IMG_3308A question we frequently receive here at Traklight is why should I identify my intangible assets? In our marketing, we show how our own products help businesses easily identify intellectual property (IP), which consists of assets that are both tangible and intangible. At first glance, identifying tangible assets always looks more important because they're things you see and physically use. But many of the intangible assets in your business bring more value than you probably ever knew.

You'll find many of the opinion that intangibles in your business are more important than the tangibles because they're things loaded on a computer, or even creative concepts used on a regular basis. How do you identify what those are, and why should they be protected just as much as something physical?

Further identifying typical intangible assets

One of the most familiar intangibles in companies is software. Even if the software initially comes in a box that's tangible, the software itself runs on your computer. And if you've created software in your company to sell on the market, it's essential you identify everything you've created so it's protected. The same goes with any proprietary technology you haven't yet patented.

Then you have contracts and agreements that always fall under the title of intangibles. Trade names for your company are under the category of creative ideas and aren't considered tangible assets. Ironically, intangibles also include copyrights, patents, or licenses you've acquired for protection of your intellectual property. These are your greatest intangibles of all because they protect the livelihood of your business while providing future financial security.

Identifying a tangible and an intangible asset is still difficult at times, however Traklight can help you identify those assets so you truly know. Then we'll educate you on what steps to take for protecting those assets for as long as your business exists.

Get started identifying your intangible assets with our free Business Risk Assessment.

Free Business Risk Assessment