Running a small business is no small feat. A small business owner has many hats to wear, and they can be overwhelming. According the Bureau of Labor Statistics, 50% of small businesses don’t make it past the fifth year. Those that do still face serious problems that threaten their viability and sustainability.
One of the most serious issues, alongside lack of capital, is the lack of capable employees. Small business employees must multi-task, and that makes them all the more valued. Finding capable employees keeps 54% of small business owners up at night.
One of the biggest employee issues for small businesses is the lack of training for employees. An untrained workforce is prone to costly errors and results in stagnated professional development. Tight budgets and schedules hinder employee training in small businesses, but there is a solution: a Learning Management System (LMS).
These systems are sometimes mistakenly assumed to be too costly and time-consuming. LMS Systems provide a cheaper, effective solution for employee management and training with the option to update and communicate additional material.
This article provides key reasons why small businesses should implement a LMS into their organization.
It’s Easy to Store and Access Data
While companies store documents and other required data in online drives and storage facilities, most employee training manuals and information are stored using hard copies. Hard copies are hard to carry around, and an update to the manual requires printing the whole manual again, further burdening the budget.
A LMS provides the optimum solution for this problem. Not only does a LMS provide a platform that can be accessed from anywhere, but any updates can be easily incorporated without the hassle of re-printing. A LMS ensures every team member has the updated version at the same time.
Apart from all this, a LMS also helps maintain daily HR routines and manage employee records, etc. A LMS is a profitable option that makes your organization paper-less and environment-friendly.
It Enables Personalized Training
Small businesses are built to cater to a small group of people, and that often means that employees need customized training to provide a high level of customer service.
Building a custom training program from scratch requires a programmer, time, and money - something many businesses cannot afford. A LMS can allow you take an existing course from the market and edit it down to suit your requirements.
A business can also take different courses and construct an educational program to teach employees how to master relevant business skills. Usually, personalization comes at a great cost, but thanks to a LMS, small businesses can also enjoy personalized training.
It Saves on Costs
Cost occupies the minds of small business owners and it’s often used as an excuse not to implement a LMS. They’re wrong.
A LMS is affordable for small businesses and saves money in other areas. Until recently, only established companies could afford to maintain the software required for a learning management system. However, with the rise of Software-as-a-Service (SAAS) providers, it has become effortless and affordable to manage training software.
On the flip side, it also saves the business from a bunch of other costs such as instructor fees, travel, lodging expenses, printing fees, learning material, etc.
It Allows Employee Tracking
While traditional methods don’t provide an easy way to monitor employee learning and track their progress, a LMS offers small businesses the option of assessing the growth of employees.
Through periodical training data reports, as well as individual statistics, such as courses completed, chapters completed, or quizzes attempted, an employer can better visualize an employee’s learning journey.
Furthermore, employee progress reports and regular check-ins can help small businesses understand the dynamics of training and performance ratios and tweak their formulas. Small businesses can benefit by introducing a learning management system for their employee training, saving much-needed capital and increasing employee productivity. A fully trained workforce is bound to reflect in the company figures.