Set aside a training budget

News that employment continues to grow is both good and bad for start-up entrepreneurs.

Good because it means the economy continues to pick up speed, but bad because it means you are going to find it harder to attract star employees.

So how do you react to a looming labour shortage? It’s hard for me to talk from experience, given workers would walk over broken glass to earn a job with Taskmaster Enterprises, but one thing I would recommend is setting up a training budget.

There are two benefits. Firstly, if you have to settle for a staff member who has a great attitude but is down on some specific skills, you can send them off to a course or seminar to get up to speed.

Secondly, if you want to lure a star worker from a competitor or even from one of your contacts, then being able to offer money and time for training could help swing that recruitment conversation in your favour.

Most importantly, don’t feel bad about spending money on training – it really is a cheap way of bringing new skills into your business.

Get it done – today!