What Your Business Continuing Education Budget Reveals
What your business continuing education budget reveals can determine your future. Year end budget reviews for all companies can reveal a lot about the results a company is having as well as the direction they are heading. Continuing education budgets and how they are utilized are a key factor in both.
In most cases there is a direct correlation in the success a company is having. Companies that use their Continuing Education budget and invest in training and development also report an increase in their employee productivity rate over those that do not.
Investing in the education of your employee not only shows a commitment from the company in how employees are valued, but also increases employee retention, productivity and an employees perspective of the company.
If a company is willing to invest in continuing education and personal development for their employees – the opportunity of professional development and career advancement leads to higher engagement, productivity and employees caring about their job.
“…Why is this important, you might ask? Well, in a recent Dale Carnegie survey, companies with engaged employees outperform those without by up to 202%…Training employees and giving them career growth opportunities is one surefire way to show them that their company is invested in their future. It will motivate them to keep working arduously and be better at their jobs. These opportunities are mutually beneficial since these training opportunities help grow the company while at the same time they further employee knowledge and skills.” –‘Mind Blowing Statistics…’(Shift Disruptive Learning Article by Karla Gutierrez 8/22/17)
Analyzing departmental productivity can zero in on key areas that either need focus or those that justify maintaining a higher budget.
Conversely, a year end review of your business continuing education program, that shows substantial funds still available can be a cause for concern.
In today’s competitive quality and ‘service’ oriented marketplace, marketing departments and customer service training must have a budget that positions the company for incremental growth.
With the abundance of continuing adult education available online companies have more opportunity to take advantage of current marketing and training resources without leaving the comfort of the office. They are afforded the luxury of allocating the travel expenses of yesteryear into additional training and group online webinar training.
Internet Traffic Academy – Lifetime Access for a Very Limited Time! Find out more about ITA!
Sales and Marketing departments alone have an advantage today when it comes to online marketing education. Webinars are prevalent and allow meeting rooms to absorb knowledge in group settings opposed to the one to one training of the past. Here, the mastermind principle referenced by Napoleon Hill in ‘Think and Grow Rich‘ comes into play. The companies that embrace this concept and work towards achieving a higher result are those that will continue to carve their niche as a global industry leader.
Ultimately positioning your company online on a global scale comes down to the overall long-term vision of the company:
- Continuous incremental growth through education
- more in-depth education on utilizing current resources
- Implementation of new software and programs to stay competitive
- A Continuous Improvement Process
- Staying current with industry leading traffic generation and conversion strategies
- Ongoing Search Engine Optimization (SEO) training to maintain your rank on Google, Bing and YouTube.
- The appropriate allocation of funds to your business continuing education budget
The value of continuing education cannot be overlooked. From previous personal experience from companies I have worked with, one maintained a strong continuing education budget which lead to continuous growth not only in sales but also helped them create revolutionary liquid handling medical instrumentation in their field. Eventually they were sought after by one of the now billion dollar global leaders committed to innovation for a healthier world (PerkinElmer).
Another company considered continuing education an afterthought. Year after year there was no continuing education budget. Resources allocated towards growth and personal employee development were limited or non-existent. Ultimately their fate was decided by their own decision making – lack of education, improvement, and ways to stay competitive lead them to their demise.
When reviewing your business continuing education budget and preparing for the new year, keep in mind online educational resources that allow you to purchase one time and have unlimited access for years to come. There are several educational resources available that allow you to make a one-time investment and have future updates and continuous improvement programs at no additional cost.
Keep in mind that not all valuable educational programs come with a price tag. A lot of online educational resource companies obviously have courses that require a small investment however some offer no cost educational resources at the same time.
This year may be coming to a close, however there is still time to utilize this years budget. Reviewing now can make use of remaining funds for continuing education and marketing resources which can lead to a more efficient strategy to welcoming the New Year on a positive note!
There are a plethora of educational programs and resources available online. Our products page features many that have lifetime access that can be shared by multiple employees for a wise onetime investment for your company.
As a business owner, if you take one thing away from this article, let me share with you one idea that can save your company thousands on your continuing education budget. For this I will use the example of Internet Traffic Academy – A program that features lifetime access. If your company has multiple sales people – create one account with a onetime fee. You will need to create a password for your account. The training can be accessed whenever and wherever you would like. Share the account with all of your sales people and have your sales staff go through the training.
One program I would highly recommend every business owner and entrepreneur to go through is Wealth Building Blueprint. When you create your free account, you will gain access to that program as well as several other Free Educational programs that will bring value to you and your employees.
Remember – Ongoing training and education is imperative for long term growth of your company.
My best to you always in your search for success and happiness in life and in business!
Kind regards –
CEO Worksmarter4u / Worksmarter4yourfuture.com