How to Better Allocate Business Resources

Managing your resources is one of the trickiest parts of running a business. You’ll have to allocate them properly, so you have enough to meet demand and make it through the entire length of the project. Before beginning, carefully decide what resources you’ll need and which ones are essential to make sure the project goes smoothly.

You should answer some basic questions before you get started. When will the resources be used, and by whom? What financial, human, technological, and intellectual resources will you need? What about materials and specialized equipment? Here are several tips to help you better allocate your resources and keep your business and projects running smoothly.

Identify What Resources Are Needed

The answer to this question will vary depending on where you are in the project, but the best way to create a smooth transition from phase to phase is to ensure you have everything in advance. Do a full inventory before you break ground to determine what resources are essential and which won’t be missed. Start with your ideal scenario, and pare it down as needed.

If you’re hoping to get funding for your project, having an exhaustive breakdown of how the money will be used will help. You can always negotiate the final sum and list with your sponsor. Make sure not to budget for a best-case scenario, but to include any resources you might need if there are unexpected snags in the project.

Break Down Projects by Tasks

One of the biggest pitfalls of project managers is that they treat the project as a marathon rather than a climb up a series of steps. Before you start, break down the project into phases and different steps. This will make it easier to present the plan to anyone above you, as well as make it more accessible to the people you’re training as staff.

Beyond identifying the project phases, try to break them down into specific tasks and determine who will be handling them and when. Performing the right task at the wrong time can lead to resources loss, as certain things might be time-sensitive and the work done in one step might go to waste if it’s done in the wrong order.

Assign Resources

Once you’ve broken down the project into different steps and tasks, you’ll be able to better determine which resources are needed for each. Now it’s time to start assigning your assets to the people who need them. Make sure the resources match each task, so no one is left without what they need and no resources are going to waste.

One of the most important parts of this step is to make sure that everyone is on board with the same plan. This is a stage that should be organized carefully with all staff members, ideally in a virtual or in-person meeting where people can ask questions and any x-factors can be clarified before resources are used incorrectly.

Map it Out

One of the best ways to ensure your project succeeds is to make sure everyone can access the relevant information easily. Not only will it avoid mistakes and crossed signals, but having an all-in-one portal for information about the project will cut down on the number of urgent questions you’ll have to answer.

The easiest way to integrate all this information into one convenient platform is to use a project management platform that creates an optimized system. Systems like agile project management, or APM, are gaining in popularity with high-level companies and are ideal for creating a map that includes all elements of the project including available resources.

Explore Outsourcing

Even the best-planned project can run into trouble with resources due to internal or external issues. You may need to outsource some of your tasks if you can’t handle everything in-house with sufficient quality. It may seem costly to outsource, but hiring talent to handle some areas of the project is a fixed cost that allows you to focus your efforts elsewhere.

To ensure outsourcing helps your company in the long run, make sure some key elements are agreed on before starting. The outsourcing team should know your schedule and work with it, and they should have access to the resources this stage of the project needs.

A Map to Success

Getting and keeping the right resources is one of the most important parts of any project. Proper planning before you start can make all the difference and set you up for success. These steps can take you a large part of the way to the finish line before you even start.