NFIB

Staying in the Loop
12/ 05/ 2002

by Nancy Mann Jackson

If knowledge is power, it's essential that small business owners continue learning even after achieving entrepreneurial success. Regular training--mandatory in most large companies--is often overlooked or viewed as unnecessary in small businesses. But that's where it may be most beneficial.

"The business world is always changing, and it's important to stay fresh," says Salena Stalker, owner of Birmingham, Ala.-based 1 Source Business Solutions, which provides training for entrepreneurial companies. "Unfortunately, small businesses often only seek learning on a need-to-know basis. Once a fire has started, they realize they need to address the problem. But continuing education can help in avoiding problems.

"Continual learning really can create success for a business," says Stalker. "Any business owner who gets stagnant is not taking advantage of all the opportunities out there."

So where can you get that crucial education? There are a variety of choices:

Networking

Taylor Fernley, president of the Philadelphia-based management company Fernley and Fernley, is a member of The Executive Committee (www.teconline.com), a network of local groups of business owners who meet monthly to discuss business.

"It's like having an informal board of directors," says Fernley, whose family business has been in operation since 1886. "They're not just giving you the answers you want to hear; you really get the opportunity to grow in a very frank atmosphere."

Other less formal networking groups have sprouted up across the country, offering business owners opportunities to learn from each other's mistakes and expertise. At FreeAgentNation.com, entrepreneurs can join F.A.N. Clubs, groups of self-employed people that come together to exchange business advice.

Workshops

If you're interested in learning about a specific topic, your local Small Business Administration office probably offers a full calendar of business workshops, usually at affordable prices.

"I look at anything that's being offered and try to take advantage of it," Stalker says. "In a workshop, you always learn more because you're also introduced to the different perspectives of the other people in the class and you learn from their experiences."

Professional Associations

Regardless of your industry, there's bound to be a professional association dedicated to it. Because they're in tune with a particular field and most are committed to education, an association can be one of the best places to go for continual learning.

To find a professional organization in your field, check the "Gateway to Associations" at www.asaenet.org.

Independent Learning

Business-related Web sites, books and other publications are also popular educational tools for business owners, as they represent learning that can be done at your own pace and on your own schedule. For instance, nolo.com offers entrepreneurs a comprehensive legal education, free of charge. Companies like headlight.com, smartplanet.com, and numerous universities offer online business courses that also feature set-your-own-pace learning--ideal for busy entrepreneurs.

Start Learning

Make learning a company-wide priority: Encourage employees to take advantage of workshops and courses that interest them. Keep educational, industry-specific books and magazines on hand at your workplace.

Prioritize your learning: Rank topics you need to learn about (such as technology, management or bookkeeping), and actively pursue learning opportunities that correspond to your priorities.

Set learning goals: For instance, commit to read five career-related books, take two courses or join an educational association this year.

Budget for learning: Balance high-dollar learning opportunities (such as national conventions) with inexpensive learning (such as reading an educational book). Be aware of the return on your learning investments and continue pursuing only those opportunities that help you meet your goals.

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This article originally appeared in the December/January 2003 issue of MyBusiness magazine.

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