Business Success Thursday Volume 203! How much do you invest in your people?

Here is another extract from our upcoming book, The Premier Way!…

I hope you enjoy this resource and receive some value for you and your business! (I always love hearing your feedback so please don’t hesitate to reply!)

Did you know?!….
That the top 20% of companies in the USA invest 3% of their revenue/sales on employee training!
So right now if your annual sales are $10,000,000, you should be investing $300,000 in staff training per year. The question is: Are you?

This doesn’t mean that you need to spend that money on external courses. In fact it is much better to work on improving your internal training and on the job coaching systems and structure, and supplement this with off site, external training courses.

Now is a great time to take stock of your current situation. Work out what % of your revenue you are spending right now on staff training. Now write it down, share it with your team and tell them about your new goal to begin growing people like never before!
Get them to help you brain-storm and then try-storm some ideas to make this happen.
What I have identified over the years is that the most successful and profitable companies are really focussed on one thing above all else: Growing people!
You can put this another way: The worlds top companies are really education companies. They are in the business of educating people. They are learning organisations.
One of my favourite quotes is this: A company of owners will outperform a company of employees every day of the week!
So if your primary goal is to build a company where everybody is thinking, learning, acting and solving problems like an owner then you my friend are on the track to a lot of fun and success!
At Premier Group NZ, we have a big vision and a lot of goals but whenever someone asks me what the single most important goal is, it is very easy for me to answer: Growing people! 😊 That is the #1 priority above all other goals and aspirations because I have discovered that by putting this first, then all other goals are achieved with a lot less friction, drama, stress, blood, sweat, tears and all the rest!
Think about it this way: If you grow your people, then they will improve your processes/the way you run the company and then in turn your quality and service improves which then leads to happier customers which then leads to more word of mouth business which then leads to continuously improving sales, profits and culture!
The problem I see with most business owners is this: Most try in vain to improve systems, quality and service with limited success as often it is only one or two people in the business who are fully engaged and are having to push and shove to make improvements and then to make them stick! This mostly ends up being a vicious and perpetual cycle of frustration, long hours and even despair! And if this is you right now, I feel your pain! I have been there and so have other leaders in our business. It is not a great place to be!
The problem with this approach is that you are putting the cart before the horse. You will never achieve a culture driven company of owners if you continue with this strategy.
You must put the horse first! In this case, the horse is your team! Begin by training and coaching that horse like never before! Starting with the morning meeting where you need to share the good news from the day before, customer complaints, production issues, sales, quotes, invoicing, some training etc!
The morning meeting then becomes the drum beat for the business and will be your platform from which to grow and improve the company on a daily basis.
Once you have got this going well then you can move to more intense daily and weekly training sessions for your team.

Then once this is underway, you can work on launching an online training platform like we have here at PGNZ. The GPP! (Growing people program).

On this platform, each of our team logs in daily with their unique login to do 15 to 30 minutes of online learning. On the GPP platform we have hundreds of videos all grouped under headings like: Finance, marketing, sales, strategy, culture, operations etc. Each week we add more high value content to the platform and keep tweaking and improving it.

Take action now: Review your current training plan (if you have one) and brainstorm with your team on how you can take it to the next level.

Then start your morning meetings immediately as the first step in your training journey. P.S. At Premier Business Academy we have tonnes of great resources to help you on this journey and support you along the way! Please feel free to email me back or go to:


Leave a Reply

Your email address will not be published. Required fields are marked *