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.
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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