RESOURCES AND THE IMPORTANCE THEREOF FOR THE SUCCESS OF ANY BUSINESS

Starting a business may sound like a great idea, but it takes hard work to make a success out of any business venture.

A crucial part of a business is the resources available to conduct the business activities in the best way possible to generate the maximum benefit for the company. Therefore, all current and possible new resources need to be managed extremely well. Resource management is focused on optimisation and efficiency.

There are different categories of resources which are crucial for a business to succeed, but the focus of this article will be on employees and Information Technology (IT).

Employees. The most valuable and important resource in any business. With the right employees, your business will strive to new heights and grow continuously. A big attraction for any employee is remuneration. It is also important to know that this is not the only incentive for a good employee to perceive their job as satisfying. New challenges, growth opportunities and acknowledgement are a few of the other aspects needed to keep the good employees and keep them wanting to grow with the business. It is a win-win situation for both parties. A good employee – what is the meaning of this term? This is the employee who has the same vision and drive to achieve success in line with the company strategy. Therefore, it is of utmost importance to source the specific candidates, who fall into this category, provide the support and other tools to develop them and to bring the best out of them to move forward and achieve the goals set by the company.

IT is the key to growing your business in the modern technology-focused business world to help organisations function more efficiently. The right programmes are needed to streamline the business activities and record-keeping of the processes and results. These results are needed in real-time to make future decisions. If these sources of information are not trustworthy, it may have a negative ripple effect on all the aspects of the business. Employees are needed here to operate these systems in the best possible way to ensure success. The data and record-keeping are not the only aspects of the business that IT can improve. Communication with clients and service providers, training of staff members and real-time updates of changes in the industry are also key aspects which can be improved by using and mastering the role IT can play in your business’s road to the top. As we all know, there are risks in using IT systems like Cyber hacking etc. There are ways to ensure the safety of your company’s information by implementing a strict cyber policy, which is of utmost importance.

As mentioned above, this article only focused on two key resources. However, it is not possible to only look at the above mentioned as all resources are inter-connected and work together to achieve the end goal of your business.

This article is a general information sheet and should not be used or relied on as legal or other professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your legal adviser for specific and detailed advice. Errors and omissions excepted (E&OE)