Invest in Training

May 15, 2006

By: John Zink

Does your company have money in the budget for training?

Most business owners know that training and continual education are the keys to maintaining and growing a successful business. So why do so few companies budget funds for use on educational programs?

According to the PHCC Educational Foundation’s 1999 Contractor Survey, just 37% of contractors have an annual budget for attending educational conferences and seminars. Of the companies that did have money budgeted for seminars, the average dollar amount budgeted per year was a little over $5,000.

Does $5,000 sound like too much money to set aside for education purposes?

Here is a helpful question to consider: What kind of financial commitment are you willing to make to ensure that your child is successful?

Take college costs as an example. According to the College Board, the average cost of tuition and fees at a private college for a student (or their parents) is about $20,000 per year.

Consider your position as a business owner. You are the "parent" of your company. You are looking out for its well being, its growth & development and looking to make it as successful as possible. Ultimately, you are also looking for this "child" to take care of you when you retire.

Parents work hard to get their children into colleges because they know that the additional training will help their children to be more successful. Some parents sacrifice everything and go deep into debt to make sure that their children get just an opportunity to attend school--without any assurance that their child will get a good job and succeed in life.

Now consider your company; your "child." That child already has already found an excellent job: providing you and your employees with a paycheck and a great way to make a livelihood. It is managing to do this using only the skills it has--whatever your employees already know.

Would you tell your own child that you refuse to help them get an education? It's not a hard choice to invest money on training that will help you and your employees to learn new skills, methods, tips and tricks that will help you get things done more efficiently at less cost with fewer headaches.

Remember, with every dollar spent on training, you are helping your "child" to grow and get better at its job: providing for you!

The year is winding down and many companies are preparing budgets for next year. This year be sure to include a training and education line item in your budget. The information you or an employee can pick up at a single seminar or training course can end up making an enormous difference in your “child’s” success.

The PHCC Educational Foundation has a number of excellent seminars and training courses available for contractors. Scholarships or grants may be available for some of these programs. Contact the Foundation at (800) 533-7694 to learn more.

This information is brought to you by the
PHCC Educational Foundation .

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