A business can accumulate a wide selection of assets over the years. Some of those assets continue to deliver value year after year, such as essential pieces of software or even employees with crucial areas of expertise.
However, other items in your stack might end up gathering dust in the background as they become less vital to your operations.
Unused assets are accumulating more rapidly in the modern business world as companies reorganize for a future of remote working, explore different business strategies, and adjust their supply chains.
So while you’re going through a period of equipment modernization and budget cuts, how do you make the most of the unused retail assets at your disposal?
Repurposing the solutions you have into new options that can generate value is a great way to avoid a loss. Here are some ideas to get you started.
Sell or Rent the Space
One of the most common types of unused assets for businesses today is space. As the pandemic spreads worldwide, companies everywhere are tackling the challenge of moving their operations almost entirely online.
This means that you may struggle to find value in the space that you currently have for the foreseeable future.
If you’ve still got a space that’s not getting a lot of attention, be creative in looking for temporary strategies for using it in other ways.
For instance, you could offer the space for use as a pop-up shop or temporary art gallery, or even invite team members to use it as a coworking space.
Then, you can continue renting out your space for as long as it makes sense.
However, if you reach a point where you decide to operate entirely online or move to a smaller space permanently, then you can look into selling. Some companies even divide a large space up into multiple sales.
Create Some Additional Storage Space
If you’re struggling to take full advantage of all the retail space you have right now but don’t want to get rid of it entirely, this could be an excellent opportunity to use it as storage.
Even if you don’t need the extra storage right now, you’re sure to find other companies that you can work with to gain a little extra money as a storage provider.
Many big-name brands are constantly searching for empty warehouses and spaces to keep products before they’re shipped to customers nearby.
You might be able to use some of your excess space as a storage solution until you need it again.
Provide Additional Services
If you decide that you don’t actually need as much space as you originally thought even after downsizing, consider converting the extra space into areas for providing additional services.
For instance, you might decide to combine your store with a coffee shop or food court where people can relax in between shopping trips.
Adding playrooms for children or dining areas to your retail store is a great way to ensure that your customers want to spend more time within your business.
This means that they’re more likely to notice the deals and marketing efforts you use to encourage conversions.
You can even partner with another provider to reduce the costs of offering these extra services.
Remember, the more experiences you can offer within your store, the more memorable your brand becomes to your target audience.
Donate to Startups or Communities
If the extra unused retail assets you have access to right now go beyond space, you may decide to look for ways to give something back to the community with them.
For instance, old computers that have been wiped of data and reformatted are excellent for community projects that help people earn a better education when they don’t have devices of their own.
You could even think about donating some of the assets you have to the local startups and new companies in your location.
Startups can quickly change the world around them in many ways, but they often struggle to get up and running without a substantial initial budget.
Therefore, your donation could be the key to helping a business make its way into the industry for the first time—and you could make some valuable partnerships along the way.
Ask around to see what some such groups need in your environment.
Taking an altruistic approach is also an excellent way to improve your reputation with future customers. Today’s consumers want to see that the companies they buy from share the same values as them.
Relocate Moveable Assets
Finally, to stop unused assets from weighing your business down, think about how you can use and repurpose them in other environments.
If you have multiple locations or offices that you need to keep track of, it helps to have an inventory management tool that allows you to watch your assets wherever they may be.
Tracking your assets will show you when one of your locations might require the purchase of more technology, or other equipment, such as desks, for example.
Staying on top of your assets at all times will allow you to divide everything you have evenly between the different locations that you run.
It’s also an excellent opportunity to ensure that you know which of your purchases might be ready for an update or, conversely, which of them you should scrap for something new.
Once you check whether certain locations need assets more than others, you can keep track of the items you’re moving so they don’t get lost between offices too.
Create Value From Unused Assets
Unused assets can still be a valuable component of your business. The key to success is learning how to use everything that your company owns in an optimal way.
Knowing how to leverage the assets that your retail company might not need right now in some other ways will help you unlock new avenues of value.
Whether that means selling the things you don’t need or improving your brand reputation with donations is up to you. Just don’t let those assets gather dust and generate unnecessary storage and maintenance expenses.