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The Importance of Resources for The Success of Any Business

The first steps that need to be taken in order to start a new business may be a bit daunting, but with the right resources, you will be set for greatness. It will still require hard work and determination to make a success 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. It is always best to first determine what the resources for a company are, and which your company will require. A resource is defined as: “an economic factor required to accomplish an activity, or as a means to achieve the desired outcome”. Therefore, all current and possible new resources need to be managed extremely well.

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

Employees:

An employee is 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 good employees and keep them wanting to grow with the business. It is a win-win situation for both parties. An employee who has the same vision and drive to achieve success, in line with the company’s strategy is a resource that will help the company to flourish. Therefore, it is of utmost importance to source the specific candidates; who fall within 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.

Information Technology (IT):

Technology is the key to growing your business in the modern technology-focused business world. This is to help organisations function more efficiently. With the help of modern technology, the right tools in IT are more accessible than ever before. 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. As we all know, there are risks in using IT systems like Cyber hacking. There are ways to ensure the safety of your company’s information by implementing a strict cyber policy, which is of utmost importance.

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 mentioned above, this article only focuses 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. One more resource should be acknowledged, the use of human resources (HR).

In conclusion, the employees are a big asset in terms of the future success of any company. But a link is required between the employees, IT and the business to ensure a smooth operation. One of the most important parts of any company is the human resources team. An HR’s main job is to recruit employees, sustain them, train them, motivate employees as well as have a well-rounded workplace communication. This also links with the fact that you need to know how to manage your team so that they can be more productive. Resource management is focused on optimisation and efficiency, but also the development of your asset, also known as your employees.

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)