What Are the Different Types of Strategic Resources?

Strategic resources refer to those possessions of a business that give it some form of leverage or advantage in terms of its business activities. The advantage of the strategic resources could be in the form of its value as a form of competitive advantage, or it could be in the form of other identified advantages that enhance the profile of the business and provide it with a stepping stone that can be used to achieve greater sales and strategic positioning in the industry. These strategic resources are unique to the industry, the market and the company under consideration due to the fact that the factors at work in various industries present different challenges to the businesses. As such, strategic resources could include the financial resources available to the business, the human capital that the business possesses, the network of the business in terms of its physical presence and reach in different corners of the globe, and the existence of effective supply and distribution facilities.

The financial strength of a company is an important strategic resource due to the fact that access to such funds opens the door for the company to engage in growth-related activities that include the purchase of new plants and machinery, construction projects aimed at fulfilling the vision of the company in terms of capital growth, and other related factors. This particular strategic resource can be obtained through internally generated funds from the sale of shares, through issuing debentures, or through equity investments. Companies that lack adequate funding often encounter financial roadblocks in their quest to expand due to the lack of resources with which to carry out any expansionary plans.

Another inclusion in business strategic resources is the position of stellar human capital in the form of a highly trained and educated staff. The reason why this is such an important strategic resource is due to the fact that such gifted employees can serve as an engine that will propel the business into greater growth. This is in contrast to those businesses that lack educated and motivated employees who will bring their skills and wealth of experience to the company. Business strategic resources also refer to the reach of the business or company in terms of its influence in the specific industry, or in the global business world. Such an influence can be converted to a form of strategic resource that will benefit the company.