What Resources are Essential for Business Success?

When it comes to running a successful business, resources are essential. Learn about different types of available resources in business such as human resources, financial resources and physical resources.

What Resources are Essential for Business Success?

When it comes to running a successful business, resources are essential. Resources typically include employees, workspace, equipment, or capital. Human resources are the people who work for the company. They include employees, managers, and executives.

Financial resources are the money that the company has to spend. This includes income, investments, and credit. Physical resources are the things that the company uses to manufacture its products or services. These include land, buildings, machinery and equipment.

These are the fixed resources of a company. These are physical resources that cannot be moved. For any organization, these resources are of utmost importance and cannot be ignored. These include your physical workspace, connectivity, information systems, furniture, and more. This resource could be one of the most expensive. Many entrepreneurs make the mistake of moving forward with their businesses without taking enough time to research their industry and determine what resources are needed to help their company not only get off to a positive start, but also the resources needed to keep it running.

We'll explore the different types of resources available and why they're important for a healthy bottom line. By understanding the different types of resources and their possible uses, companies can better determine which ones will help them achieve their objectives. As you begin your business plan, start by developing a list of the basic tangible and intangible resources you'll need and determining their availability. A product-based business uses tangible resources in the production of goods that are sold to customers, such as raw materials, land, facilities, buildings, machinery, computers, supplies, and vehicles. Then there is the human resource and, in my opinion, this is the most valuable of all resources and also a very volatile resource.

The Product Resource

Providing excellent customer service is often the weak link in the marketing process.

The resources of a business organization can also include distribution networks, warehouses, intellectual talent, cash, lines of credit, patents, trademarks, buildings and land. If you consider these six resources as a “resource chain”, then the concept of chain is only as strong as its weakest link comes into play. With proper management and use of resources, companies can maximize profits while minimizing the costs and risks associated with running a successful business. In short, the human resource that maximizes the productivity of an organization by optimizing the effectiveness of its employees.