What is Resource Management?

Definition and Meaning

What is resource management? It’s all in the name: this is a term used to describe how a company manages its various resources. These “resources” can realistically be anything that contribute to the business’s operation. Intangible examples would include employees and time, while tangible resources would include any equipment/materials and money.

Resource management ultimately requires a whole lot of preparation, assuring that everyone (and everything) is doing their job or task properly. Examples of resource management would include scheduling, budgeting, and planning of any relevant projects.

What Areas Are Included in Resource Management?

When we provided an answer to the question of “what is resource management,” we briefly discussed project management. That’s where the majority of your resource management efforts will go; whether these projects pertain to internal improvements to your business or the simple ordering of materials, a detailed plan will go a long way in eliminating any stress or confusion. However, with smaller businesses, resource management will also include

• Finance management: is your business making more money than you’re spending, and can you afford any necessary upgrades?
• Staffing management: are your employees completing their work to their full potential, and do you need more employees to help your business run smoothly?
• Space management: is your business’s office or space being properly utilized?
• Equipment management: are all of the necessary machines and tools working properly, and do they require any maintenance?
• Technology management: is your business missing a key technology that can help to boost profits?

What About Project Management?

Regardless of the size of your business, you’ll mostly be relying on resource management to help aid your project management. Specifically, this will include the process of “leveling” and “smoothing” any resources. What does this mean? Well, similar to the question of “what is resource management,” the answer is all in the title. Leveling will assure that your inventory is always in stock, and it will help to prevent any leftover products. Leveling can also be used to adjust project deadlines, as this flexibility may better fit your employees’ work schedules.

Meanwhile, smoothing is focused on the scheduling of deadlines without exhausting any necessary resources. In other words, smoothing will prevent one overworked individual from completing a project by themselves. Rather, a team of employees will work to accomplish a goal without having to expend much extra effort.

Do I Need Resource Management for My Spreadshop?

Of course, but we’d assume you already knew that since you came here seeking an answer to “what is resource management.” Any business can benefit from someone (or something) managing all of the relevant resources. Even if you’re a one-person team, this strategy can help to keep you organized and motivated, and it can assure that tasks are being completed in a timely manner. When all is said and done, your resource management should play a major role in assuring that you’re using all of your resources (whether that be money, employees, machinery, or something else) to the best of its ability.