What Characterizes a Well-managed Training Business?
Training providers who achieve success – with high profits and a good reputation – do so because they share some common characteristics that almost guarantee a certain level of performance. By working closely with training providers in many different industries and situations, we have found five factors that characterizes a well-managed training business.
Read on to learn how to incorporate these elements into your training business strategies.
Is professionally managed and has profitable growth
Firstly, what characterizes a well-managed training business, is that it is managed like a professional business. The business has formal, well thought out strategies, plans, systems and processes, as well as a disciplined and profit-oriented approach to doing business. The business has clear goals and a clear distribution of responsibilities.
What also distinguishes the well-managed training companies from less well-managed training companies is that they are able to handle growth.
All training companies experience so-called “growing pains” when the business is growing. Registrations are flowing in, the amount of information is often unmanageable, the pace is accelerating and there is little time for well-considered decisions. In a way, the business grows faster on the outside than on the inside.
The training companies that plan well ahead of and along the way, in the expansion, identify the need for qualified and new employees, acquire the necessary systems to deal with participants and administrative tasks and get the most out of the growth opportunities, they are the ones who succeed.
Characteristics summarized: A well-managed training business is professionally managed and has profitable growth.
Have a clear vision and see the bigger picture
A good training business has a clearly defined purpose and cultivates the attitude that the purpose is more important than the process. The direction of the business is clear and is understood both by the company’s employees and by the company’s customers. The employees also feel that the work they do is meaningful.
An important factor that characterizes a well-managed training business or organization, is that the employees have the same goals as the managers. Everyone has a sense of inclusion and participation, and everyone finds their work meaningful.
People find their work meaningful when they see that what they do is valuable and connects the work to something greater than themselves and the task alone.
The results will therefore vary between training companies that have the attitude: “We hold courses”, “We teach other people new things” and “We help others achieve their dreams”.
There are training companies with attitudes like the latter that reach the furthest.
Characteristics summarized: A well-managed training business is a motivated and proud training organization with a clear sense of accomplishing meaningful and valuable tasks.
Focuses on development
You may find that you are constantly stuck with administrative routine tasks and that further development of the training activities will come second in line.
The truth is, in order to compete effectively, your training needs to be constantly developed. It is not enough to do what you have always done and what has worked in the past.
The most well-managed training companies are able to adapt to a constantly changing market. They seize new opportunities and deal with unexpected problems that suddenly arise.
Because they take responsibility and make necessary changes when conditions require it, they are also more likely to succeed.
Characterized in summary: A well-managed training business is a business that spends enough time developing the training organization, not just managing it.
Cater to customers throughout the entire customer journey
The success of a business is largely determined by how the business treats its customers.
Namely, the way a business practices customer service has a direct impact on the reputation of the organization.Without the trust of customers, the business will not be able to make money.
Delivering high-value communications at the right times during the entire customer journey can therefore be critical to the success of a training business.
Many training providers are good at taking care of their customers during the training itself, but forget the necessity for good communication both before and after the training.
The best training providers, on the other hand, are incredibly good at just this.
Characteristics summarized: A well-managed training business has satisfied customers who are well catered for at all points of contact throughout the customer journey.
Focuses on efficiency
Efficiency is important for both growth and profitability.
Well-managed training companies recognize this and are always looking for new ways to streamline the business.
They have good procedures in place, regularly measure and evaluate the efficiency of processes and systems, and are able to maintain high productivity with positive results while managing costs. Most people achieve this through good planning and using technology that makes it possible to streamline and automate training activities.
In this way, the training business is given the opportunity to prioritize more value-adding tasks that bring the business to new heights.
Characteristics summarized: A well-managed training business streamlines and automates time-consuming processes and provides more time for value-adding tasks.
These are the five qualities we constantly find in well-managed training companies. Overall, these constitute a standard that less well-managed training companies can and should strive for. How is your training business going?
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Over 2600 training providers use solutions from FrontCore – and that’s not without reason. FrontCore is one of Norway’s leading competence environments within training web marketing and cloud systems for training management. With over 18 years of experience from the training industry and our finger on the market pulse continuously, we help training providers achieve more efficient operations and higher revenue.
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Author: Eline Hagene
Inbound Marketing Manager
Eline produces content to help training providers achieve a more efficient and profitable training day. She is certified in the Inbound methodology through Hubspot and has completed a Bachelor of Marketing management at BI Norwegian School of Management. Visit Eline’s LinkedIn profile here.
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