Many business owners wonder what the one secret to a successful business could be. Usually, small businesses fall in the “idea of the week” trap. A founder may think she has discovered that one trick that could raise revenues substantially. But soon enthusiasm wanes, the new week’s “resolutions” are forgotten and nothing changes. There is really no one secret that will work for every business. Small businesses should consider instead a long-term strategy, and their main focus should be training yourself and your team.
The Importance Of Training And Development For Organizations
Training your team brings significant benefits. You will develop the skills of your employees, which means your employees can respond consistently and professionally to business demands. The main advantage of training and development is increasing productivity. Better productivity is usually associated with higher business performance. Moreover, the more value you provide to your employees, the more you will broaden your organization’s horizons. This may imply developing human resources and improving organizational culture. Your business will transform into a healthier work environment and it will have a better image in society, too. Thus, training brings both qualitative and quantitative changes.
The Link Between Training And Development And Innovation
A large number of companies, including small ones, tend to focus too much on daily routine and just running the day-to-day business tasks. Being conscious about how things work is not necessarily bad, but sometimes the owner cannot see the bigger picture. No matter how busy you are as a small business owner, you need to take time every once in a while to consider your strategy. The dangers of being too absorbed by daily work sometimes overlooks any opportunity to innovate. This happens with training, too. Training and development are usually one of the last items on the priority list. Unfortunately, this means you may be forgetting to inject fresh views on how your business can run better. Expand your employees’ expertise and they will find new ways to lead your business to success.
Benefits For Employees
You may not care about the benefits of training on your employees. People come and go and many business owners prefer not to invest in training of your staff. On the other hand, how can you keep valuable people in your company if you don’t take good care of them and their minds? Why not take the “risk” of investing in people? They may not be around for a lifetime, but if you show them you care about their professional development, they will appreciate it. When your employees are satisfied and you help them expand their professional horizon within your company, your staff contribute more and become better employees. By contrast, talented people will never spend too much time in an incremental environment, where they rarely have the opportunity learn something new. Dan Pink, in his book “Drive”, uses lots of behaviour research in the workplace that points to “mastery” being one of three primary factors that affects motivation. The other two are autonomy and purpose which are also supported greatly by training.
Case studies
Roembke Manufacturing and Design
Software training is one of the fastest growing development fields, and small businesses should not avoid it either. A good example is the Roembke Manufacturing and Design Company, which has been in the rubber mold industry for more than three decades. The industry in which they activate is highly competitive and technology changes rapidly. Engineering businesses cannot stay on the market if they do not innovate. The need for training became obvious when the company adopted the PTC Creo® Parametric™ 2.0 engineering technology. The learning program took place at the local PTC University Authorized Training Partner. On-site training was combined with virtual learning sessions. Engineers were split in two groups so the operations were not affected. Using the new kind of software brought Roembke significant competitive advantage and efficiency was improved.
ABL Employment Inc.
Another example of a small business which has realized that skipping training may cost more on the long run is ABL Employment Inc., an agency from Southern Ontario. Initially, they held a seven-week apprenticeship program for new employees. Afterwards they planned management courses for the rest of the staff. Even though training costs jumped from $2,000 to $150,000 per year, the company’s owner thinks the investment is worth it. Small business owners are comforted by statistics on training return on investment. A study showed that 67% of business owners reported a very high ROI of training and development programs on company-specific skills.
The PTC University Training Programs
It is well-known that small businesses usually do not afford to invest too much in programs that don’t seem paramount at first. Nevertheless, training and development are important, and overlooking these may have negative consequences. The good news is that there are many affordable solutions for improving the expertise of your employees. One of these solutions leverages universities as training providers. Many universities offer training programs, such as the PTC University, which provided the software training program to Roembke. In their white paper on development, officials at the PTC University tackle misconceptions about training. Online resources are free, but they are not as reliable as the training provided by a learning institution. The PTC University provides the best training practices in a variety of industries at affordable costs.
The Goldman Sachs 10,000 Small Businesses Training Program
Training programs can be also held by private organizations, especially by large ones. Such a training provider is Goldman Sachs, the American investment banking firm. This giant is involved in financial and investment services all over the world. In 2014, Goldman Sachs, in partnership with Invest Atlanta and ACE, began a training program for 10,000 small businesses. They offered training services for free and they taught a large variety of skills. Their training program focused on analyzing financial statements, managing business opportunities, attracting talented employees, improving marketing strategies and streamline operations.
Conclusion
The case studies presented above provide solid proof that affordable training programs are easy to find and complete. Studies suggest that the return on investment of training is very high, even if the technical skills acquired by the staff are not directly related to the company’s objectives. The one secret to success demands a bit of initiative and time from small business owners, but it is not overwhelming. Start investing in the training of your staff, and you will never regret it.
