Get Weekly PossibilitiesMatrix Key: Financial Viability – Production and Delivery – Resources
“The waste of plenty is the resource of scarcity.” – Thomas Love Peacock
It should be no secret to business owners that in these challenging economic times, managing resources well is essential to being profitable. In the Financial Viability quadrant of the WholeLife Matrix, we dig into resources management as part of a successful production and delivery system. The first question to ask is, what exactly are we managing?
Every production and delivery system has four key resources:
- Facilities and Equipment
- Inventory
- Labor
- Management
When you break your system down into these four parts you accomplish two things. First, you identify more clearly what needs to be managed within each of the four resources. Second, you begin to see how they affect each other. Each resource should be managed and measured in different ways but also in the context of the entire production system. A breakdown in any of the four will have serious impact on the rest. The key is to manage all your resources both independently and collectively if you want your company to succeed.
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