google-site-verification=KOMm8beez1zOIBeHc2yqqEd7x9VqF9Az2K5fwN4633s
Business GrowthMarketingVideo

Key Resources and Key Activities in Your Business

By January 20, 2021 March 8th, 2021 No Comments

Transcript

Aidan –

What are the main things that you need to do day by day, month by month, to deliver your products and services?

In this video we’re going to discuss and give you examples of key resources and key activities.

Hi, my name is Aidan, and I run a company called Propervideo. In our Business Model Canvas series, we are joined by an amazing business coach called Paul from a company called Scalability.

I’ve personally been mentored by Paul and whilst with him, he helps me work through something called the Business Model Canvas. The Business Model Canvas is a one page business plan developed by an organization called Strategyzer. It helped me so much that I’ve now interviewed Paul about each building block of the Business Model Canvas, hoping that you will gain just as much value from it as I did.

So let’s jump in.

[Interview]

Aidan –

In this video we’re gonna talk about key activities and key resources. We’ve decided to combine these two building blocks of the Business Model Canvas, just because they go really well hand in hand. I’m going to ask you first, just to give me an explanation of the key activities and then I’ll ask you about an explanation of them on resources.

Paul –

Ok. When we talk about key activities, it really is relevant once we started to go around the rest of the board and understand what we’re doing, how we’re delivering value, all the other aspects of the Business Model Canvas. And then once we’ve got an idea of that, we can start to understand what we’re gonna be doing on a day to day basis. What functions are gonna be going on? What activities are gonna be going on in our organization, on a day to day, week by week basis, that are gonna enable us to deliver on that value proposition.

Aidan –

Ok, yes, very good. So what with key resources, can you just give me a little explanation about what we mean by resources?

Paul –

Well, those are the sort of the things that we’re gonna need, again, to deliver it, to do that for the activities, again, to deliver on the value proposition. So those things that might be it might be financial resources, it might be people resources, it might be technology, all sorts of things like that.

Aidan –

Thanks for that explanation about key activities and key resources. So now I’m just gonna ask you to provide some examples of what key activities are for a business.

Paul –

Ok. So when we’re defining those functions and those activities, we might look at things like sales, marketing, production, technology, IT, HR, all those types of things. So those would be some good examples of activities. When we talk about, service level industries, for example, you know, there’s a heavy element on sales and marketing, in terms of attracting the right customers to the business. And then there’s that delivery, you know, in terms of activities. So it’s good to define exactly what those key activities are going to be.

Aidan –

Ok, yes, thanks for that. And it’s sort of like just to go over resources then in the same way.

Paul –

So resources again, if you’ve got a heavily service led proposition, then that’s quite reliant on people, isn’t it? So in terms of people there’s a cost and resource there that’s required. If you’re a tech company, providing software as a service for example, that in terms of activities, there’s gonna be a lot around innovation. And there’s gonna be a lot around advanced technical advancements, and looking at how we can improve things, like continuous improvement in terms of activity, but the resource will be around financial investment to create that innovation, isn’t that? So, you know, those are sort of examples of what we could talk about in terms of resources and activities.

Aidan –

So we’ve just explained some examples of a service-based business. So now can you use that and then adapt it to a retail-based business.

Paul –

Retailers are a really good example of a shift that’s happened as well, in terms of resources and activity. If you think about how we shop and buy nowadays, retailers not too many years ago, a huge amount of the resource will be on infrastructure, buildings, you know, premises.

How we’re buying now online. So the resources that require a more technical around marketing, website development, how we engage with the client from a social media point of view. So shifts in the marketplace start to dictate what activities and what resources we need to deliver our value proposition.

Aidan –

Yes, because traditionally, you know, go back 10 years, when I was still a little lad getting dragged around by my mum around Dorothy Perkins, all retailers were in shops. But as you say we’re moving more online, looking at like ASOS, Pretty Little Thing. Everyone’s got an app now as well. So their resources will be switched from physical coat hangers to coat hangers online essentially.

Paul –

Absolutely. Absolutely. Those resources that are needed are going to need to go into the financial resources, the people resources, into technological advances, like you said everybody’s got an app these days. You can buy everything on the phone currently.

So absolutely good example of how the marketplace and buying behaviours and also it’s very relevant right now, isn’t it? You know, COVID, the pandemic, in the luxury goods retailer that I work with their online sales are up 15 to 20%. You know, so they need to look at how their activities and look at the resources they need to actually deliver.

Aidan –

Yes, that’s it. And if we can touch again on just another example like the manufacturing world, we’ve talked about retail and having physical shops but with manufacturing your key resources will be machinery. If you’re a steel manufacturer, you need the rollers to actually shape that metal. So that will be resources there.

Paul –

Absolutely, you know, the plant and equipment that they need to create what they create and produce what they produce. Or working with a client in the construction industry, providing them windows and doors. And again, yeah, it’s always about, what’s the next piece of equipment that’s gonna help us produce this better and quicker.

Aidan –

Yes, okay then Paul, so we’ve touched on three examples there, manufacturing, retail and a service-based business. I think also, I just wanna include time. Time is a good resource and you don’t think about time as a resource. But essentially, if you’re a one man band, delivering a service, your resource will be time. There’s only so many hours in the day to actually deliver that, until you then end up having to take on staff, which then your staff will be your resource. So I just wanted to  touch on that really.

Paul –

It’s a really good point you’ve made there Aiden, because we tend to forget that the time and when you’re a one person operation, we’ve got to link resources with activities that I’m like, how much time do we need to spend on this particular activity? Or should we spend on a particular activity? And again, if you think about the rest of the board, if we’re spending too much time on our finances, if this was you, and not spending enough time on doing delivery on video, then your business is not growing as it’s not producing the value that you need in your business. So then it starts to lend itself to well, what should I be doing with my time as a resource? The more we think about time, the more important it becomes to the Business Model Canvas. Great point.

[End of Interview]

Aidan –

Ok, so there we have it. I hope that’s given you some insight into what we mean by key resources and key activities, and have helped you start thinking about what you need to deliver your products and services. Join us on the next video where we’re going to be talking about cost structure. If you’d like to learn more or speak to either Paul or myself, there’s a link where you can contact us in the description below.

 

 

Find out more about Paul

www.scale-ability.co.uk

www.linkedin.com/in/paulaisthorpebusinesscoach/

 

Download the Business Model Canvas

www.strategyzer.com/canvas/business-model-canvas

Videos

Business GrowthVideo
January 21, 2021

[VIDEO SERIES] Business Model Canvas Series

We are very happy to be joined by Paul Aisthorpe from Scale-Ability to talk us through each building block of the Business Model Canvas. Paul is an amazing business coach…
Business GrowthMarketingVideo
January 20, 2021

How to Identify Revenue Streams for Your Business

Transcript Aidan - Where does your money come from? Do you track which services and products are most profitable? In our last video of our Business Model Canvas Series, we…
Business GrowthMarketingVideo
January 20, 2021

How to Understand Your Businesses Cost Structure

Transcript Aidan - How much money do you need to make your business work and turn a profit? In this video we're going to be talking about cost structure and…
Business GrowthMarketingVideo
January 20, 2021

Key Resources and Key Activities in Your Business

Transcript Aidan - What are the main things that you need to do day by day, month by month, to deliver your products and services? In this video we're going…

Unlock the potential of your marketing today

We’d love to hear from you. Send us a message, call or email. It’s up to you.

Call – 01282 969161

Email – info@proper-video.co.uk