Just what is resource management anyway?

When you're in the business world, you hear all kinds of fancy terms getting thrown around.  However, "resource management" isn't just something that entrepreneurial-types say to make themselves sound smart at cocktail parties.  This term actually has a big impact on how your business functions and whether or not it succeeds.

So, what on earth is resource management?

Simply put, it means using your company's resources in the most efficient way possible.  Your resources can be anything from money, to people, to equipment, to physical space.  No matter what you've got, you've got to use it wisely -- or else you're never going to be successful.

Without proper resource management, you'll take on projects that you have no hope of completing -- at least, not completing the way you should.  That's no way to keep your customers happy.  You certainly won't be able to count on repeat business!

You also won't stand much of a chance at staying within your budget, because you'll wind up missing deadlines and falling victim to surprises along the way.  That's no way to keep your bottom line healthy!

Another big problem?  Without good resource management, you're going to wind up with employees that aren't motivated to do a whole lot. 


They'll get bored -- either because they have lots of downtime, or because they'll know that they could be doing so much more with their skills.  In the end, you'll get so much less out of them than they're capable of. 

None of these scenarios is what you think of when you think of a "healthy, successful business"!

So, now that you know what resource management is, how did you ever live without it?