Cut Your Training Budget or Train For Growth? 

Our Swindon business advice column with Gail Gibson

When is the ideal time to spend money on training?

 

This is often one of the first questions asked by many business owners as they juggle with the idea of and the importance and value of training.

 

Whether you employ staff or you are a sole trader business, training is vital on a consistent basis.

 

Right now many small business owners are faced with the prospect of “making do” during the current economic downturn. Budgets are tight across many organisations.

 

Delivery of service remains the same but will your people remain in touch with and be able to manage best practice without continual training?

Let’s consider why training is undertaken:

- To revisit skills previously learned
- To improve performance
- To teach a new skill
- To grow
 
Training is invaluable to all businesses, either large or small. Training should be viewed as a positive investment in your people and your business. Recent studies suggest that businesses who do not train their workforce are almost three times more likely to fail than businesses that do. Not a favourable outcome.
 
Reflecting on the current economic climate how do you think your business can grow its way out of the recession? You can always stick you head in the sand and pretend it’s not happening. Or you can implement a strategic training plan to take your business to a new and improved level. Which would you rather – negative or positive growth?
 
So how can you implement an effective and affordable training program? Training can be delivered in a variety of ways. Online courses and webinars can be taught at the desk of your employees, which cuts out time away from the office and other significant training costs. In house training can be carried out, with either external or internal trainers. Learners can develop and master new skills in real time on the equipment that they will use in their day to day job.
 
For larger numbers of staff particularly in the sector of continual professional development, in house training can be undertaken with external trainers. Source your trainer either from reputable large training providers or via local freelance trainers. The training delivered can be tailored to meet the individual needs of the learner. This way you maximise the learning potential, you save unnecessary costs (conference facilities, food and beverages, travel etc) and you enhance and improve the skills of your team.
 
Training for growth is a positive step toward helping your business achieve more during and after the recession. Don’t bury your head in the sand. Empower your people and make best use of their combined skills to accelerate the growth of your business and your team.