This paper looks into small business development and employee training strategies. Business development is the ideas, activities, and initiatives aimed at making a business grow. This includes increasing revenues, growth in terms of business expansion besides increasing profitability by building strategic partnerships and making strategic business decisions. Also, small business development pays attention to sales, marketing, planning, management, cost-saving, and other strategies. Employee training strategies help employees learn specific knowledge to improve the performance of the business. It, therefore, focuses on employee growth and future performance besides their intermediate jobs.
small business development and employee training strategies
THE IMPORTANCE OF EMPLOYEE TRAINING STRATEGIES
Employee training strategies have the following benefits. First, they improve employee performance by giving them a greater understanding of their roles hence build their confidence. Second, they address weaknesses among employees which allows them to strengthen their skills and improve their workability hence make strategic business decisions. Third, it improves employee satisfaction whereby the employees feel valued hence increase their productivity in the business. Forth, it increases innovation in new strategies and products since the training encourages creativity this helps in small business development. Lastly, training strategies ensure that employees have a consistent experience and background knowledge on business policies and procedures. This consistency, therefore, results in financial gain for the business.
importance of employee training strategies
STRATEGIES FOR SMALL BUSINESS DEVELOPMENT
Small business development involves the following strategies. First, market penetration which works in scenarios where there are neither new products nor new markets to enter. This leaves the business with the option of focusing on current products. Second, market development is a popular strategy for businesses that have problems finding footing in the current market. Third the use of alternative channels through the internet. This, therefore, enables businesses to sell their products online, through subscriptions and mobile applications. Also, through employee training strategies, small businesses use diversification for product marketing. This is whereby employees use their skills to expand operations in the business. Lastly, small businesses can make acquisition through strategic business decisions to acquire resources from big companies.
strategies for small business development
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