4 Effective Ways to Manage Business Resources

Featured article by Peter McAllister, Marketing Enthusiast and Independent Technology Author

One of the best ways to help your business reach new heights of success is to manage and optimize the resources at your disposal. Business resources can be tangible – finances and equipment – and intangible – human skills and time. As a business owner, you need to be in control of your resources to minimize losses and get value for money.

Here are key points to help you manage your business resources:

1. Use Resource Management Software

Resource management software help businesses to enhance their operations and plan resources effectively. These tools have different functionalities (such as task management, expenses, timesheets, approval workflows), different pricing and different third-party integrations.

Be sure to invest in one that has features designed to improve productivity and performance, boost resource management and suit your company’s needs.

2. Set maximum financial spending limits

Setting spending limits on your monthly cash flow budget is one of the best ways to manage business resources. This will give you an oversight on the amount of money needed for different business expenses.

To set a spending limit, review your business expenses and monthly cash flow. Check your receipts to confirm if they reflect your expenses in a given month. This will help you understand the business spending habits and give you a rough idea of the amount you spend in a month. Then draft a budget based on the figures obtained. You can also cut on unnecessary expenses when setting up your limit.

Be sure to stick to the financial spending limit you set. You can do this by keeping receipts and bills, listing cashflow and expenses and comparing them to your limit at the end of every month.

3. Keep a list of different suppliers

Be sure to keep a list of different suppliers for the same equipment or service you need. Do not depend on one supplier since vendors come and go, but, you will continually need supplies to run your business efficiently.

With a list of suppliers, you can compare prices, the quality of products and reliability.

4. Save money on business vehicles

You can save money when you lease business vehicles compared to buying. Leasing is an ideal option when you need a car on a short-term basis and plan to put low mileage on the car.

While you may not be able to take advantage of the tax benefits of ownership, you can enjoy several advantages that come with leasing. These include low monthly repayments, flexible terms of the contract and claiming repayments as a company expense among others. Additionally, you only pay for the depreciation of the vehicle over the length of the lease contract.

To learn more about business car leasing, visit the Intelligent Car Leasing website.

When implemented properly, these tips can help you go a long way in managing your business resources. It is also important to engage your employees so they understand what you’re trying to achieve.

About the Author

Peter McAllister is a marketing enthusiast, interested in exploring and researching how to scale businesses and increase their customer reach. He lives in Scotland, UK and can often be found at industry conferences and networking events.