A brand is a set of characteristics - or an identity - that is easily recognisable and which enhances the reputation of your products or services.

A brand should embody the unique selling points of your product or service. An accountant could place a figure on some of the goodwill you have built up on your brand values.

A strong brand helps to sell your message and benefits for you. As long as any new products and services you introduce are up to the standard of your existing offerings, it becomes a great deal easier to launch new branded lines. The brand is your ambassador and advocate, attracting customers and reassuring them. At the same time, it will help to bring in a flow of new customers.

It will probably take you years to build up a widely-recognized brand - the sooner you start the better. Here are the first steps you need to take:

1. Try to think of a memorable and meaningful trade name that sums up what you do, making sure it does not conflict with any existing names in your field.
2. List the brand attributes you want to convey.
3. Commission an appropriate logo. When you have the right design, make sure it appears everywhere.
4. Develop a corporate image and color scheme that can be used on your website, on stationery, vans, signs, staff clothing and adverts.
5. Ensure that all your products and services are reliable, compatible and of a good standard. A single weak link will drag down the value of the brand.

A separate logo, as a distinct way of writing your company or product name, is not an essential requirement for a brand. Many well-known and profitable brands exist without logos. Often they rely on their name to create the necessary impact rather than a graphic. However, the look of a brand name demands as much care and attention as a logo. It's worth using a designer to create a properly-conceived brand name identity, rather than just picking an attractive font.

Deciding on your values or what makes you special need not cost anything. However, communicating your brand message and style will inevitably require a budget commitment. The key areas you could budget for are:

• The development of a strapline or mission statement that succinctly conveys your message.
• Design needs, such as a website, a logo, business stationery and product packaging.
• Advertising and promotional materials that convey and support the brand promise.
• Staff training to make sure your employees understand your brand values and business goals.

The only time a financial value is put on intangible assets is when a business is either bought or sold. A company's major asset may not be its premises or equipment, but its customer list and the quality of the relationships it has with those customers. Moreover, the brand is at the heart of reputation - attracting new customers and retaining existing ones.

Brand valuation is a major issue; successful brands are important company assets. Investing in a brand, to improve its image or positioning, may often yield better results than investing in other ways, like buying new equipment.