Sustainable business growth is a major challenge facing the modern day business owners. This is because the process of sustaining a business typically involves spending a significant amount of time raising capital, doing market research and operating on practical business plans.
There are essentially five (5) resources needed to start a business and they are as highlighted below:
This is the most important resource in starting a business. Most businesses incur a lot of costs while starting up, and other expenses on business registration, printing of business cards as well as obtaining business cards. This is why the sustenance of a business demands that financial resources are made available from a variety of sources. Usually, entrepreneurs and business owners can obtain funds from personal accounts of their company, or in some cases seek loans and lines of credit from financial institutions, friends and relatives. Also, grants are sometimes offered from private and public sources to entrepreneurs to fund and sustain their businesses.
The employees in a company can be regarded as the work force and strongest link of that company. When a company hires experienced professionals who are diligent and hardworking, the goals and missions of the company are easily accomplished. Quality employees with good work ethics will ensure that the business thrives and this is a good way to sustain the business.
When the business owners are well aware of their competition, and have a good understanding of the competition in his field, the business owner is in a better position to make decisions that would impart the company positively. By understanding his/her competition and the industry surrounding it, the entrepreneur is better prepared to make smarter decisions regarding the direction of the company. Educational resources are obtained through professional trade associations within the industry as well as other chambers of commerce and Business Administration.
Every business owner needs a physical building or structures to survive. This physical structure serves as a work space for the daily running of the business. This aspect of business operation is quite expensive but is quite important for an entrepreneur to weigh his needs before making any purchases.
Businesses require a strong team of decision makers and support teams from which inspiration and guidance can be derived from. Because businesses can be extremely stressful, the players in the business need this support system to maintain their sanity and remain motivated. This goes a long way in sustaining the business.
Now it's your turn!
What do you think? What are some of the key resources you think are crucial when starting a business. Let's have a chat in the comments!