Here is a guide to understanding all the types of resources a business or organization may possess, the key areas of focus that need oversight, and strategies for managing each.

Types of resources a business may have

The types of resources a business has will naturally vary depending on the business itself and its size. A business may have some or all of these and more. Therefore, here is a general listing of the most commonly found resources for an average business.

Big picture overview:

-Finances: Critical to launch, operation, growth, and payroll. Includes both operating capital and credit.

-Labor: Employees, contractors, and interns.

-Equipment: Specialized tools, software, and/or machines.

-Management: Essential to achieving business goals.

-Expertise: Consultants for a wide variety of business problems and expanding business.

-Land: Can be refined to suit a business’s needs, providing growth.

-Energy: Gasoline, diesel, heating, electricity. An important part of expenses and expansion.

-Time: A resource some companies overlook, but one that holds critical value and should always be considered alongside other resources.

Focus areas within the above categories

Sub-groups of the above categories require special focus and management, according to WP ERP. These are only a few of the important subcategories that require focus depending on the type of business.

-Human resources: Teams that manage and recruit employees, as well as focus on training, payroll, benefits, labor regulations, safety, and staff motivation.

-Inventory management: Controlling and optimizing inventory of products or operational resources.

-Digital assets management: Availability and viability of media and data for daily operation.

-IT service management: Keeping technology equipment and assets operational (sometimes handled by third parties).

-Facility management (for large organizations): Could encompass everything from building and grounds management, security, and more (sometimes handled by third parties).

How effective business resource management benefits your business

Focusing your organization’s efforts on managing your business’s resources more effectively pays dividends in a variety of ways, improving costs, profits, productivity, workplace satisfaction, and employee retention, according to Grantham University.

Key benefits include:

-Lowering costs: Managing resource allocation saves and reduces the need for additional management and administrative efforts and costs.

-Improved profitability: Making teams more efficient and productive reduces overtime and lowers overhead costs.

-Increased productivity: Making your teams more efficient means getting more done using fewer resources. As productivity goes up, so does profitability, while costs go down.

-Decreasing burnout: Burnout is often the result of inefficiency which has created a situation where employees are overworking. When resources are used efficiently, more gets done with less effort.

-Reduced conflicts in the workplace: Poorly managed resources can frustrate workers who don’t have what they need when they need it. This can lead to conflict between staff. Word-of-mouth can spread and affect the culture of the entire company. Efficient management makes sure these resource gaps do not occur.