Make the most of your training budget and meet your training needs! Part 1
Whether your budget is large or small, providing your employees with training opportunities is an essential part of improving performance and building a successful business. As an entrepreneur, you will need to identify what type of training best suits the needs of your business, as well as how you can fit training into your budget.
What can you afford?
- Begin by calculating the cost of training. Training costs typically include facilitator fees, materials, equipment and facility rentals.
- Quantify the potential savings. Savings may include fewer errors in the workplace, less customer and employee turnover, increased productivity and increased income.
- Compare the cost of training to your potential savings and create a business case based on the data you have gathered.
Discover your training options:
For some, employee training conjures up an image of an organized group training session led by a facilitator; however depending on the size of your budget, it may not always be the most plausible option. Here are some equally effective options to consider:
- Structured vs. unstructured training:
- Unstructured training, also known as “on-the-job training” is often free, or costs very little and may involve training employees through coaching, mentoring, or job shadowing.
- Computer based training:
- Computer based training is often low-cost and focused on achieving results.
- Peer-to-peer training or train-the-trainer format:
- If you cannot afford to send your entire team on a training session, send a few team members who can then teach their colleagues what they have learned.
- Cost-shared training:
- If you have your heart set on hosting a traditional training session, why not partner with another organization with similar interests and share the cost of training?
Training doesn't have to break the bank. If you can identify your specific training needs, you should be able to find an affordable option that will work for you and your business!