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​How can a cash advance help with staff training?

  • Blog
  • 25 January 2018

Businesses change and evolve over time, adding new services, modernising processes and adapting new methods of working into the repertoire of their staff.

Training is integral to making these changes as effective as possible. We highlight what to keep in mind when deciding on the training your staff need and look at key ways that training could be funded.

 How can a cash advance help with staff training?

What training do your staff need? 

You need to begin by looking at what skills you need your staff to have and if training can help your existing team members gain them.

This could be introducing a new way of working and needing to get managers up to speed on how this impacts the day to day running of a business.

You could be introducing a new piece of equipment or technology into your business, possibly as part of a manufacturing process This means you need to ensure staff know how to utilise it safely and effectively.

Training might be necessary to cover a range of health and safety issues that have arisen as a result of a change in your business, such as opening a warehouse and needing to provide manual handling training to all relevant staff members.

Taking the time to look at the skills you need for your business to thrive should be done in advance if possible, helping staff to be prepared and ready for when any changes or additions to your business are made. This can help them to hit the ground running and ease the level of disruption to your business.

How do you provide the training?

Once you’ve decided on what areas you want to improve via training, you need to decide on how your training is delivered.

This could involve a number of routes, including:

  • On the job learning
  • Gaining qualifications
  • Short courses
  • Mentoring

You need to decide on the sort of training you are going to offer your staff, as this in turn will have a bearing on the costs involved with training.

Learning on the job might require additional equipment, or time set aside during a working day for staff to learn how to use a new piece of machinery, for example. This might also include a degree of shadowing or mentoring as other staff impart the knowledge they have. In this situation, you need to accommodate for the time the mentoring staff member will spend carrying out training and not working in their day to day role.

Sending a staff member on a course is a good way to improve skills quickly. However, you need to ensure this doesn’t leave your business short staffed while that staff member is away. This could involve providing cover from other staff members which might lead to increased wage costs due to overtime or expenses.

The cost of training 

Training is necessary for most businesses, not only to help staff grow and develop but also to accommodate any changes you make to your business.

Providing training will often incur a cost, either in time devoted to developing staff instead of focusing on other areas of the business, or paying for training providers to do this for you.

Depending on the amount of training required and the time devoted to it, developing your staff can be costly.

Setting funds aside to devote to training is one way to accommodate this, but in the event that you expand and add a new offering to your business, that pot might not necessarily cover additional training for your entire team.

In these situations, a quick cash injection can help cover training costs and allow your business to continue to develop and offer more services to customers, in turn increasing the number of ways for you to generate revenue.

How can FSB help with your staff training?

Our Cash Advance service can help you develop the skillset within your business and achieve your company ambitions. The membership service includes:

  • A short-term loan that is unsecured, meaning your business assets are safe
  • The money can be in your account within 15 working days, meaning you can make use of the funds very soon after applying
  • The choice between flexible repayments based on a percentage of future credit and debit transactions, or a single fixed monthly direct debit.

To find out more about small business loans and how we can help you and your business, please visit our FSB Cash Advance page. Access to our Cash Advance service is included as standard with our Business Essentials package. Please visit our package comparison page to compare benefits of our packages.