Don't lull yourself into the belief that your assets are working as hard as you are. Chances are they could be put to more or better use to boost your bottom line.
It is a question many people in business don't ask, or leave unanswered, because the constraints on their time prevent them from seeing the bigger picture: are you earning as much from your assets as you could be?
Chances are you could leverage your assets, skills or location to earn more money, even if it lies just outside of your original business model.
Aaron Shaw, Sydney Seaplanes CEO, says that over the last six years or so he has focused his efforts on developing one of his terminals in Rose Bay, which has turned into an opportunity for massive growth.
However, the beginning of the development was not easy.
“Any development over the water in Sydney Harbour is a massive process to get approved,” explains Aaron on the My Business Podcast.
“It is incredibly expensive in money as well as time. That is something you often underestimate, is how much time you put into these things.”
Aaron says the reason for the focus on developing the Rose Bay terminal was that it was in a prime location to attract customers but needed its image updated, as it looked like “just an old shed”.
Today, the Rose Bay terminal has evolved from a simple location to get customers on and off planes into a business in its own right.
“It's about six times bigger than the building that we previously operated from,” says Aaron.
“There is a food and beverage offering in there. It's got spectacular views over Rose Bay, so we want to leverage that as much as possible.”
Not only is the Rose Bay terminal open for customers to fly in and out of, it has expanded its customer base to the general public too.
Aaron says potential customers can come in and watch the planes taking off and landing, as well as exploring the museum he has built about the flying boat history of Rose Bay.