as patents and trademarks; and its customer base, or list of customers who have already been persuaded to buy from the business.

It’s essential for a business to have a variety of assets. A company’s assets can provide cushion against economic downturns, and they can help the business expand its operations.

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Related Topics

Navigating the world of work can be complex, especially when it comes to understanding different types of employment. Independent contractors play a vital role in today's economy, offering specialized services on a flexible basis. If you've ever wondered exactly what an independent contractor is, how they differ from regular employees, or if you're considering becoming one, this guide is for you.

Human Resources is critical. When a small businesses or creator starts to grow and expand their teams beyond independent contractors, it is a good idea to create a human resource department.

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