Company Resources

Company Resources

Business resources are “anything and everything that helps a company operate and do business. This can include the use of human capital, natural resources, tangible resources such as property or production machinery, intangible resources such as brand image and knowledge, financial resources and anything else that business may use to make a profit.” In my view companies in Ireland are using “every single resource available to them to produce goods or services to serve customers, to gain an economic value or to create a competitive advantage and to make profit for the company. (Thornton 2013).

Company resources might include the following list of resources such as: Human, financial, physical resources, knowledge, business processes and succession plan.

The effective management and use of business resources is a “strong indicator of the financial success of a company. A company that efficiently uses all of its different business resources will perform at a higher level and make more money than companies who do not.” In my view companies that are operating in Ireland have access to different kind of resources. Unfortunately not all companies know what to do with those resources and only few do and succeed to accomplish economic results that have value. Every business resource adds value to the company, “the value is determined by the quantity and quality of the resource.” For example, the value of oil to a business depends on quantity on the other hand the value of human capital is about quality not quantity. The reason for this is that humans take resources and turn them into economic value. (Thornton 2013).

The most important business resource for any company is “human capital the combined skills, efforts, abilities and knowledge of a company's workforce. Employees have the capabilities to transform raw materials into valuable products, or knowledge and skills into services. Whether employees are paid hourly, by commission, or by annual...