How to Allocate Resources Effectively In a Business Enterprise

Effective allocation of resources is what forms the crux of a business organisation. There is no way a business can thrive without having the right skills to manage whatever resources it has at its disposal. The scale of operation does not matter; however, what matters is how well you allocate each resource to put them to its best use. Some of the biggest business enterprises have faced catastrophic downfalls owing to their inability to handle the immense bulk of resources. On the other hand, the ones starting from scratch, with nothing but scraps have made it big only with their sheer skill of resource management and colossal intelligence. At the end of the day, there is no point cutting sizable profit if you do not know how to churn the cream to make something more out of it.

What Is an Efficient Allocation Of Resources?

Efficient allocation of resources, by definition, is the process of analysing all the available resources at any given point of time, and devising effective strategies to make the most out of them, keeping in mind short-term as well as long-term goals, in a way that there is minimal wastage and an optimal usage of all the resources.

StrategyDriven Resource Management Article | How to Allocate Resources Effectively In a Business Enterprise | Resource Allocation

There are different types of resources, and the knowledge of each one of them is crucial for a business to blossom. These resources could be related to something as complicated as finances or something very human as the workforce. Also, when we talk about allocating resources, it is not just the duty of the management to chalk out efficacious plans that would cater to the topic at hand. The onus of resource building, management and allocation is upon every individual working within the firm.

What Are the Most Important Resources?

It is difficult to place resources of an organisation into watertight compartments of classification because anything and everything really can be seen as a resource as per the requirements of the company. However, the most important ones, which are more like umbrella terms are- finance, time and workforce. Every business needs trustworthy financial advisors and a team that handles every aspect of it. You need to have the perfect knowledge of where and how your cash flows in the organisation. You need to have all your queries related to your accounts resolved, like what exactly Accounts Receivable Financing is, or how to deal with taxes. Only then can you understand where to allocate the money and how to do that efficiently. The same holds true for time and workforce. Time is precious, and every minute is supremely important. Therefore, you need to divide the work hours in such a way that every minute is utilised to its best. Coming to the workforce, they can easily be termed as one of the biggest assets of your business. Machines can do your job, but human beings are irreplaceable.

Therefore, hire the right team and use every individual’s talents the way they were meant to be used. You cannot use a legal advisor to pose as a psychologist and counsel them for better productivity. Everyone has their jobs cut out for themselves, and it is an inane allocation of the workforce to use people of the wrong profile for a particular task.

How Do You Allocate Resources?

There has been enough talk about what resource allocation is and why it is crucial for the future of a business organisation. We shall now move on to understanding how one could go about identifying their scope and using the same to their favour.

Gauge Your Situation

Everything starts with a holistic understanding of one’s situation and acknowledging it, no matter how arid your resource pool might look. Analyse what your scope is, where your resources come from and flip through the ways you have been utilising these resources for years or months. Once you have clarity of your situation, it is easier to act upon it.

Come Up With a Contingency Plan

An elaborate and extensive planning process is necessary for your business to score well and chart monumental heights of success. You need to plan everything-from hiring the right people for your job to handling finances; everything has to be hassle-free. However, one thing that several of these organisations miss out on is a sound and sensible contingency plan. There has to be a plan B. This might not look like a resource allocation strategy, but think about it before passing a verdict. Having a contingency plan is an assurance that your business will not perish at the face of adversities. You might plan your allocation since day zero, but if one those plans fail, you need a cushion that will absorb the shockwave. Also, discussing contingency plans is a way to segue into the next effective resource allocation strategy.

Be Wary Of Over Allocation

You might have this vast pool from where you draw all your resources, but that does not mean you have to place all of them in one project or person. Distribute them equally and in the amount necessary. Learn the art of making use of all that you have optimally and without overusing them. Saving up on resources will help you build a contingency resource reservoir from where you can draw if your principal plan fails.

Wield the Power of Technology

Technological mushrooming has made it so much easier to forecast your financial year or predict doldrums in sales. Use the power of technology to your benefit. There are tools and software available that can tell you the exact amount, quantity and time you need to allocate for a particular project. Therefore, it would do you good to be smart enough to seek refuge in the innovations of technology and use the same to predict your growth curve using the resources you have at hand.

StrategyDriven Resource Management Article | How to Allocate Resources Effectively In a Business Enterprise | Resource Allocation

There are hundreds and thousands of ways to use your resources effectively. The strategies you follow for a certain type of business might not sit well with a different kind of business. Your genius lies in understanding your situation and implementing ways that should work like a miracle for the growth of your business.

StrategyDriven Enterprises, LLC

StrategyDriven Enterprises, LLC

StrategyDriven is dedicated to providing executives and managers with the planning and execution advice, tools, and practices needed to create greater organizational alignment and accountability for the achievement of superior results.

We help our clients create and execute a clear, forward-looking strategy – translatable to the day-to-day activities of all organization members – that’s critical to their realizing success in today’s fast paced market environment. Not only does a compelling, well executed strategy align individuals to a common purpose, it ensures that purpose best serves the company’s mission.

The StrategyDriven website provides access to a wide array of best practice business planning and execution tools, streamlined process flows, how-to articles, example-rich podcasts, and customizable ready-to-use program management templates. Premium Members receive access to over 200 members-only articles, whitepapers, models, and tools and templates; providing an in-depth look into critical business performance areas; placing specific focus on the alignment of organizational standards, programs, and behaviors to the optimal achievement of mission goals. Sevian Business Program purchasers receive fully implementable business performance improvement processes out-of-the-box, enabling the acceleration of business growth and heightening of operational efficiency needed to significantly improve bottom line results.

Collectively, our products offer business leaders the opportunity to access the knowledge of a highly educated and experienced staff without the associated overhead expense.

At StrategyDriven, our seasoned business leaders deliver real-world strategic business planning and tactical execution best practice advice – a blending of workplace experience with sound research and academic principles – to business leaders who may not otherwise have access to these resources.

Contact StrategyDriven Enterprises, LLC

Phone: (770) 765-3692

Email: [email protected]

Website: https://www.strategydriven.com

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What to look for when hiring college graduates

StrategyDriven Talent Management Article | What to look for when hiring college graduates

In business, hiring new recruits is crucial to success — they bring fresh thinking and can challenge the existing paradigms of your corporation. A steady stream of prospective employees is likely knocking on your door daily, and even more so around summer time when college and university students finish their final year.

As a recruitment officer, it’s your responsibility to bring in the talent. With so many resumes and applications to decipher, what should you look for, to ensure you interview — and ultimately hire — the best possible candidate?

Evidence of critical and strategic thinking

Use your application process to pose salient questions, requiring candidates to evidence strategic thinking and the ability to address both sides of an argument. You’re not so much looking for the individual’s ethics or values here, but their capacity to form and deliver their point of view in a creative and compelling way.

The ability to work in a team

An applicant’s college experience will illustrate if they are a team player — whether they played a team sport, or performed in college stage shows, you want employees who understand and respect the significance of working together towards a shared goal.

Look for specialized degrees

Most resumes include an abundance of experience, however, you need to learn how to filter out what isn’t relevant and focus on what is useful. While many people will mention all their experiences, if someone only has leadership skills as a secondary skillset and no actual qualification in this area, then you may have to find someone else who does have the qualifications you’re looking for.

If you feel you need more information, then research the institution where they received their further education. While some colleges offer a multitude of degrees, some colleges have a more focused curriculum, so their students can specialize in certain fields. For instance, if you’re looking for a new head teacher, then someone who has studied at NEC (New England College) and undergone a Doctorate of Education (Ed.D.) could have more honed in leadership skills than someone who didn’t.

Resilience

‘Resilience’ is defined as the ability to withstand the pressures of college life, and emerging positive and ready into the professional world. You want to build your company around people who thrive under pressure, rather than falter.

Interpersonal skills, if relevant to your business niche

Not all professions require advanced social skills — indeed, businesses in Silicon Valley are famously seeing past prejudices and assumptions, to hire individuals on the autistic spectrum in their computer technology and software development teams.

However, if the ability to work collaboratively is pivotal to your work then you’ll want to test prospective employees on this skill. Building upon evidence of team and relationship prowess, use the interview to pose challenging questions to delve further — “Tell me about a time you’ve had to manage conflict in a study group?” or “You’ve seen that a friend is going through a bad time, how would you intervene to help?” are both revealing questions to ask.

5 Practical Ways to Increase Staff Productivity

Every business owner’s dream is to have a team of staff that are highly productive, as this contributes to their success as a business. The reality, however, is that people don’t tend to run on one hundred percent productivity one hundred percent of the time. Luckily, you can still reach a level of productivity that meets your standard if you put a few measures in place. It will require demystifying your staff and for you to figure out what motivates them and how to keep that momentum going on a daily basis. To figure this out, you’ll have to engage in a bit of trial and error and then find what works best for you. Below we discuss five practical ways to increase staff productivity.

Show You Care

One of the ways that you can attempt to improve staff productivity is by showing them that you care about their wellbeing. It may come as a shock to you, or perhaps not so much, to know that a recent survey carried out by the NPD Group found that at least 31 million Americans don’t bother eating breakfast in the morning. Seeing as breakfast is said to be the most important meal of the day, your staff skipping breakfast could result in them having decreased levels of energy and being less able to concentrate. It will ultimately affect their productivity and how well they perform at work. A solution to this problem could be providing free fruit, bread rolls, and tea or coffee every morning if your budget will accommodate it. It should give staff the boost they need to start the day off on the right note and help increase their output. Try and see if you can get a grocery store or restaurant to deliver fresh fruit and bread every morning. You could also get the office secretary or assistant to look for Office Coffee Deals that deliver. Staff should appreciate this for the most part, or at least have something to look forward to every morning.

Offer Support

You usually hire an employee because they seem to be knowledgeable and suitable for the advertised role and have been able to pass the assessment given to them impressively. It, however, doesn’t mean that they won’t need support throughout the time they’re working for you. Consider supporting your staff by providing them with opportunities to progress such as dedicated training to help them perform better if you can afford to squeeze it into your budget. There is a tendency for organizations to focus on training for people in leadership positions. However, staff who are at the incipient stages of their career may need it more. Other ways to support your staff include giving them flexibility, so they have time to de-stress and don’t feel overworked. You could also think about replacing old equipment so they can work better and be understanding when they’re enduring work-related or personal issues. This kind of support is a way to build trust and loyalty amongst your staff.

Give Feedback

You can’t always control the way people will react to criticism. However, ensuring that it’s constructive could go a long way in improving employee productivity. It is a management skill to understand each employee’s unique personality and be able to find a way to provide feedback in a way that encourages and motivates them. Also, make a note to give feedback as regularly as possible and ensure it is detailed enough as well as balanced. Let them know areas in which they’re excelling as well as where they need to improve. Take the time to find out what their challenges are, and again, what support you can offer to help.

Offer Incentives

Offering incentives and rewarding good behavior might help increase work productivity. Not only does it make people feel good when they’re recognized and rewarded for achieving, but it also gives them something to look forward to. Common incentives you can try are bonuses for those who meet targets or free coupons to enjoy some form of entertainment. You could also try gift vouchers at stores that you think they’re likely to shop at. Explore different incentives and see which works best to encourage staff to be more productive. Better still, it might be a good idea to conduct a survey and simply ask staff their preferences. Bear in mind, that incentives alone most likely won’t give you long-term results for increasing productivity. Combining incentives with the opportunity to grow and feel like a valued part of the work community should create more long-lasting results.

Don’t be too strict

Putting too many restrictions in place at an office can make employees feel like they’re working in a jail. While it may be helpful in increasing productivity, it can likewise be counterproductive as it may affect their enthusiasm towards work. An example of this is imposing internet restrictions in the office. There is a plethora of valuable information on the internet in this day and age, and on social networks too. You may then find that allowing them to be free to browse and visit social media may help spark their creativity or give them a wider variety of information. It could improve their work productivity, especially if you’re in the media or digital marketing industry or your company has social media platforms. It is understandable that you don’t want your staff spending valuable office hours liking their friend’s pictures. Remember, however, that staff can be unproductive even with all of the restrictions in place.

To increase productivity, you have to think of ways to create an environment that your staff enjoy being in. Although people have different reasons for joining an organization, they’re more than likely to give it their best when they feel its adding value to their lives. This value could be in the form of money, support, and personal development as well as feeling like they’re a part of something significant. Hopefully, these tips help improve productivity, and you’ll have a happy owner and happy employees.  Ultimately, the most productive people are those who feel deeply connected to the work they do and what it contributes to society.

How Time and Attendance Software Can Improve Your Business

Effectively managing your business (and most importantly, your employees) makes for a happy, healthy, successful working environment. This in turn generates more revenue. Every business owner knows this – but how is it achieved?

It may be the last thing that springs to mind, but using time and attendance software is proven to have a multitude of benefits for both employer and employee. It increases employee security, ensures fairness, and makes everything so much easier for bosses, managers and HR departments to keep track of.

Find out here the several ways that bringing in this software could help your business run smoothly and improve employee satisfaction.

1. Keep Track of Working Hours

See an accurate timesheet for every employee at a glance, all on your computer screen. No more quibbling about lateness and how much overtime somebody is owed.

Attendance software will show you the exact time, to the minute, that a specific worker signed in and logged out for the day. This way, they can be accurately paid. Everyone feels secure when they know they’re being paid fairly; increasing job satisfaction substantially. The clever software also ensures your employees are paid precisely on time – another big plus.

2. Create Employee Timesheets

Many companies use timesheets to track how much time each person spends on each project, and therefore helps the bosses to calculate how much money is spent and made per project.

Use timesheet software to track the time of your employees and gain the most accurate account of what expenditure is going where. Without doing this, you could be spending way over your budget on minor projects, and undercharging clients. You can also see which employees are doing the most profitable work, and who deserves a pat on the back.

3. Easily Allocate Work

Instantly allocate and delegate work amongst employees in the most efficient fashion. Using your software, everyone can see exactly which projects you’d like them to work on, and who they’ll be working with. You can set precisely the amount of time you’d like them to spend on it, and how much budget is set aside for it. Simple!

You’ll wonder how you ever worked without it. This method hopefully removes the need for lengthy group emails and unnecessary meetings. (Of course, you still need those – but having lots per week whittles down the time your employees spend on projects.)

4. Save Time and Money

No more paper schedules, and spending hours trying to make fiddly timetables with Excel. This software saves you the money of printing off loads of paper and buying heaps of files, and lets you keep the time and money spent doing that for more important things. The saying is true – time equals money!

5. Streamline Your HR Team

Can you imagine the simplicity of this software for your HR team? They no longer need to go around chasing people for information about their accurate working hours, expenses, overtime, holiday, sick days, etcetera. It makes their job far easier, and therefore yours.

Their time is now free to go about conducting interviews and sorting necessary paperwork rather than sending frantic emails and running around the office. This one handy piece of software helps to streamline every part of your business.

6. Eliminates Pay Errors

We’re only human – and with that comes inevitable human errors. Within businesses, there are always times when someone feels they have been wrongly paid; whether they turn out to be right or wrong.

With employee time tracking software, this will never happen. All hours are calculated to the minute, meaning everyone gets paid exactly what they’re owed.

7. It is Mobile Optimised

We’re not always in the office, working at our screens. Most businesses require employees to leave the normal work station every so often, and go out for client meetings or other business matters.

Time and attendance software developers know this, and so have created their products to work on mobile and other devices. This way, even if you’re out of office, you can update your timesheet with the touch of a button.