How does a business owner know where to spend his/her money in order to make the best impact on the business? When developing a budget, a big portion of funds go to "running the business", i.e. the facility/rent, basic utilities, etc. Then there is the needed technology, equipment, and its maintenance, which is usually a fairly large sum.
Obviously, the product or service ranks up there on a business' budget, as well as the employees and their benefits, governmental requirements, etc. There must also be a good amount allotted for marketing and sales efforts.
It is important to keep track what percentage of your funds go to which area, as this can change. Furthermore, which areas result in positive business development?
One area that many employers have given little financial support is training and development (which should include coaching). If production or business activity has appeared sluggish, employers should give serious attention to providing effective training and development. Not only will this boost the activity of your employees, but this can also help you retain your "good" employees!!!
Spending money on this area is hard for some employers to accept as valuable, but statistics and track records have proven that this is one of the BEST values for an employer's money. Select a trusted "talent management and development" firm and watch your business blossom!!!
Compass Career Management Solutions-OI Partner
Career Strategitsts and Talent Management Experts