Why develop a business plan for training? Your employees are your most valuable asset. Without well trained staff the business will not succeed. The business owner knows it, and investors know it. Therefore, it makes sense to include the staff training program in the business plan.
Thinking Ahead During Staff Planning
Business plan development for training staff defines the process for ensuring the business will meet the goal of having employees who can produce high quality work and good customer service. It addresses specific information that demonstrates the business owner has carefully planned staffing requirements and identified needed capabilities. The information also lets potential investors know this is a well thought out enterprise or project.
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Following are some the questions answered during the process of developing a business plan for training.
• Process used to identify critical positions needing initial and/or ongoing training
• Skills assessment plan
• Methods for delivering training, such as self-paced software programs, workshops, certifications, job skills training, and higher education leadership development courses
• Training costs
• Training program timeline
• Procedures for keeping training current and relevant
Employee training is particularly important to business success in today’s environment in which technology is impacting every position from fast-food restaurant service staff to CEO’s. Many small businesses train their staff in-house or rely on on-th-job training, while medium to large enterprises are more likely to combine in-house and external training processes.
Keeping Positions Filled
The costs of initial and ongoing training programs can be significant, depending on the type of business. Training costs are rolled into the pro-forma financial statements also included in the business plan. Employees in hi-tech positions need frequent skills updating, while the people in low-skill positions only need new training (after the initial training) when they have problems managing their work or when the business implements new policies and procedures.
Another factor to consider is succession planning. Training and development programs may include coaching and mentoring successors for current key positions or people who can advance into new leadership positions.
A lot of thought should go into business plan development for training because of its importance to business sustainability. It can be a critical factor in influencing angel and equity investors, and bank lenders during a funding search.
OGS Capital has assisted thousands of business owners with business plan writing that includes developing special sections – like training and development – as necessary or writing a stand-alone business plan for a training and consultation business. Complete the online contact form to discuss business plan development needs with OGS Capital professionals.
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OGSCapital’s team has assisted thousands of entrepreneurs with top-rate business plan development, consultancy and analysis. They’ve helped thousands of SME owners secure more than $1.5 billion in funding, and they can do the same for you.