Key Resources are main inputs and assets the business uses to function effectively.
Types of equipment, building, staffs, patent etc to run your business and service your customers.
In the Business Model Canvas, only state those resources that make you unique compared to your competitors in the market.
The key resources for a fashion design company is the creative experts. The designers directly influence the quality and number of “products” produced.
Let’s say you have a fashion outlet. You sell large quantities of overcapacity stock outside the city center. Your key resources are the cheap location with good access and contracts with fashion producers.
Type of Resources
These are the tangible resources. For example, equipment, buildings, machines, transportation or distribution networks.
Dell’s distribution network was a Key Resource, enabling them to deliver PC’s at home – years before others did the same.
Staffs play a vital role in the business with their knowledge and expertise.
Apple’s designers had an influence on the product development by making the products user-friendly.
The credits vet for banks and participation capital for venture capitalists are examples of financial resources. Most companies need some degree of funding. It’s a key resource if you require more funding than your competitors.
How to Determine Your Key Resources:
Think what happens if your sales doubles. How would this impact your website or warehouse? What can you say about the expected workload and additional staff you would need. There are your needed resources.
Then, examine your competitors. What do you do different and what do you use to make that difference?
These are your Key Resources. Add these to your canvas.
How to Build a Great Business Model Canvas – The FREE Course
- Lesson 1 – Customers
- Lesson 2 – Value Propositions
- Lesson 3 – Marketing & Distribution Channels
- Lesson 4 – Customer Relationships
- Lesson 5 – Revenues
- Lesson 6 – Key Resources
- Lesson 7 – Key Activities
- Lesson 8 – Key Partners & Suppliers
- Lesson 9 – Costs