Business plan physical resources examples
Physical Manufacturing facilities, buildings, vehicles, machines are the examples of Physical Resources. By understanding her competition and gaining an in-depth knowledge of her industry, she will be better prepared to make smarter decisions regarding the direction of her firm. Strong team members can be recruited using a variety of methods.
This team may be composed of friends and family as well as a mentor or professional group.
Knowledge of this helps you estimate a break-even point. Similarly, will your current human resources suffice or will additional talent need to be recruited to meet business requirements and so on. Key resources deal with the operational end of the business spectrum and define what kind of materials you need, what kind of equipment is required and the types of people you need to employ. All are increasingly important components of a strong business model. Eco-tourism Let us consider an entrepreneur who has inherited some wooded natural land. Microsoft and Adobe depend on software and related intellectual property that is continually being developed. The latter would come in very handy specifically knowing their preferences when you want to offer repeat customers special discounts and deals. An organization aiming to specialize in being the IT provider to all Law firms within an area would fall under the banner of a Scope Driven Business. Scope Driven Businesses These are dedicated to providing a value proposition to a particular customer segment. GlaxoSmithKline monetized unused internal assets as a patents pool on neglected tropical diseases. The microchip designer will probably consider his human resources as the key resource, while the manufacturer will favor his production hardware as his key resource. Another key resource could be intellectual property such as patents and even customer intelligence. Of course, careful preparation isn't an absolute guarantee of success, but it can improve your chances enormously. Relevant Case Studies Google used customer data collected from search engines and its Analytics program to develop its Ad service.
For example, if your company doubled its sales in a year, and started growing beyond your expectations, you would only be able to handle such growth if you are fully cognizant of what your key resources are and what impact such increased demand would have on them. Hence, the entrepreneur can use key resources he currently has to service a secondary customer segment, which would then put him in the position to obtain resources that would attract his primary customer segment.
A pharmaceutical company relied heavily on human resources: its skilled scientists and aggressive sales force.
Advantages of physical resources
Such businesses have key resources in their well-developed intelligence about their target customer segment, an established set of processes and in some cases infrastructure such as specialized service centers. Key resources can be owned or leased by the company, or acquired from key partners. In addition, many grants are offered from private and public sources to entrepreneurs of all demographics and personal situations. Considering how he could acquire these key resources and build the business he was dreaming of, the entrepreneur decided to target another customer segment. I will give you a concrete example. Human Resources: Employees The success of an organization is heavily reliant on the talent and strength of its employees. Similarly, Microsoft and Adobe rely on software that have been tweaked and perfected over years of trial and error. Key resources for such businesses are intellectual and human; since typically these organizations have intellectual property and expertise in their particular industry and niche. When I ask entrepreneurs what resources they need, most of them say that they need money, or capital as we call it in business jargon. Can you now think of all all the key resources that your business requires? VISA operations focus heavily on managing and maintaining this infrastructure because it is key to providing VISA customers with security, convenience, speed, and efficiency. GlaxoSmithKline monetized unused internal assets as a patents pool on neglected tropical diseases. The resources are needed to create value for your customers.
Nike and Sony are heavily dependent on their brand to sell their products to a customer segment that is devoted to the brand. References 3. These are resources, that are human. Hence, if Jonathan Ive leaves Apple, it would impact how consumers and competitors view the products of Apple.
What do your key resources look like? Novartis, the pharmaceutical giant, is highly dependent on its team of top scientists, as well as its highly qualified sales force to create and sell its medicines to doctors.
based on 108 review