Small businesses or startups require hard work, multi-tasking, work prioritization, and decision-making, and most importantly effective resource management with no entourage of assistants and specialists. Firstly you have to understand and accept that it is your total responsibility for things that happen to your business, just like you are responsible for everything in your personal life and you need to get things done with the limited resources you have. Little tips and tricks ensure efficiency and productivity. Productivity is all about the ability to complete tasks. It requires tradeoffs and decisions, to declare that something is finished. Get in the habit of finishing what you start.
Resource management is the efficient and effective utilization of an organization’s resources when they are needed. Such resources may include financial resources, inventory, human skills, production resources, or information technology (IT).
Building and managing an organization is a challenge for all entrepreneurs, but particularly for the first-time business owner who is in many cases learning by trial and error. Some never get it right; however, those who recognize it for the challenge that it is, tend to refine their skills and over time find some sort of happy medium to efficiently reap out the benefits. You might often feel overwhelmed and out of control. There is always more to do than time to do it. Usually this feeling does not come from having too much to do, but from having to make decisions on how to do, and not setting reasonable targets. For those who are struggling, we’ve tapped the minds of business experts and successful business owners to share their secrets for successful resource management.
The ability to maintain a balance between knowing what persuades your team and what they are working on is vital. Make certain that you have a comprehensive view of all your goals and resources. Use numbers to measure and achieve goals and milestones. Just remember that the numbers don’t actually speak for themselves: people do. Use metrics wisely to help identify improvement areas that might need attention, and then seek to understand how you can help by talking to the person or the team responsible for completing the work.
Collaboration increases productivity
It’s commonly regarded these days that collaboration among team members increases productivity and decreases errors. Using a tool that enables your team to collaborate and foster both productivity and creativity is critical to successful resource management (and the success of your project). Nobody wants to be left alone to wither away in a desert, so make sure your team is free to quench their thirst for real-time feedback and ideas through collaboration tools.
Transparency fosters trust
Make sure your resources are aligned and everyone’s working toward a common objective. Transparency in resource management requires:
- Clear prioritization of tasks. Make sure the team knows what’s important.
- Solid estimates. Give people the freedom to estimate in ranges and you’ll not only create more accurate schedules, but you’ll also highlight the uncertainly in your project plan.
- Risk awareness. Involve resources in the planning and delivery of processes and encourage open discussions about the biggest risks to your project
When everyone is open, honest and transparently working together, your resources become an unstoppable force of nature.
Don’t forget to show the love
People perform at their best when they’re passionate about their work. Not surprisingly, when you have resources working on tasks that are outside of their skill-set or their field of interest, the end result will be uninspired at best (and counterproductive at worst). Get to know your teammates to find out what type of work they really love to do or what type of work motivates them most. This will help you match a resource to a task rather than assign a resource. Conversely, you’ll know which tasks they should steer clear of, resulting in the optimal resource allocation.
Lastly never let a job well done go unrewarded. Let people know how important their efforts are to the project. Your team is capable of amazing things – don’t ever let them forget it.