03/ 28/ 2002
They actually thought it would be a nice vacation. It was about 12 years ago when Dave and Judy Angeley, owners of a pool and spa store, decided to attend an industry trade show in Vegas. At the time, Dave admits, they figured they'd spend more time in the casinos than in the classes. Instead, the pair, who at the time had been in business about five years, discovered there was much more to running a pool and spa business than they'd ever imagined. They wound up going from class to class, learning not only about products, but how to market, sell, and merchandise as well. Although they never made it to the casinos, they walked away with the equivalent of a jackpot hit, Dave recalls. Thanks to that trip, education has become the "backbone" of his business and has been the primary contributor to his business growth. In today's Workshop, Pamela Mills discusses the importance of owner education.
Education can do the same thing for you, whatever business you're in, allowing you to improve your profits directly through increased revenue, or indirectly through reduced overheard, costs, and turnover. But in spite of the advantages ongoing education confers, many small business owners don't invest much time or effort in this task, a puzzling decision given today's highly competitive environment.
One reason owners may shy away from education is that the prospect seems overwhelming. Consider everything that business owners have to know: profit and loss, customer service, employee management, employment laws, safety rules and regulations, advertising and marketing, inventory management, to name a few. And this is just the general business stuff. Add to this industry-specific information and it's enough to make you want to close up shop and go home - for good.
But before you pull the covers over your head, take heart. Getting the education you need to keep your business cutting edge and thriving can be easier than you think. Here are some tips to get you started:
- Try to use distributors and manufacturers that are big on education. Both can be excellent sources of information, not only about their products but how to position and market them as well. And remember, in order to educate you, they have to educate themselves, which makes for much better suppliers in the bargain.
- Cast your nets wide and use every resource available to you. Loyalty to one particular trade association is well and good, but when it comes to attending shows and seminars, don't restrict yourself to one associations' alone. Go to any and all, no matter who is putting them on. The same approach holds true for trade publications. Read as many different magazines as you can.
- Don't think that you have to attend a college to get the education you need. Seminars and other types of classes can be found anywhere. One that Dave Angeley is currently looking forward to focuses on how to handle difficult employees. "Not that I have any at the moment," he laughs. "I just think this sounds interesting, and it could come in handy sometime down the road."
- Develop the habit of attending seminars and classes every few months. Seminars especially, because they require less time, can be a great way to establish an educational routine.
- Become a collector. Store away brochures, product information, course materials, general business information, anything that may come in handy. Creating a file cabinet specifically for these materials can be a great way to keep everything organized and accessible. Encourage your employees to contribute to this file as well.
- Don't take a course just once. It's not possible to learn everything the first time around. If you've found the information presented to be valuable, take the class again. You'll be amazed at what you learn the second time around.
- Learn from what other businesses are doing, and not just those in your industry - any business. See how companies handle their advertising. Analyze their strong points and what factors are contributing to their success. Take a look at how you can apply what they are doing to your business.
- Go back to the basics. Attending entry-level product or business classes can uncover gaps in your knowledge that you may not even realize exist.
- Visit businesses similar to yours outside of your area. Don't just look at what they are doing right. Also consider what they could be doing better. It's often easier to see the shortcomings in other businesses as opposed to your own. Then, develop your procedures to either rectify your similar shortcomings, or to ensure they don't show up in your business in the first place.
- Listen to everyone, especially new hires. These people in particular tend to ask different questions and bring a different perspective. Their freshness is a great tool for learning.
