South West Training Blog

Articles, tips, guides and blogs around business skills, training, professional courses and development in addition to South West relevant news.

Make your Training Company Tender Questions Relevant

Make your Training Company Tender Questions Relevant

Part of my role as a Training Coordinator at Training South West is to tender for training contracts within the Dorset, Devon and Somerset area. Although the initial documentation phase can be rather painful at times, a number of businesses use this phase as a basis to select companies who perform well against criteria to take part in a subsequent face to face process. I really enjoy this part of the process as it provides a fantastic opportunity to increase my exposure to the diverse range of South West businesses and I’ve met some really interesting people because of it.

Having considerable experience commissioning HR services in a buyer capacity, I can honestly say that I far prefer being on the bidding side of the table. My experience of running tender processes is that it’s hard work, demanding and extremely time consuming.

Plus, let’s be honest, the documentation submission phase never makes exciting reading! This phase resolutely erases personality and human dynamic and instead presents the buyer with pure operational data coupled with criteria descriptions and weightings. Analysing huge numbers of responses can result in buyer apathy for even the most committed people.

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Having been through a detailed analysis of the initial phase and selected a number of those who meet the criteria, is not unusual for buyers to view a potential face to face phase as the ‘finish line’ without even sufficiently preparing; with an obvious impact on question quality and focus. On a personal front, I’d always suggest that businesses appoint a staff member with no involvement in the initial stages to help frame and deliver this phase as this keeps the momentum and energy going and helps ensure the business makes the right decisions.

One of the most effective ways of establishing questions to be used during the face to face phase is to speak to as many internal users of training services as possible.  Whether previous training delegates from across the organisation or Managers who have actively identified and overseen the delivery of training needs, these individuals will all have a view on what they believe works well for the organisation and areas which have maybe not worked so well.  Get as much feedback as possible as this will generate detailed insights into a broad spectrum of perspectives which will undoubtedly yield areas of relevant focus.  Consider also reviewing the long term impacts of previous training courses.  In what way did the courses impact the organisation?  Was there sufficient follow up? Was there a strategy in place to ensure that key learnings were further consolidated upon return to the office?

It may also be beneficial to draw upon your local business network to establish additional additional themes with which to discriminate between training providers. Since the training industry is constantly evolving, so too are the questions being asked of them.

In the meantime, here are some questions which I have either asked or been asked:

  • How will your trainers ensure they deliver the most impact within our business?

 

  • How will your trainers utilise their role to engage with our staff in a way that may otherwise be compromised by the hierarchy and structure of our business?

 

  • What will your trainers do to ensure that the training delivery methods used by your team constantly evolve and engage our staff members?

 

  • What methods will you use to assess the long term efficacy of your training interventions?

 

  • What might you do to address an imbalance between short term and long term training value?

 

  • The learning preferences of our staff can be very different. How will you ensure the training process is valuable for all our staff members?

 

  • How will you plan your training sessions to ensure that they are business relevant?

 

 

Training South West provide in-house and open training courses to businesses within the Somerset, Devon and Dorset areas. Look out for our 2016 open course calendar which will be published shortly.

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Is Financial Illiteracy Costing you Dearly?

Is Financial Illiteracy Costing you Dearly?

According to research by the think tank ‘IPPR’, British people love going it alone. They estimate that over 14% of us now work for ourselves.  There’s clearly a huge attraction to working independently (not least being able to manage your own holidays and working times) but the realities of being a sole worker without the backing of all the functions that typically support a larger business can be tough.
 
Not only does the individual need to excel professionally within their chosen specialism but they also need to be adept at marketing, sales, administration systems and processes, website management, IT, HR and finance. Arguably, financial literacy is one of the most critical assets as, without it, the success of the enterprise becomes at best compromised.  Poor financial literacy is, without doubt, one of the major reasons that so many self-employed enterprises fail within the first few years.  

Take for example an individual who has excellent turnover. They assume everything is ok because their sales ledger tells them it is but this individual has an insufficient understanding of cash flow. Despite successful sales, they have not forecast creditor needs and general expenditure such as annual tax payments and their business starts to suffer.

Although financial literacy is an essential skill, most schools do not teach it and neither do the majority of parents.  As such, an individual may leave academia with a praiseworthy understanding of their chosen speciality and establish their own enterprise but the inability to understand and reconcile their P&L, decipher assets from liabilities and truly understand their Balance Sheet jeopardises the potential of their business.
 
Financial training is therefore one of the most important investments that self-employed individuals should make if they are to successfully drive their enterprise.  Self-Study via internet sites is better than nothing and there are some great resources out there which will at least equip you with a basic understanding. Operating in the absence of a detailed knowledge and pressing ahead regardless could be something that the individual regrets later down then line when financial poor management catches up with them.
 
If you are yet to embark upon financial training or study, then here are some practical frameworks in the meantime:

•    Ensure you have excellent record keeping, including fully comprehensive sales and purchase ledgers.  Absolutely everything connected to the business and bought on behalf of the business should be tracked in detail (with receipts where necessary) and equally all sales made on behalf of the business should also be tracked.  Reconcile these ledgers weekly if not daily to ensure that income is meeting outgoings.
•    Prepare a budget – what out of the ordinary expenditure will be due?  This may include for example annual insurances, tax payments, IT renewals, professional membership renewals.  Review against purchase and sales ledgers.  Has enough money been put aside for these payments?
•    Consider the credit terms you offer to clients; does the speed at which you collect payments allow you to meet creditor demands?  If you are giving credit to clients then always reference their credit worthiness. There are plenty of companies online providing this service. Where possible take payments in advance.
•    Avoid taking on debt. Where possible defer large purchases until such a time as you’ve generated sufficient net profits to make the payments. Debt is a sure way to burden your business – often unnecessarily.  
•    Consider how best to develop your financial skills – whether this be via online research, online courses, mentoring from someone within your network or face to face training, it is essential that you put a development plan in place.  At the very least develop a detailed understanding of terms such as cash flow, profit margins, assets, liabilities, net profit, gross profit, balance sheet, expenses, operating costs and depreciation.
 
By prioritising the need for financial literacy you have already increased the chances of your business succeeding.  Get this fundamental skill under your belt and you give yourself a significant competitive advantage.

Training South West supply business training to companies across the South West, including Dorset, Somerset and Exeter.  Courses may be tailored specifically and delivered in-house, or, via open settings. Financial courses include 'Introduction to Finance Management' and 'Advanced Financial Skills'.

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