What Resources are Key?

Key resources are the most important assets you need to make your business model work. Your key resources allow you to create and deliver your value proposition, reach your customers, maintain customer relationships and earn revenue.

Key resources can be physical, financial, intellectual or human:

• A service organization’s key resource might be its people.
• If a business sells content or a product, key resources might be physical materials.
• Companies in the social media space have key intellectual resources such as their brand and customer databases.
• For a business requiring inventory, financial resources might be key.

If you’re trying to determine how to budget or invest financially, having a solid grasp on your key resources can help you make smarter decisions and allocate money more wisely.

YOUR ACTION STEPS

Create a matrix of your organization’s key resources and ask:

• Do I need to make an additional investment in any area? 
• Are my key resources secure, sustainable and affordable? 
• Are there changes in the way my organization operates that may require different resources in the future? 

This type of resource evaluation and allocation should be part of your annual planning process. Get our complimentary resource planning matrix here.