As a business owner, you are fully aware of how vital it is to stay in the loop when it comes to the most recent market trends. Much like you continuously learn and adapt your skills, it’s expected of your employees to keep investing in their education and growth, as well. This approach has enabled many companies to increase their value when it’s time to sell the business or pass it down to a family member eager to keep the brand identity alive. Education and continuous growth should be part of that identity if you’d like your business to retain its purpose and its competitive market position, no matter who the new owner is.
With that in mind, especially if your goal is to increase the value of your business and with it, its employees who will continue working after you pass on the torch, you need to understand how education and certification will help you reach your goal. The following benefits of learning and regular certification will help you improve your company’s standing and its value, thus making it far easier to sell when the time is right.
Better efficiency – stronger retention
Well-educated and properly trained people are much better at their jobs. As a result, they are better equipped to handle complex assignments, pass on their knowledge to their colleagues through mentorship programs, and contribute to your organization’s growth in more ways than through their position.
What’s more, modern-day employees are not very likely to stay in a business that doesn’t invest in them. That goes beyond the occasional bonus check or the extra day of vacation for a job well done. The modern workforce wants to be appreciated through continuous growth opportunities. If you plan to sell your business and part of that selling point is your workforce and their dedication and efficiency – regular education will help them feel valued and they’ll be more likely to stay in your organization even after you make the sale.
Related: How to Sell Your Business To Employees
Covering your legal basis
There are different types of risk business owners need to handle, and one of them is ensuring that the company is legal and running smoothly at all times. Are there specific government policies and regulations that require ongoing certification so that your company is fully accredited to perform its services? Do your employees need to obtain a certain level of training every year to keep track of the industry changes?
For example, in the automotive industry, especially for collision repair experts, knowledge is everything. Mechanics need to be trained and certified in accordance with the leading manufacturers as well as master the latest repair techniques and tools. If you’d like to sell your body shop, you’d need the certifications to make your business truly worthy of any buyer in your market, and to ensure the new owner that they work in line with industry specifications.
Increased safety and performance
Among the many lessons we’ve learned from the pandemic so far, one key takeaway stands out: the goal for many companies should be to improve the safety of their operations. That means living up to the industry standards and following industry recommendations, all of which are outlined and covered in targeted workshops and seminars.
Giving your employees the knowledge they need helps enhance the safety of everything they do. Whether they’re medical professionals, car mechanics, hairdressers, or teachers, they need to know how to manage their workspace, their digital tools for better cybersecurity, and their expertise. In turn, that means better performance for every well-trained individual, and for the whole organization.
Boosting the value of your business
The reputation of your business is what makes it worth any buyer’s time or consideration. The key way for your company to keep building up its image in that professional sense is to invest in ongoing certifications. For example, as a healthcare business, your staff needs to be able to implement the latest in advanced cardiac life support procedures, especially if they are treating patients whose condition has been worsened by the pandemic.
The pandemic might have eliminated your chance to train your medical staff in a classroom or a lab, but you can ensure online ACLS recertification for your workers instead. That way, you’ll make sure that your healthcare workers will implement the most cutting-edge solutions in critical situations, and you’ll keep your business competitive even during the pandemic. The bottom line? Your company’s value is only as great as your investment in it. Contributing to your employees’ expertise through regular certification helps boost the value of your business, especially if the future owner intends to keep the staff.
Cutting costs and mitigating risk
Although you might first consider that certifications come at a cost, remember: the fines you might get and the subpar service you might provide without them, which can cost you your reputation and repeat business will far outweigh those educational costs. Especially if you have an intricate organization to keep going and to make it perfectly presentable in the eyes of a future buyer, these investments are significantly lower compared to the potential costs they can incur if you fail to obtain them.
Add to that, regular training and employee education ensures that your teams can safely use the most advanced equipment at your disposal. In the medical industry, if you’re running a private healthcare institution for instance, this can mean the difference between a nurse able to save a life, and one that doesn’t know how to use the most cutting-edge equipment. The lawsuits and the subpar service alone can cost your business dearly – not to mention make it impossible to sell.
Elevated business agility and adaptability
No single niche stagnates in the face of changing customer preferences and expectations. Today’s manufacturing companies need to not just keep up with the growing demand for specific products, but they also have to be able to adapt the market value of the product they’re making, as well as a whole slew of processes within the business.
Education, especially online, helps companies in such rapidly changing business categories to adapt more quickly. New knowledge and your employees’ new skills help keep your business agile enough to adapt quickly to these market changes.
Whether you’re looking to retire, or you’d like to pass on your business to someone with more industry experience while you move on to new ventures, keeping up with industry expectations is a must. One of them is the level of education your employees have and the approach to employee growth your business has established over the years.
Obtaining regular certifications seriously says a lot about your management and your proclivity to invest in your employees as much as your desire to grow your company. Make sure that all your workers have the right accreditation and education to work in your business, and selling your company will be all the easier down the road.
