Business Resources

                          DEFINITION 

 Business resources simply means those things that you need for the efficient running of a business. The resources must be organized by a manager to achieve the defined objective of the organization. 

Businesses differs, from one to the other in many ways. So there resources would vary. But when we observe businesses, we would find many similarities in their resources. In other words, there are common resources that businesses generally share.

It is important to know them. And we want to consider them. Generally the following are the resources of any business, irrespective of it's size, location, niche, owner and date of formation. 

                    

                        HUMAN RESOURCES 

By definition this kind of resources refers to the personnel that is required to run business to achieve the organizations goals. 

They are also subdivided into types. And they are the skilled and unskilled labour.

All human resources are important. But there is one that is superior. They are not equal in importance. The human resources is that very one. For, It is considered the most important resources. 

And there is a reason for this claim. The reason is simply because the human resources plans, controls, organizes, and co-ordinates, all other resources to achieve maximum efficiency. 

                    

                        MONEY RESOURCES 

As the name implies it is one pertaining to money. This very kind of resource pertains to the money required to float a business and to purchase other resources. 

Money as a resource is important because it is used to finance all aspects of a business, such as purchase of machinery, materials and payment of labour. You may wonder how to acquire this kind of resource. Since it is money, obviously it has to be secured. But how can you? How can you secure money? Well you can through the various methods you would secure money to start any business. They may include; borrowing, selling of shares, debentures and retained profit.

                      MATERIAL RESOURCES 

This encompasses a lot of things. It includes input, both raw and semi finished raw materials. In addition it includes; equipments, tools, plant and machinery. This kind of resource is important because they are needed for production. We all know that without production there cannot be sales. And without slaves there would be no revenue or profit. The whole idea of a business is to make profits. When this is cannot be actualized business objective cannot be met. This makes it imperative a resource to secure. It must be stated that for a business to function efficiently the quality and quantity of the material resources must be taken into consideration. 

             OPPORTUNITIES/ GOOD WILL 

They include facilities. Not just any kind though. But the ones within the environment which the business uses. Can you think of any that are such? 

They may include water. They may include roads. They may include electricity and telephone services. 

The name and reputation of the business, simply means how the business is viewed or perceived by the public. We all know that if the business is viewed positively, it would affect the business because it could earn it patronage. This is why good will is important to the business.