June, 2019 | Mike McRitchie | Resume and LinkedIn Profile Writer | Telecom Marketing Content Writer

It can be hard to compartmentalise your business when it comes to thinking about the future. After all, there will always be changes, and no day will ever likely be the same. So how can you prepare for unexpected eventualities? The truth is, there are things that are becoming more common in the workplace, and as a business owner, you need to understand how to handle them effectively. With that in mind, here are some of the unexpected things you may have to deal with as a business owner.

Changes in business trends

When it comes to business trends you need to be able to ensure that you can predict what changes are afoot. You will need to spot the signs in buying crazes, how well your products and services are doing and when, and also how well your business is performing. Being able to spot the changes can help you to better prepare for the future, and make the relevant choices so that you can continue to move the business forward successfully.

The health of your workforce

The health of the workforce is massively important when it comes to your business, and this is when you will need to take some solid action to ensure that you do the right thing. From regular checks with things such as USAMDT to ensuring that they are happy in work. Mental health is a massive subject to be aware of at the moment, and so you may want to think about how well you react in the workplace. This means that taking into account stress levels and pressure and understanding the needs of your employees will need to be a high priority for you moving forward.

Managing the cash flow

Cash flow is one of those things that you assume might manage itself, but actually if you can keep one eye on it you can make sure that your business spends more time in the Black than in the red. This means managing when invoices are vying paid, such as taking into account thirty day payment window opportunities, but also being aware that businesses will do the same to you when it comes to paying out. Keeping things in line will help your accounts to also be able to forecast results and to keep them much more realistic.

Customer experience

Finally, the customer experience is definitely one this that you may not expect to be something you have to be aware of. After all, you should be able to be happy with how you deliver your products and your services. But, the customer experience is one thing that you can control more frequently, and it can be something that can be tweaked to ensure you have happy customers. From communication of all aspects to delivering as promised, these things can go a long way. Last of all, a simple thank you for the business can make a big difference.

Let’s hope that these tips help you to be more aware of some of the unexpected things that you may have to deal with or change as a business owner.

A project containing multiple moving components can be difficult to organize. However, managers can lighten the burden through the use of resource allocation. Resource allocation helps team leaders ensure that a project has all of the proper resources to meet deadlines. Additionally, resource allocation gives managers an overview of what their teams are doing each day.

Resource Allocation 101

The base of resource allocation contains three parts: people, time, and tools. People encompasses individuals who have the skills to get the project done. Time is determined by the deadline of the project and ranges from only a few days to several years. Teams need to delegate the proper amount of time to each task in order to meet an overall project deadline. Meanwhile, tools include the technology or resources that people will use to get a project accomplished. Groups might have to share these tools with other people within a company.

Team managers and department heads need to rely on one another to effectively map out resource allocation. Managers need to work concurrently to determine which employees are suitable for specific tasks, as well as to plan a project’s timeline. How teammates are alerted or a project is tracked depends on the size of the company and the complexity of its projects.

What Affects Resource Allocation

As with other business practices, resource allocation can be affected by a variety of factors. These variables can be broken into two categories: project and team variables.

Project Variables

Changes to deadline: Some deadlines for a project can be pushed a few days. A team’s flexibility can help with ever-changing due dates. Project managers need to walk a fine line when choosing which projects to move around for a new deadline.

Changes in scope: Clients can change their minds or add on more components to a project. If the project is too large for the current team, managers will have to redelegate people to help with the workload.

Team Variables

Resource availability: The best person for a job is not always available at the drop of a hat. Vacations or another project can often pull the selected individual away from the work at hand. Project managers will need to determine if the job needs to be outsourced or if other individuals can step in to fill the gap.

Other projects in the works: The urgency of another project can pull people off of the selected project. A project’s ranking can be determined by the looming deadline or how quickly it can be completed among other factors that managers have to take into account.

Software to Help with Resource Allocation

Despite the hurdles that managers can face with resource allocation, there are software tools to help the process become simpler. Cloud-based technology tools can store talent profiles of employees to help managers with staffing projects. For example, the resource management aspects of a human capital management system can aid leaders in choosing the right team member for a job.

Smaller businesses can use smaller-scale solutions to help them. Something as easy as a group chat area allows managers to check in on available team members. Successful resource allocation or different methods to meet project deadlines lead to improvements in business practices. Resource allocation is a process that helps managers with meeting deadlines. People, time, and tools have an impact on how a manager is able to distribute work and maintain a project deadline. Additionally, all three factors have their own set of variables that can impact their availability. However, software tools can help managers properly allocate resources. Overall, resource allocation helps managers know what their team members are working on daily and what projects will need their attention next.