If you own a business, you might think it is far too late for you to go back to school. Nothing could be further from the truth. Pursuing higher education as a business owner can do wonders for both your business and your team. In fact, there is nothing holding you back and everything to gain for your business success through higher education.
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Here are five ways that advanced higher education can help your business grow.
Higher Education Improves Your Skills
One of the main advantages of additional education is an improved skill set. This is especially true for managers. Unfortunately, managers often get promoted to higher positions without ever receiving extra training or education. This can make the managers feel overwhelmed and unsure and is reflected in their work. A recent study found that over 50% of managers say they have never received management training. This most certainly costs your business in the long run.
You Can Continue Working
One of the main reasons adults do not engage in higher education is because they can’t afford to take the time off from work. Because of the growth of online education, earning a degree does not require you to leave your company in the hands of others. You can study while you work. Also, many courses are only a few weeks or months long. So, you don’t need to dedicate years to acquire additional qualifications.
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Higher Education Builds Confidence
Learning new skills helps boost confidence. As we mentioned before, many managers feel unsure about their skillset. However, when they receive extra training, their confidence grows and they are more likely to be successful. This has obvious benefits for your business. Better productivity. Professional success. In addition, your self-esteem and happiness levels also increase. Research shows that people who train for their dream jobs (and then work in those jobs) are significantly happier than those who do not.
Creating New Possibilities
Education opens up new possibilities for you in your career. After all, an additional qualification makes you more qualified! However, many people think that on the job training is just as valuable, so they forgo education. However, in order to be promoted well and advance through your career additional education communicates your motivation to improve. That kind of confidence attracts more business!
Education Makes Employees More Valuable
Higher education does not only benefit managers; it can also benefit employees who want to improve their performance. Learning an extra skill set will make the employee (and therefore, the team) more efficient and productive. Supporting education also helps employees feel more motivated and passionate. This is very important, as a recent study found that over 80% of employees feel disengaged at work. That’s four out of five employees. Further education can help to reduce feelings of disengagement.
For instance, if you run a healthcare department, and one of your employees gets a bachelor’s degree in healthcare administration, your whole team improves. The newly educated employee can take on more advanced healthcare roles and responsibilities. This eases pressure on other employees, and it makes the team more cohesive and productive.
Finally, higher education for employees improves employee retention. Over time, promoting uneducated managers leads to unproductive employees and high employee turnover. Turnover alone costs businesses hundreds of thousands of dollars every year. Therefore, promoting and completing additional education ensures that your business is being managed well. A win-win situation!