Every business is built on a foundation of key assets. These aren’t just physical things like buildings or inventory but intangible elements like your team, processes, intellectual property, and brand. Daniel Priestley’s 24 Assets Framework is a simple yet powerful way to identify, manage, and strengthen these assets to ensure your business thrives.

Here, we’ll summarize the 24 Assets Framework in plain terms and show how to protect and grow your business by focusing on what matters most.

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What Are the 24 Assets?

The framework divides assets into three categories:

1. Funding Assets
2. Cultural Assets
3. Systems Assets

Each category represents a core area where businesses can create value and gain a competitive edge. Let’s explore each one and how you can maximize their potential.

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Funding Assets: Laying the Financial Groundwork

1. Business Plan: Your business plan is your roadmap. Keep it updated and secure, using tools like non-disclosure agreements (NDAs) to safeguard sensitive information. A clear, adaptable plan ensures you’re ready for opportunities and challenges.
2. Business Valuation Regular valuations keep you informed about what your business is worth. Accurate data strengthens negotiations and strategic decisions, whether it’s for funding, partnerships, or exit planning. Learn more about business valuation methods.
3. Structure A solid legal structure protects your business and personal assets. Choose frameworks like LLCs or corporations to limit liability and simplify tax obligations. Review your setup regularly to ensure it matches your growth.
4. Risk Mitigation Every business faces risks, from lawsuits to natural disasters. Being prepared is essential. Invest in comprehensive insurance and create contingency plans that outline how to handle unexpected events.

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Cultural Assets: Building a Strong Team and Reputation

1. Key People of Influence: Every company has star players. Protect their contributions with strong contracts and non-compete agreements. Recognize their value and create pathways for their growth. Discover Andrew Contiguglia’s insights on protecting key players.
2. Marketing and Sales Team: Your sales and marketing staff drive revenue and growth. Regular training and clear communication about their roles align them with your goals. A motivated team builds stronger customer relationships.
3. Management and Administration: Efficient management systems let your team focus on the work that matters. Streamlined dashboards and key performance indicators (KPIs) keep everyone on track without unnecessary micromanagement.
4. Technicians: Your specialists create and refine the products or services that set you apart. Ensure their innovations stay with the company through clear intellectual property policies.

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Systems Assets: Creating Sustainable Processes

1. Marketing and Sales Systems Effective marketing systems generate consistent leads and sales. Protect these systems with cybersecurity measures to safeguard customer data and your intellectual property. Well-documented user agreements also help reduce legal risks.
2. Management Systems A well-oiled management system ensures that day-to-day operations run smoothly. Regular audits and updates keep these processes efficient and adaptable to change.
3. Delivery Systems Your delivery systems ensure customers get what they’ve paid for on time and in excellent condition. Document these workflows to minimize disruptions and maintain a high level of service.

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Why This Framework Matters

The 24 Assets Framework isn’t just a theoretical exercise. It’s a practical tool for:

• Identifying Gaps: Spot weaknesses in your business before they become problems.
• Prioritizing Efforts: Focus your time and resources on the areas with the most significant impact.
• Building Resilience: Strengthen your foundation to weather market changes and crises.

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Putting It All Together

Understanding and leveraging your business assets is critical to staying competitive. Start by assessing your strengths and areas for improvement. From securing your financial plan to protecting your team and systems, each step builds a more robust and sustainable business.

The 24 Assets Framework offers a clear path to growth and security. Use it to uncover untapped potential and create a business that is successful today and resilient for the long haul.

Learn how Ethia Strategies builds resilient business strategies.

Explore the origins of the 24 Assets Framework.

Visit the Contiguglia Law Firm for more insights.