Resource Analysis, and how to carry one out is this weeks topic. Let me show you how to do a resource analysis for your business?

Firstly, Resource Analysis is the process of identifying and evaluating all the resources that are available to achieve an objective.

Secondly, Resources include anything that can help or hinder your organisation meeting its objectives. For instance, resources include people, equipment, time, and money. The strategic capability of your business is determined by having adequate and suitable resources and competences. For competencies, think capabilities. Furthermore, resources and competencies are needed so your business can survive and prosper.

Above all Resource Analysis helps your business bridge the gap. This is the gap between having valuable resources and using them constructively and efficiently.

Most importantly a resource analysis helps you understand what resources are important for your business’ success. Moreover, it will give you insight into which areas need improvement or further investment.

Furthermore, managers can see if they have sufficient resources before making any major decisions or investments in new projects. You might even find out that there are some things that don’t really matter anymore!

This can be illustrated by the following table [table id=37 /]

Listen to find out more.

Conclusion

Moreover, if interested in dealing with Resource Analysis for your business then Listen to find out more. This is all explained in here for you. In addition, you will learn how to categorise resources, and limitations in this approach. This podcast will help.

Listen to find out more.

Above all, my mission is to inform, inspire and educate you to get closer to your numbers. You can make more profits, save tax and time, improve your well-being and your money mindset.

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It's probably a statement of the obvious to say that resources are absolutely vital for the growth and success of your business. And by resources, I don't mean just money. In this week's podcast, I'm going to be looking at a resource analysis tool that you can use to help guide your business forward. I am going to be talking about a way to categorise resources, not just money, but into the different categories that you acquire.

I'm also going to go through an example of how to use this analytical tool in the eyes of a touring dance company.

You are listening to the I Hate Numbers Podcast with Mahmood Reza. The I Hate Numbers podcast mission is to help your business survive and thrive by you better understanding and connecting with your numbers. Number love and care is what it's about. Tune in every week. Now, here's your host, Mahmood Reza.

Hi folks. Welcome to another weekly episode of I Hate Numbers, the podcast that's there to help you increase your financial awareness, improve your money mindset, help you make more profit, save tax and time. What's not to love? Let's crack on with the podcast. Now, resources, as I said earlier, are absolutely vital for your business growth and success. It’s necessary and important to see if what you have already

will help or hinder your business. Resource analysis helps you bridge the gap between having valuable resources, and using them constructively and efficiently. Your strategic capability is determined by the adequacy and suitability of your resources, and your competencies. These are necessary for you to survive and prosper.

If you check out the show notes at the end, I've got a link to a nice little matrix, which summarises what we are talking about on this podcast. Firstly, what do we mean by resources? And it's usual to categorise resources amongst four discrete categories. There are resources that are physical. Those are things that we can physically touch, see, and kick,

for example, buildings. There are the financial resources, typically, the people who provide funds, sufficient working capital. There are the human resources, typically made up of the numbers of staff, individuals, skill levels. And there's intellectual capital, which consists of your brand, your name, your reputation, your client databases, and your business systems.

Now, resource analysis needs to consider how you manage, deploy, and utilise those resources. For example, there's no merit in your business having a great reputation and a good brand if it's not exploited effectively and efficiently. When it comes to competencies, competencies are viewed at two levels. There's what's called the threshold, and then there's the competitive advantage level.

The threshold level is all about survival of your business to keep things going on and in working order. Competitive competency is indicative of your business' own USPs, unique selling propositions. Being a market leader, driving your business forward to your level of success is what your business needs to stay ahead of your competitors,

and also to push your business towards success. Resources are those that are required to operate at a level, and competencies are those required skills, and experiences, and abilities to use those resources. Now, there is some limitation in this approach. One would be not clearly identifying your required competencies or organisations. Your business does not operate in vacuums,

and you need to respond to an ever-changing landscape and an economic climate. Consequently, threshold competencies will also change, and your business needs to continually review those required resources. Complementary resources and competencies need to be identified. For example, a good brand name and reputation requires effective marketing capabilities to be able to exploit that brand name.

Let's dive into now an example of a touring dance company. If we look at a touring dance company, the threshold resources may be the physical assets of a van and a vehicle, the administration, the infrastructure, the financial resources, the dancers, and the technician support. Threshold competencies, maybe the basic choreography skills,

individuals who have driving licenses, obviously to be able to operate the van, budgeting and planning skills, cash management skills, and able dancers. Remember, a threshold is what you need in order just to survive, to tread water. Now unique resources, those that are required for competitive advantage, would be the reputation of your dance company, the brand, the innovation, and the audience engagement.

The competencies required at a core level to meet those capabilities would be marketing score, marketing skills even, a pool of creative talent, eg. choreography, lighting and design, and effective management skills. Now, to summarise, the strategic capability of your business is dependent not just on the adequacy and suitability of the resources, but the skill sets and competencies to actually manage those resources.

You need at least a threshold level in order to survive, to tick over, to operate. If your ambition is beyond mere survival, then you need to make sure you've got resources, and skills and competences at the competitive level. These will be the ones that your competitors will find difficult to emulate, to replicate, or get hold of.

So, just to summarise folks, what we need to understand is the resources that your business requires at a threshold level and a competitive level, and what skills and capabilities you need in order to operate at both threshold and competitive level. I hope you found this podcast useful. I’d love it if you could share some feedback.

Until next week, folks, have a good week. We hope you enjoyed this episode and appreciate you taking the time to listen to the show. We hope you got some value. If you did, then we'd love it if you shared the episode. We look forward to you joining us next week for another I Hate Numbers episode.