Resource management as the name suggests, is meritoriously managing your resources well. The application of your finances, time, people and other tangible materials, put to use to yield results. It is having little yet using it to achieve set objectives in best possible manner. I would like to consider resource management as a measuring tape.
A tape rule which usually comes as a very long bendable ruler having inches, millimeters, centimeters on one edge and meters on the other is one indispensable tool for tailors, carpenters and surveyors. It is used on projects in which precision measurements are necessary and almost nearly avoidable, to quantify the size of an object or to measure distance.
In business, resource management helps you plan your business objectives with precision. There is always a level of certainty attached to good resource management. It makes your dealings as an entrepreneur effortless.
You could set out on a task with excess finance pumped into it, a lot of hands put on it, work overtime and still not get desired outcome. Oh what a wasted effort! The essence of resource management is not to maximize your investment with minimum profit but the other way round.
Resource management is the head burner of the word management, because I think it entails every detail needed as an entrepreneur to succeed in business. From Planning, measuring, substituting/choosing, financing and budgeting, timing, tasking, manpower, prioritizing and forecasting.
There are three important key words to understand in resource management.
By resources I mean the entirety of what allows your business function, which is to provide services or goods to your customers and profit to your organization. They are valuable possessions in this regard, which could take the form of talent, money, materials, etc. It is one of the most important assets in any business and as such should be effectively utilized. No doubt, any smart entrepreneur understands the importance of his resources, and try as much as possible not to waste them. Instead, he/she finds means to achieve maximum returns from his resources. Resources are indeed priceless for those that truly understands what they can be able to do with scarce resources.
Sometimes the success of a business or task is strongly reliant on the wisdom of the manager when handling your resources. Your know-how will play a huge role on the performance of the business. Your level of management will help you jettison glitches easily. For example, knowledge of persons available within the organization, who is what and what is who, revenue, etc, all save you time and money.
The idea of a good resource manager is to pilot the affairs of resources and ensure and it is rightly applied. A good resource manager must be clever when dealing with his resources, to beat business challenges and sustain his business in adverse situations. Your job is providing the right resources; apply it, to do a precise work. Decide as a manager on a task, select resources while you consider why and how. Be realistic about your project work and think holistically, as you identify and get familiar with your resources.
The whole point of resource management is to evade waste. It is the ability to deal with practical problems. A business or business project is more likely to fail not just when it is inadequately resourced but when resources are not rightfully applied. Another challenge faced by some businesses today is the over allocation of their resources, which ends up contravening their set objectives. In other words, right application of resources coupled with right management should be sought out as a business owner.
Advantages of resource management
- It creates transparency
- Everyone is highly responsible
- You can keep tab of your progress
- In the end, it yields results
- Allows for appraisal
Again, to better understand strategies for effective resource management, it is needed that you truly outline your goal lines and priorities of your business. Effectively measure your resources, apply them and witness tremendous turnout.