If you are a small business owner or entrepreneur, training your employees may be the last thing on your mind. However, implementing online training software early on has been proven to be one of the best investments new companies can make. Now is the time for your company to discover the benefits of digital training software for small businesses!
The Case for Digital Training Solutions
Not convinced that moving to digital training is the solution for your small business? Large corporations are finding significant success with online training software, so much so that nearly 42% of Fortune 500 companies train their employees with some version of this software. And they’re seeing strong, substantial results.
It’s time for small business owners to begin capitalizing on these same benefits of online training software. But it doesn’t take millions—or even thousands—of dollars to invest in training programs, thanks to training software and web-based LMS solutions.
The Benefits of Online Training Software for Small Businesses
Digital training solutions offer a vast range of benefits and advantages. Below, we will address some of the most important. However, understand that not all systems are created equal, so to see these benefits, you’ll need to choose the right learning management system, which we will address later in this article.
Corporate America spends an average of $1,273 per employee on training and development, as reported in the Association for Talent Development’s 2017 State of the Industry report (and, of course, the best companies spend more than the average). By simply switching to a web-based, online training software solution, businesses are cutting costs to less than $100 per year per employee! eLearning allows outsourcing of training that cuts the costs of traditional learning and development by a substantial margin. It also ensures compliance and can help you create branded, customizable training materials that connect directly with your culture at an affordable price (if you choose the right vendor).
The most staggering statistic comes from an IBM study, which found that every $1 invested in online training software and programs yields $30 worth of increased productivity. This is true of large corporations and small businesses alike. In this way, business owners who believe a lack of startup capital and funds is a reason for not using training software are truly hurting their potential revenue in the long run.
IBM also found that participants learned 5x more material in the same amount of time through online training as opposed to traditional instruction. An investment in professional online training software has been shown to boost employee productivity by nearly 50%. It often cuts down on instruction time, as these learning systems are ultra-flexible while boosting efficiency and even delivering improved convenience.
With web-based training software, all learning content is held “in the cloud,” so courses can be done anywhere, at any time, on any device. This can save small businesses hours that could be spent putting that trained knowledge into action to grow the business. It also provides significant flexibility to your employees, empowering them to complete training when and where it works best for them.
Recruitment and Retention
Startups must attract and acquire top talent to grow and innovate in those first critical years. Top talent will only come on board (and stay on board) if there are significant professional development opportunities and room for growth and expansion within the company.
Offering online courses is a great way to help attract, retain, and grow your top talent, and that helps grow your business. The thing applies to small businesses looking to recruit employees who will remain long-term and become leaders within the business.
Finding the Right LMS Vendor
As you might imagine, finding the right vendor is critical to choosing online training software that will support your employees and help you achieve critical goals. How do you compare vendors, though? Actually, there are quite a few ways you can do that, including the following:
- SaaS: First, make sure that the vendors you’re considering offer training software in a SaaS format. This ensures that you’re not required to pay for upgrades, that you’re not on the hook for maintenance and management, and that the vendor handles all security concerns.
- Scalable: While some online training software is flexible, some vendors don’t offer much leeway. Make sure that the one you choose offers the ability to scale to meet your needs at that time. Businesses expand and contract. Their needs change from month to month. By ensuring that your training software can be scaled up or down, you can guarantee that it will always meet your usage (and pricing) needs.
- Support: Some vendors give you access to online software and then let you figure everything out. That might be fine for large firms, but as a small business, your time is critical. Make sure that the vendor you choose offers support from the very beginning. You should have access to training, a robust knowledge base, FAQs, and more. You should also be able to speak with support team members when you need them, either through online chat, by phone, or via email.
- Custom Content: Finally, make sure that the vendor you choose allows you to create custom content for your learners. Custom content shows your employees that you care about their training and that you’re committed to helping them grow and improve. With some companies, you can actually go beyond that. With eCommerce integration, you can sell your courses to other businesses, opening up another stream of revenue to support your success.
Step into the 21st Century
eLearning worldwide has skyrocketed since 2000. As our world continues to become more and more digital in the 21st century, learning and development will have to become more digital as well. This means it’s time for you to discover the benefits of online training software for small businesses!
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