MASTER OF ART

INTERNATIONAL®

Email: info@masterofartinternational.com

​Post: Margarita Feaks Gallery, P.O. Box 1361, Drayton, Norwich, Norfolk, NR8 6FP, England, United Kingdom

Intangible Asset
An intangible asset is an asset that is not physical in nature. They are generally long-term and derive their value from business’ intellectual or legal rights. Intangible assets cannot be destroyed by fire, hurricane, or other accidents or disasters and can help build back destroyed tangible assets.

Goodwill, Trade Secrets, Organizational Knowledge, Domain, and Intellectual Property, such as trademarks, are all intangible assets.


Goodwill
Assumed value of the attractive force that generates sales revenue in a business, and adds value to its assets. It is built painstakingly over the years generally with (1) heavy and continuous expenditure in promotion, (2) creation and maintenance of durable customer and supplier relationships, (3) high quality of goods and services, and (4) high quality and conduct of management and employees.



Trade Secret
It is a formula, practice, process, design, pattern, commercial method, or compilation of information not generally known or reasonably ascertainable by others by which a business can obtain an economic advantage over competitors or customers. In some jurisdictions, such secrets are referred to as confidential information.

In contrast to registered intellectual property, trade secrets are, by definition, not disclosed to the world at large. Instead, owners of trade secrets seek to protect trade secret information from competitors by instituting special procedures for handling it, as well as technological and legal security measures.



Organizational Structure

An organizational structure is a system that outlines how certain activities are directed in order to achieve the goals of an organization. These activities can include rules, roles and responsibilities. The organizational structure also determines how information flows from level to level within the company. This is just one component of being successful, but it’s certainly a crucial one

While you may have an image in your head of what your organization’s structure looks like, it’s wise to create a visual chart that can be referenced by anyone in the business. These charts are helpful for a number of reasons, including:


  • Showing work responsibilities and reporting relationships
  • Improving lines of communication
  • Reducing cross-departmental confusion
  • Creating a visual employee directory
  • Allowing for better management and growth