Why Training Will Grow Your Small Business Profits
“To Earn More You Must Learn More” – Brian Tracy
How much time or money have you invested on training and education, either for yourself or for your staff in the last 12 months?
I’d be willing to bet that for some of you reading this, the answer is “not a lot”!
But why would that be the case?
Why would you not want to improve the way you do business?
According to one of the world’s leading marketers Jay Abraham, “for every £1 you invest in training within your business, you should be looking for at least a 20 times Return On Investment (ROI)”.
(Not heard of Jay Abraham before? This guy really knows his stuff, if you’re serious about growing your business then you’d be well advised to read as much of his material as possible, I’ve learnt a lot from his books and training)
To earn returns like that on your training you need to first identify the areas in your business where you can potentially improve how you work the most, and then target it with specific training.
For example if your Customer Services team are failing to convert phone enquiries in to hard orders, then that is an area where training will soon earn you multiple returns on your training investment.
Where are the most likely areas in your business that training will provide the most substantial returns?
· Customer service
Let’s look at each of these possibilities in turn:
If you could improve your own or your sales team's conversion rate by 20% what would that be worth to your business? Learning how to improve your sales process is one of the most powerful things you can do to boost your growth, yet very few small business owners have had any sales training!
Sales training could cover how you close the deal; or how you get more diary appointments with prospects; of how you make a sales presentation. If you run an online business it could be training on designing a sales funnel that increase your sales and leads.
Just like sales training, very few owners have had any marketing training. But understanding the options for positioning your products, services and business are critical if you're to maximise your success.
Do you know how to identify and reach your target audience? Do you know how to write an advert that attracts your desired leads? Do you know the only 4 ways there are to grow your business? Do you know how to develop different marketing channels for your business? Do you use Upsells, Cross Sells and Complimentary Products?
Do you understand the difference between brand marketing and direct response marketing and which of these you should be using?
Developing a deep understanding of marketing and how you can use it to grow your business is vital if you want to achieve real success.
Training in Specialist Services
What about the services you currently offer? How can you develop your skills in order to offer specialist services that you can charge premium prices for? The more specialist you and your business can become, the more you can charge in the future.
Training on your technical skills can pay massive returns if you know how to market those new skills correctly.
Customer Service Training
How can you improve your customer service? Well how many phone enquiries currently convert in to orders? How many of your leads or customers do you follow up with? Do you have systems in place to ensure you regularly contact your clients and prospect lists?
Hopefully you can see immediately how training in all of the areas above can generate huge returns on your investments...
Another area that is usually avoided by small business owners is accounting. Yes an understanding of tax rules in particular can help save your business a lot of money.
But what about accounting and decision making? When you truly understand your numbers you will make much better business decisions and you'll recognise opportunities much quicker. For example do you understand the difference between relevant costs and sunk costs? Do you know why your balance sheet and income statement shouldn't be used for decision making?
If you haven't already then go and get yourself some training in management accounting for small businesses.
At this point I’d like to mention a guy called Brian Tracy. Brian is a Management Consultant in the US who has written lots of book on self-development, achieving goals, business growth and sales. Like Jay Abraham I really recommend his materials, he knows his stuff! In particular his CDs and courses on Selling are brilliant, and every small business owner should invest in them to maximise the growth of their own sales.
Why have I mentioned Brian Tracy at this point?
Well he is a huge advocate of improving your business skills via investment in your own self learning. One of his famous pieces of advice is to:
“Invest 3% of your income in yourself (self-development) in order to guarantee your future”
I’d endorse that advice for those of who you really want to grow both your business and personal earnings.
Personally I’ve spent thousands of hours on my own self development.
In my early 20’s I studied in my own time to qualify as a Management Accountant.
In my early 30’s I studied in my own time to achieve my Masters Degree in Business.
In my forties I’ve spent a fortune on books and courses covering all aspects of self-development and both online and offline marketing for small businesses.
What will I study in my fifties? Pension annuities I guess!
So how are you going to invest your 3%?
Why not start today by investing just a few minutes of your time improving your marketing skills…?
My 3 Step Transformation Plan is FREE to download …
Learn how you can boost your business profits in just 10 minutes a day. The simple tasks in the plan will transform your business very quickly and get you thinking differently about your business.
Once you've see how powerful the simple 3 Step Transformation Plan is, consider investing some of your 3% in my premium product the "Rapid Growth Marketing Blueprint" for Small Business Owners.
The Blueprint covers every aspect of marketing your small business, including accounting for decision making. I'll show you how to boost your conversions, positions your business, find more leads, improve your sales process and much, much more!
I promise you won't be disappointed when you start implementing the growth strategies in the Blueprint!
Whatever you do though, if you want to be a success with your small business, then make sure you invest in your business skills to get the results you deserve!