Preview Mode Links will not work in preview mode

Law Chat with Girija

  1. All Episodes
  2. Journey of Creating Goodwill & Positioning Yourself as an Industry Leader

Journey of Creating Goodwill & Positioning Yourself as an Industry Leader

Mar 31, 2022

It’s time to position yourself as an industry leader with an asset that goes beyond your numbers AKA Goodwill.

 

Episode Introduction: 

In today’s episode of Law Chat with Girija, we’re talking all about Goodwill. What it is, why it’s important, and most importantly - how do you create goodwill for your business?

 

Episode Summary: 

Girija Patel walks us through the traditional definition of Goodwill and how it's applicable to your own business. She talks about the four core elements of goodwill as well as action steps on how you can create goodwill for your business.

 

Main Takeaways:

  • The Net Asset Value of a business is the assets minus the liabilities.
  • In finance terms, the difference between the net asset value and the actual price of purchase is considered Goodwill.
  • Goodwill comprises:
  1. Intellectual Property
  2. Brand Reputation 
  3. Skilled Labour
  4. Customer Loyalty
  • Ensure that you trademark, register, and copyright the intellectual property that distinguishes your business.
  • Developing a high-performing workforce and a healthy corporate culture increases your business’ goodwill.
  • Cultivate your relationships with your customers as well as your business partners.
  • Show up for your business even when things are not going great. Be accountable to establish your credibility.

 

Help us mentor other entrepreneurs through the power of storytelling by rating us and leaving a positive review on Apple Podcasts: https://podcasts.apple.com/us/podcast/law-chat-with-girija/id1528580730

 

Get the FREE Five Day Legal Audit: https://yourcontractbuddy.com/5-day-free-legal-audit-challenge/

 

Join Law Chat for Entrepreneurs Free Facebook Community: https://www.facebook.com/groups/lawchat/

 

Get the visual experience, watch the videocast for this episode: https://youtu.be/07oeUn9R3hY

 

Connect With Girija:

Website: https://www.gbplaw.com/

Instagram: https://www.instagram.com/gbplaw/

Facebook: https://www.facebook.com/GBPLaw/

 

Get Ready To Use Contract Templates At: https://yourcontractbuddy.com/