One of the best ways to achieve success in business is to manage and maximize the resources at your disposal. Business resources are anything or everything that keeps your business in operation. They are materials or personnel and intellectual Property that you use to achieve your business objectives. They include human resources, financial resources, physical resources, intangible resources such as brand image and knowledge. As a business owner you need to handle, direct, be in control of your resources and make use of them to the fullest capacity. In other words, get value for every penny. Keeping a close eye on your business resources – this will maximize the efficiency of the resources, as well as minimizing any waste. Here are some tips on how to manage the four major resources needed in business;
HUMAN RESOURCES: Human as one of the resources is the people who make up the workforce of the business organization. Managing this workforce efficiently is important in running a successful business. As a business owner you should be ready and have what it takes to manage your workforce. Human are the most productive resources that create the largest and longest lasting advantage for an organization. In managing your workforce, you need to;
- Create a good working atmosphere where people will enjoy positive morale and recognition.
- Build an effective interpersonal relationship
- Keep the line of communication opened.
- Assist in developing the work force skill through on the job training.
FINANCIAL RESOURCES: As a business owner, it is important to know that the key to business success is not just the number of sales or customer transaction but also the way you manage your finance – you need to be equipped with good money management abilities.
- Separate personal finance from business finance.
- Cut your cost.
- Keep tab on the movement of your money.
PHYSICAL RESOURCES: Business resources also include physical resources that are necessary and available for a business to function. They are tangible goods such as property, machinery, automobiles that helps the business to operate and add value. In managing your physical resources you need to keep track of them to know where they are allocated and to identify any loss. As a business owner, you need to be aware of the entire assets you own, if they need to be replaced, if any are being unused and where the best investment would be for your company in terms of operation.
INTANGIBLE RESOURCES: Financial and physical resources are not just the only value drive of a business. Many business owners often overlook intangible resources as part of their business resources forgetting that those resources might not have the obvious physical value like the other resources but they can prove valuable to the business and can be critical to its long term success or failure. Resources such as brand image or patent can help the business enjoy competitive advantage and survive in the market.
At INCE Consulting Limited, it is our responsibility to be of immediate assistance to any Organization to advise them on how best to manage all their business issues with little or no disruption to their business operations.
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