Are you looking for ways to make your business more successful? One way to power up your employees, other than providing free coffee, is to enroll them in finance training courses. Believe it or not, these courses can be useful for a wide range of employee types, not just those involved in nut and bolt finance. Here are three things you should know about training courses.
1. How it Will Benefit Your Company
How exactly will your non financial managers improve from learning about finance? Managerial performance is often judged on the profitability of an operation, and in order to increase profits, managers need a solid understanding of finance. Finance training topics like accounting, for example, will help them learn how to identify whether assets are being fully utilized, and understand better how their decisions and instructions impact the business as a whole.
2. Keep You on the Right Side of the Ledger
Did you know that 50% of start up businesses fail by their fourth year of operations? Many of the reasons for this stem from issues with employees not knowing enough about finance to do their job efficiently and in a financially sound way. One of the leading reasons for business failure, for example, is employees having no experience with record keeping, while another is inadequate borrowing practices. Business Insider also explains that many startups keep statistics about hiring, but fail to measure employee productivity at all. Finance project topics might include measuring productivity.
3. Training is a High Leverage Activity
Do the math. Say five of your employees take a course with a finance training company. During the following year, they will work for about 10,000 hours collectively. If the training results in even a 2% performance improvement, and it will likely be more, your company gains the equivalent of 200 hours of work. Hiring also takes time and money out of your business, and offering training courses keeps employee retention up. Employees feel like they are learning something and improving their own career development.
What finance training topics have you learned about? Let us know in the comments!