What is the Business Resources Definition? Business resources, also called factors of production, are the raw materials, machinery and labour, and ownership and property used in a business. Labor refers to all the people involved in the business: staff members, fellow employees, and anyone else in the supply chain; the value of each of their services is referred to as raw material inputs. Factors of production may be divided further: production cost, variable cost growth or level of inputs; returns on investment (ROI); cost of sales.
How do you identify business resources? To determine your business resources, you will need help from your human resources team. The human resources department tracks your needs as well as any changes in the business environment or trends that affect your business. They can help you assess your needs and suggest how they fit into your plan of action. To identify your business resources, your human resources team can use several tools. One example is a product prospectus, which identifies key questions you need to ask yourself to determine which resources you currently have, where new resources may be gained and how you can gain future benefits.
Your next step is to work with your business organization to determine what resources you need, in order to get your business back on track and move forward. Most entrepreneurs start by looking at their personal strengths and weaknesses. For some, their strengths are in marketing or business development while others are highly skilled in certain areas. You should determine what your personal strengths and weaknesses are and what you need in order to become even more successful in your business organization.
Business resources may also be determined by the current state of the economy. In a weak economy, business resources become even more important, since the prices of raw materials rise. This can make it difficult for many entrepreneurs to purchase the raw materials they need in order to launch their businesses. Entrepreneurs should also consider government programs, such as grants, in order to acquire the raw materials they need for their business. For example, in some cases, local and state government agencies offer free or subsidized grants to businesses that create jobs in the area.
Many business resources are determined not only by the current conditions but also by the future conditions. While it’s good to know what resources you already have, it’s important to identify those that will be critical to growing and developing your company. Human capital is one area that is particularly important. Aside from potential employees, business resources must include people who will be necessary to provide the specific expertise needed to run your business, such as managers and administrative staff. Other key resources might include financial resources, including human resources experts and accountants.
Another area of business resources available to entrepreneurs is technology and software. A wide variety of computer systems, including desktop and laptop computers, are needed to effectively run a business organization. Other computer tools, such as fax machines and printers, are also essential to keep up with modern-day business practices. Software is also an important part of the business resources available to entrepreneurs since it is necessary for the operation of a business organization.
One of the most important business resources available to entrepreneurs is intellectual resources. Intellectual property is a term that refers to the proprietary information on which a business organization operates. There are many different forms of intellectual property, including patents, trademarks, copyrights, and licenses to use various products and services. The value of intellectual resources can be measured in dollars and cents since each unit of intellectual property is worth a lot of money. Another resource that entrepreneurs should consider is customer data. Customers tend to be much more loyal to established companies, so having a consistent, high level of customer service is imperative.
It is also important for businesses to have access to business resources that come from within their industry. These include industry associations and human resource departments. By tapping into these resources, entrepreneurs gain access to experts who specialize in specific aspects of their industry. Furthermore, these experts can help them develop accurate market research and strengthen their business plan.