One of my great passions is helping businesses maximise profits. This enables growth, improves employment prospects and increases prosperity for those involved. However, whilst I’ve found that many businesses are alive to stay operating for 24 hours a day to maximise output, far fewer are aware of the way that businesses can achieve the same thing with their intangible assets, such as databases, brands, technology, know-how and software. With that in mind here are five suggestions for businesses to think about:
1. Maximise the use of the existing brands. How can you add value to your supply chain by buying up parts of it and rebranding it as yours? Is it possible to license your brand to third parties? Many FMCG brands do this and it is quite common to see brands such as Ted Baker (which was originally a clothing brand) licensed out to third parties for toiletries, fragrances and makers of glasses.
