Business alchemy is where you can convert some of your business’s expenses into assets. The effect of doing this can improve the profitability and value of of the company. Below we’ll explain how effective content strategy and content management can help you do this.
Let’s first explain what we mean by expenses and assets.
From an accountant’s perspective, anything in your business that will be consumed within a year is seen as a cost to the business – an expense. If an item has a lifetime of more than a year, then it’s an asset, something that affects the value of the business. The exception is for low value assets, where it’s often simpler to treat them as expenses.
Most content in a business is seen as an expense – having low value or a short lifetime – and normally content strategy and content management is used to enable you to identify and minimise waste in your content. For example, it will help you identify opportunities to re-use chunks of text in many different places, and, as a result, keep your expenses down.
So how can content strategy and content management enable you to do business alchemy – turn expenses into assets? The answer is because they give you a system for discovering intellectual property that’s hidden inside your business. In other words, you may be currently treating lots of content as an expense, when in fact these items are assets – content that has a value and a significant lifetime.