The most successful businesses typically re-assess their trajectory and brand equity in depth every three to five years.
So what is ‘Brand Equity’ anyway?
Here’s a fairly direct hypothetical to help illustrate the concept:
If your business closed tomorrow, what remnants would there be a year from now?
For example, if *you* stopped paying to keep all your business assets (location, vehicles, website, domain, etc.) going, would there be anything else left beyond that to prove your existence?
What would other people and businesses pay to keep going that has your name on it?
That’s Brand Equity.
Brand equity is market staying power which also carries a monetary premium in the event of selling the company.
Unfortunately, many businesses don’t invest in building brand equity and will quickly fade into irrelevance if/when they close their doors.
If you’re thinking about longer time horizons, have the intent to build something that lasts.