Your Most Important and Valuable Business Asset

It's ironic that your most valuable asset as a business owner is not even reflected on your balance sheet. That should give you a clue as to what it isn't...

It's not your building, or your capital equipment, for example. It's not your liquid assets...it's not even your "brand."

So what is it?

Many marketers would say your most valuable asset is your customer list. But that's not entirely accurate...

It's your RELATIONSHIP with all the customers or clients in your list. That's where the real value is. It's where the future value is for your company. It's your livelihood.

You could have millions of dollars worth of hard assets, but without relationships with people who will buy what you're selling, they're pretty much worthless to you.

So what does that tell you about how you should treat your customers? Smart companies will not only come to the conclusion that good customer service is good marketing (like Zappos.com), but will understand the importance of maintaining the relationship through frequent and relevant contact.

After all...don't you have to communicate to have a relationship?

With that in mind, think of all the customers you haven't heard from in a while. Maybe it's time to send them a letter or make a phone call. Don't let that relationship just wither and die!

(BTW, the image is an ancient Mesopotamian balance sheet from a state-run farm on display at the Louvre. It's almost 4,000 years old.)