Every business relies on resources to sustain itself, whether its time, money or people. Physical resources are an integral part of a business. They include tangible items that the business relies on to carry out day to day activities (Bhasin, 2019). Without these resources, a business would find it challenging to pay running costs and recruit new employees. A good example is a building or base of operations. All businesses require a place to carry out all their operations. It can range from a small office to multiple large offices around the world. It all depends on the size of the business (Ark, n.d.). Physical resources can also include equipment, inventory, manufacturing plants and distribution channels. The business uses these assets to create value offering and proposition to consumers.
Physical resources are interdependent with all other business resources. For example, an office requires desks and computers through which personnel, who are a human resource, interact with to conduct business operations (Ark, n.d.). Physical assets are industry specific. They vary according to the nature of the business. A car manufacturer has to invest in a number of production facilities while a small software developer can work through a handful of small offices located in different areas. Effective management of physical resources is crucial for any business (Bhasin, 2019). Most of these resources which go unchecked can affect issues such as power usage and environmental requirements.
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The whole course has been very educative and enlightening. Interacting with other classmates throughout the course has been very helpful in generating new ideas and broader thinking. In addition, having access to other posts after an initial post has been offered a lot of assistance. One cannot have all the right answers. Hence, interacting with other posts has helped in developing combined and reasonable conclusions. Few challenges were experienced along the way having only faced issues understanding some of the content in class. Further, personal research helped in facing this challenge.
References
Ark, H. (n.d.). Strategic Resources of a Business . Retrieved from Tutor: https://www.tutor2u.net/business/reference/strategic-resources-of-a-business
Bhasin, H. (2019). Four Types of Business Resources. Marketing91 .
