How training and development can breed business success
With many firms revealing that a lack of skilled workers is holding them back, looking into workplace training and development could aid success in the long term.
According to the British Insurance Brokers’ Association, some 46% of small business owners and directors that were questioned said a lack of skilled workers was an obstacle to growth.
While improvements in the number of available apprenticeships and graduate programmes will go some way to solving the issue, businesses can also be proactive.
Offering training programmes and opportunities for career progression can help to produce staff that can add significant value to a business.
Of course, any methods used must be financially sustainable, but even simple training in issues relating to a particular field could prove highly beneficial.
BIBA added that around three quarters of its members have ten staff or fewer, and suggested that red tape surrounding business management was also an issue.
Any issues can take a lot of time for staff to resolve, especially when those staff could be focusing on areas of the company that promote growth.
In companies with fewer staff these impacts are often felt more, as there is simply not someone available to do all that needs to be done.
Sales are a vital component of any business and removing staff from their tasks to complete admin can impact on levels of turnover.
The survey revealed that small firms with low turnover can struggle to access finance and this can leave firms in difficulty, often requiring business recovery to resolve the situation, if such a solution is even viable.
Increasing turnover through sales or development could provide the basis for growth but it requires staff to have a sound knowledge of their role.
Taking time to train and teach staff could therefore help improve the likelihood of growth, as they would be better placed to find solutions which aid the business.
By Phil Smith