The Vault
Make earning part of your business

by Graham Barber

Think back to when you first started your business. Were you using the same software programs you are using today? Were computers even integrated into your business? The pace of change in the past 10 years alone has been staggering.

To adapt to change, successful entrepreneurs often dedicate time and resources to training - for themselves and their employees. Having well trained and motivated employees can give your business the competitive edge needed to capitalize on opportunities.

How training pays off

As a business owner, you should continually be upgrading your skills. For instance, you may have started your business with specialized entrepreneurial abilities related to a specific product or service. But there may be areas of your business that you are less familiar with, such as marketing, finance or customer service.

The more you can learn about the overall operations of your business, the better your decisions may be - particularly if you run a smaller company that requires you to wear more than one hat.

If you have employees - whether they are high school grads, university grads or newly retired - training can give them a greater stake in the business, expand their capabilities, and make them more productive.

Wider social trends point to another reason to instill a culture of learning into your business. Labour markets in Canada have been very tight, and with the boomers heading into retirement, competition for skilled employees is expected to grow more intense - particularly in sectors such as retailing, services and construction. Training can help bridge the gap between a tight labour market and the needs of a business.

Ways to learn

If you are the owner/sole employee of your business, it's up to you to learn as much about your operation and market as you can. If you have employees, they will no doubt have received some form of training along the way.

New employees, for instance, whether entrylevel or more senior, receive some form of company orientation. Tutoring or job shadowing is also used to familiarize new employees with the workplace and company processes.

The kind of training that is right for your business will depend on your needs and resources. Here are a few options to consider;

Seminars and speakers

This kind of informal and inexpensive learning can work well for smaller businesses - "lunch and learns" are a good example. Senior staff or business partners are good choices to lead the seminars.

Small classroom training

A more formal setting can be effective for learning a specific piece of software, machinery or equipment.

Vendor training

Potential vendors who want to introduce their services may offer general and specific courses in their area of expertise. Suppliers, particularly in technology and telecommunications, often provide training in the use of their hardware and equipment.

Online education

Increasing in popularity, online resources (including courses, tutorials, and newsletters) allow employees to learn at their own pace and their own time.

P r o f e s s i o n a l development courses

Whether taught at local colleges or professional member based associations, these courses are a great way for you and your employees to learn and network at the same time.

Trade shows Industry events and trade shows are another way to network and learn about the larger trends in your business. Professional publications can also help you stay on top of the trends on a regular basis.

Make the most of your training

Here are a few ideas to help you get the most from your learning initiatives;

Determine your specific needs

Is the nature of your business changing? Are there new applications or processes that need to be learned?

Keeping your learning objectives in line with your business objectives can help improve your productivity.

Get your employees involved

If you have employees, ask them what skills or education they need to do their job better, and design your training accordingly.

Enlist senior employees

Get your senior employees more formally involved in knowledge sharing. This could involve delivering seminars or "lunch and learns", in addition to their mentoring roles.

It will help keep them, motivated and possibly save you some training dollars.

Set objectives for technical training

If you have employees and they need to learn specific tasks, such as new software application, set measurable objectives for them.

Get feedback

Encourage your employees to honestly evaluate how and what they learned, and whether it will help them do their jobs better.

The big picture

Even though more training is focused on the acquisition of a specific skill, it's never a bad idea to educate your employees about the larger trends facing your industry.

It will help them place their own work in context and keep them motivated.

Whatever your objectives, instilling a culture of ongoing learning in your business can help you stay competitive and boost workplace morale.

The proceeding information was provided by Graham Barber, Branch Manager of Scotiabank, Alcona Branch.

The Scotiabank, Alcona Branch, is located at 1161 Innisfil Beach Road, (705) 431-6116. The Vault is a weekly series of articles provided by Graham Barber with financial advice and suggestions.