The digital component is critical to practically every business today, whether you realise it or not.
The digital component (intellectual property) of a business also forms a large part of its value to you as the new owner and is an important factor in that you have paid for and which probably has more capacity to increase the value of your investment than any other part of the business you have purchased.
- Domain names
- Website hosting
- Email arrangements
- Google accounts
- Social media accounts
- Other services
You'll often hear it said that the "money is in the list". Meaning that the value of an enterprise in the list of known customers (or potential customer) that particular business has to work with. Of course, the list takes many forms now and could be a user base, a mailing list - some readily accessible and substantial list of prospective customers that you can talk to about their needs and how you can satisfy them. This is the essence of the digital business component, so it is vital that the data and the means of gathering it, nurturing it and working with it is in good order when you buy a business.