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Key Resources are the important things your business needs to build out the value proposition you promise customers. You might say I saved the best for last because without these, you wouldn’t be able to deliver value, and you wouldn’t have a business to build a business model canvas for! 🙂
Types of Key Resources
There are four main types of resources that we are going to look at. Each business likely has at least one of these four.
These are resources that you can touch, feel, and are tangible.
Examples of Physical Resources include:
- Machinery and equipment
- Buildings and office spaces
- Vehicles and trucks
- Point-of-sale systems (like Square or Shopify)
These are the resources that are intangible but are often just as, if not more important than the physical resources.
Examples of Intellectual Resources include:
- Proprietary knowledge like a certain method of doing things or information you’ve gained through the years on what works best.
- Systems and processes
- Customer knowledge
- Your company’s brand
- Copyrights and patents
- Customer databases
As a service-based business, intellectual property is heavily relied upon to get things done and do them in our own way.
Not to be confused with the HR department down the hall that everyone dreads going to see (sorry HR folks!). These are resources, that are human.
Not sure we need this, but examples of Human Resources include:
- People who create the product or service
- Truck drivers who deliver products
- Customer service agents
- Managers who oversee production
Again, as a service based business, human resources are super important to what I do. Without the right people, using the intellectual property the right way, my business wouldn’t exist.
Of course, every business is going to need cash on hand and some lines of credit to keep operations moving. But think about what your business needs.
If you are planning on building the next app that changes the world, you’re going to need quite a bit of money to hire a developer, marketing help.
If you’re opening a franchise location, do you have $50-$100k lying around, or will you need to go out and get a loan?
These are the types of things to think about when it comes to financial resources you’ll need.
Examples of Financial Resources:
- Tradelines and lines of credit
- Venture capital
- Grants and loans
- Stock options for employees
What Resources You’ll Need
If this is your first business or one in an industry you’re not as familiar with, there are a few places you can start to get ideas.
First would be doing some competitive research. What are your potential competitors doing? Are there any larger companies who have their financials listed publicly that you can get ideas from?
Next, make a list that includes all the key activities you’ll be doing, people you’ll need, and channels you’ll be using to create your value proposition. Then take this list and think about what kinds of resources you’ll need to make those happen.
This doesn’t need to be an exhaustive list, but pull together the major buckets you’ll need to pay attention to in order to be successful.
Key Resources for a Marketing Agency Example
For a marketing agency, there are quite a few resources needed. Here is an example of what this exercise could look like:
To implement campaigns, I’ll need a computer and a place to work (physical resources). I’ll also need a few pieces of software and tools to keep track of performance and help clients understand how their money is working for them.
I’ll need another person to help me implement everything and free up time so I can bring in sales (human resources). I’ll be training this person using proprietary knowledge and systems I have in place that help implement campaigns properly (intellectual resources).
To get started, I will need to have enough cash set aside to be able to pay this new team member (financial resources).
What do your key resources look like?