Training is an investment not an expense

There’s an old saying in business, “the cost of training your staff and them leaving is far less than the cost of not training your staff and them staying”. Training is an essential ingredient to building a high sales performance team. If you don’t train your sales team, they’ll learn “on the job” and can end up blowing precious sales leads that your marketing department worked so hard to get.
 
Now I’m not knocking learning from experience, that’s an essential part of a high performance team too.  What I’m suggesting is, if you want your team to be at the top of their game, then you need to invest in training.

See training as an investment, not an expense. Like any good investment, you need to get an adequate return for the time, money and energy that you put into it. However, what a lot of managers and executives don’t take into consideration is the opportunity cost of not doing training.

The late great Zig Ziglar puts it another way. He asks the question, “How much commission [or profit] did you make on the sales you almost got?” Many companies will invest hundreds and thousands of dollars on marketing and generate hundreds of high quality leads, only to have their sales people flush them down the toilet.

In my work with business owners, I’ve found it far more cheaper and more effective to focus on sales conversions over lead generation. Whilst investing in lead generation is important, you get more bang for your buck by investing in conversions. The best way to increase your conversions is through training.

So... how big is your training budget compared to your marketing budget?