A business resource is any tool or asset you use to establish, manage or maintain company operations. A business resource can be a person (or group of people), an intangible object or a tangible item. The effectiveness of each resource varies depending on the way you, as the manager or owner, use it in operations as well as your knowledge of the resource.
One of the top resources that companies need to stay in operation is computer software. Software programs include contact management solutions (such as ACT! and Microsoft Outlook), client server applications (such as Lotus Notes), email software (such as Eudora and Mozilla Thunderbird), spreadsheet software (such as Microsoft Excel and OpenOffice Calc) and word processing programs (such as Microsoft Word and Corel WordPerfect). Companies may also have to install industry-specific programs like statistical analysis software for research companies and graphic design programs for web design companies.
Another important resource is the equipment or hardware that a company needs to conduct business. Business equipment includes everything from copy machines to computers and laptops for employees. Product manufacturing businesses also need heavy machinery, like power presses and welding tools. Business equipment also includes any vehicles used in operations, such as forklifts for construction companies and trucks for transportation firms.
Another business resource is the work force. Each employee is a tool that helps to maintain and manage company operations. An employee is a complex business resource to manage because unlike physical equipment, a person requires consideration, appreciation and feedback to maintain or increase productivity. A company’s work force is the heart of the business and one of the most valuable resources for a company when employees are well-managed.
The list of connections that a company has in the industry is also an important business resource. For instance, the company’s list of approved suppliers is an asset that helps keep company operations running smoothly. The client list is also important to the prosperity of the company. When owners and managers network and establish connections with colleagues in the industry it often attracts investors and partners who can help propel the company to the next level of success.