According to the Small Business Administration (SBA), properly trained employees are essential to the success of any company. However, poorly trained entrepreneurs will struggle to even get their business started. Keep reading to learn about the benefits of four key training courses for small business owners.
Finance Training for Smart Decision Making
When small business owners make financial decisions for their company, these decisions often impact their personal lives. Financial training will help small business owners make cost-effective, long-term decisions. For example, basic finance courses will cover how to assess the costs of starting, managing and growing a business. Small business owners will learn how to develop a cash flow analysis and use it to determine the numbers needed to operate and expand the business.
Learning about breakeven analyses will enable them to pinpoint when they will break even and start to make a profit. Learning how to prepare financial statements will include balance sheets, asset evaluations, and network reports. In the end, small business owners may benefit from outsourcing their payroll and accounting needs to a third-party, but they must understand financial basics.
The Power of Branding
One of the most important factors that contribute to long-term commercial success is the ability of the small business owner to build and manage their brand. Some say that the brand is the soul of the company, but it all comes down to consumer feedback, product imaging, and public engagement. A company’s brand is the intersection of the values provided, the desires created and the lifestyles portrayed.
A basic course on branding will teach small business owners why branding is critical to differentiation and how to maintain product exclusivity with product uniqueness. This course will teach students how to coexist with successful competitors in the same brand territory through targeting niche markets. Because so many startups offer similar services, only those who successfully continue to differentiate their brand will maintain the dominate market share.
Marketing
New entrepreneurs and their small business always struggle to compete with large, established companies that dominate media channels. This is especially true when it comes to national chain stores that control traditional channels such as TV, radio, and newspapers. However, the Internet has leveled the marketing playing field so that every company has an equal opportunity to attract consumers.
A class on digital marketing will empower small business owners to understand and utilize various new marketing trends. They will learn valuable mobile, search engine and social media marketing tools and techniques. For example, knowing how to optimize online traffic trends gained from Google Analytics reports will allow entrepreneurs to proactively react to market changes while promoting organic growth.
Professional Development
Many small business owners sacrifice their personal lives and relationships at the expense of their commercial dreams. The time and energy commitment required by a small business will be very demanding, but there are many common concepts and proven techniques that will ensure both personal and financial success. Classes on time and project management are a must for any entrepreneur because they teach the analytical, disciplinary and organizational skills needed to succeed.
Various classes on psychology and human behavior will help business owners in different ways. Classes on human resources will help business owners manage employees while classes on the psychology of marketing and economics will help business owners intuitively understand consumers. Be aware that many of these classes are promoted by self-proclaimed business and relationship gurus that promise happiness and success. Instead, there are many legitimate and inspirational sources, such as YouTube TED talks and Khan Academy classes.
In addition to these courses, small business owners should take in-person training courses that teach them advanced blogging, online sales, and search engine optimization (SEO) techniques.
