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An asset is any property of value owned by a person or business. Assets can be both tangible and intangible, and both contribute towards the value of a business. While tangible assets include things like property, vehicles, shares and money in the bank, intangible assets include things like customer lists, licences and distribution agreements, a well-trained workforce and intellectual property, such as patents and copyrights.

In a challenging economic environment, businesses need to explore a number of options to ensure that they can continue to thrive. One key growth strategy that can be employed by struggling businesses is to exploit the full potential of both domestic and overseas markets.

While the news that the UK’s economy has narrowly swerved entering a triple-dip recession with a growth rate of 0.3% in the first quarter may provide a glimmer of hope for UK businesses, many firms are still struggling to make headway against a relatively subdued economic backdrop.

Once the decision is made that a struggling business must enter liquidation, the process can be surprisingly quick and always represents a large degree of closure for those involved.

With recent figures from Experian revealing that access to trade credit for SMEs has hit an all-time low (falling from 10% in 2008 to a current figure of 6.1%), SMEs may find themselves increasingly struggling to manage their finances.