How staff training expands the skill-set of your business
Anna Stubbs • April 3, 2023
Spending time and money on staff training is a must. When your employees can see that you're invested in their future, they feel valued, empowered and engaged with your company vision. That's excellent news for your employee satisfaction scores and your team spirit – not to mention the overall productivity of the workforce.
Investing in the future of your team
If you want great things from your people, you’ve got to give them the very best support. A job is not a static thing. It’s a role that will evolve and change over time, with new skills, new job descriptions and new responsibilities along the way.
To offer your team the best opportunities, make staff training and development a key area on your business leader’s to-do list.
As a starting point:
- Find out what training and education your people want – there’s no point second-guessing what your team wants to learn. Talk to each team member and ask them where they feel they need extra skills, or where there’s room for progression in their training. This can be an enlightening process and helps you get an angle on where these new skills could be used within the business.
- Help them find the relevant courses or in-house training – you may be able to offer some key training in-house, as long as you have people available to do this, who have the skills. There are also plenty of professional bodies, industry institutes or colleges that will offer courses in the right areas. Some may qualify for Continuing Professional Development (CPD) points, a system that helps your employees rack up development points and move towards a professional qualification.
- Set clear targets for their education in the business – once you’ve identified the learning and development that’s needed, make sure this is added to the employee’s development plan for the year. Your employee’s goals could be to complete an online training module, go on a residential course, or take part in mentoring sessions with a senior colleague. The important thing is to agree on the goals, set the right timelines and track each person’s progress against their plan.
- Set a career path and give employees increased responsibility – a key goal for most employees will be to aim for a promotion. With their learning and development goals set, you could also think about giving your employee new responsibilities, testing out their managerial skills or giving them specific projects to manage and curate. By taking on these challenges, and testing their new skills out in the real world, you’ll help them build confidence and gain valuable hands-on experience.
- Check in with your staff regularly to see how they're doing – hopefully, you’ll have a quarterly or yearly review process already set up for your staff. But don’t leave discussions about development purely for these review conversations. Check in with your people throughout the working week and use these informal, relaxed chats to see how each person (and each team) is doing.
Setting up a staff training programme
An investment in employee development is an investment in the future of your business. It’s a sign that you want to support the careers and progression of your people!
Need a hand managing cash flow? You’re not alone. The key is getting your invoicing right, by invoicing customers as soon as possible and using tools like Xero’s invoice reminders to move payments along. That said, there are a few other simple rules you can apply to manage your cash flow and get your invoices paid even faster: Keep your books accurate and up to date - so you can see your financial state at a glance. Don’t be too lenient with your customers - you can be direct and still polite. Keep a close watch on your accounts receivable turnover at all times and act sooner rather than later. Keep your accounting simple - so you have a good handle on these business metrics. We can help with this. Keep your business and your professional finances separate - this is essential to understanding your true cash flow position. Mixing your business and personal finances can leave you uncertain about business performance. Build a cash reserve - so you are prepared for unexpected events and can take advantage of opportunities when they pop up. Track your cashflow and forecast - whether it's automated reporting, AI, or a custom report we prepare for you, staying on top of your cashflow and making sure you have funds to operate smoothly is crucial. First you want to get your invoicing right. Get into a habit of sending invoices quickly. Then follow the steps above to collect revenue and keep your finances organised. Get in touch for guidance on your invoicing and business cash flow, if you need support tracking or projecting your cashflow we're here to help.
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