Monday, March 7, 2011

Goodwill - Branding Yourself

According to accounting principles, Goodwill, is the intangible part of total assets that exceeds book value. If you sold your company for $100K and the value of all the assets was $90K, the excess of $10K is Goodwill.

How much more is your company worth than your combined tangible assets? I think this is the most important aspect of creating a successful company. What are you doing today to make your business worth more than its equipment, inventory, liquid assets, and etc.?

This can be the determining factor in "Branding Yourself". The term synergy comes to mind. Synergy is a term meaning that total value is worth more than the sum of all parts. Just like good financial investments, your efforts can gain appreciation in its value.

We sometimes lose sight of the fact that we contribute to overall success, not just this quarter's profitably. We accept our hourly wage, commission, and salary as if that is all we are entitled to. However, we should receive a regular bonus for the Goodwill we create! That's my branding of myself every time I go the extra step to make my company successful.

My W2 states I earned X amount but I actually earned X amount plus the Goodwill I created. If you decide to leave your company, you better believe you will be selling your next employer on the value of your personal brand and its Goodwill.

The Jim Click Business Preferred Network is our community effort in Goodwill. We want everyone of you to succeed. It's good for you, the Tucson community, and all of your friends and family. Join with us in our BPN and invite a guest to become involved in building their Goodwill.

1 comment:

  1. This is an excellent blog. I have always had "goodwill" but never thought of it in terms of branding. Thank you.