It’s a proven FACT that engaging in a training program focused on a key result area can create a tremendous return on investment.
So, why don’t more small business owners invest in their managers, employees or themselves?
Here are some of the answers I have heard from business owners in my research on this question:
1. We don’t have the time for it.
2. We don’t have a budget for it.
3. Our employees don’t want to be bothered with extra learning or personal development.
4. We are afraid if we train them and improve their performance they will leave and take their skills with them. (We would rather they remain less competent and work for us.)
5. We don’t see the value in it.
6. We just don’t believe in training and development.
7. We are just plain lazy.
If any of the responses above match some of your thoughts on investing in training your employees, or yourself, please consider the following:
-Xerox Corp. reported that for every dollar spent on training, they get a return of $22.
-IBM Corp. reported they receive $26 for every dollar they invest in training.
-Motorola Corp. reported a ROI of $33 for every dollar spent on training.
Imagine if your stockbroker could guarantee you those kinds of results. You would buy every bit of stock he/she would recommend!
If major corporations are “investing” such large sums of money into their EMPLOYEES and enjoying such RETURNS ON INVESTMENT for their company, why don’t small business owners do the same for THEIR OWN business… when survival of their company is a LIFE OR DEATH situation for them?
Not only does a regular training program for key areas result in a more productive and profitable company, it is an excellent tool for manager and employee retention. Not to mention the personal and professional benefits the business owner enjoys him/herself!
About the Author:
Richard Kroll Jr. has an extensive and varied background in business, education, ministry, and leadership development. He is most excited about using his gifts, talents and business acumen in making a difference in the lives of others.