Limited cash-flow is an oft-used excuse for putting off staff development projects in a small business. However, with the help of government funding, this doesn’t have to be the case.
Offering training is great way to retain staff. A more productive workforce is also paramount for the bottom line. So, how can your small business benefit from subsidised training for staff?
At all level of government, training and education funding has been structured to assist in the improvement of small business around the country. There are federal programs as well as state funding programs available. Schemes include programs such as the Business Transformation Voucher Program SA, Innovation Insights VIC, Growth Fund and dozens more. Government subsidised training is also available for individuals through state government initiatives as well as the federally funded VET Student Loans.
Ensuring staff get the training they need can help increase profits
Depending on your industry, business size and revenue, different streams of funding will be available to you.
For example, the Small Business Entrepreneur QLD funding program gives smaller businesses access to professional advice and support at the early stages of the business. A designated funding amount is assigned for a business coach or consultant. The eligibility criteria for this scheme is clear cut. The business must be based in Queensland, employ less than 20 people, hold an ABN and have been registered within the last four years.
This program is just one of nearly forty federal government funding streams currently available to small businesses of all different shapes, sizes and colours. Your business’s situation will likely see you eligible for a range of government funding so finding the right fit can be a tall order. But it doesn’t have to be.
Government funding could help you upskill deserving staff
Often, employing the help of a third-party well versed in government funding options is a good investment for helping you identify the right assistance and offering/being able to provide the training. Registered training organisations such as Upskilled are equipped to align exactly what funding options your small business may be eligible for. They can also ascertain and deliver the best training options.
Upskilled are also capable of identifying if employees within your business are eligible for individual funding. If you are based in Queensland for example, you might meet the basic requirements for the state funded Higher Level Skills or Certificate 3 Guarantee schemes. These programs provide eligible students with a subsidised place in a training course in areas of priority for the state’s workforce – where there is a skills shortage or an increase in demand for qualified workers.
What’s more, the funding schemes are a win-win for the small-to-medium sized business landscape of Australia. By assisting small businesses with a leg up in training and education and creating business for training providers, the cycle of funds boosts the economy and results in a more capable and enabled workforce. The flow-on effect from this is hard to quantify but one can only imagine the benefits it brings.
The government’s commitment to small businesses in Australia is great for ensuring your team can stay productive no matter how stretched resources may already be.
So stop making excuses and start doing your research or engage a training provider like Upskilled who will do all the funding leg work for you.
This article was brought to you by Upskilled. Qualify for Tomorrow with Upskilled. For more information on Upskilled and their upcoming courses, visit www.upskilled.edu.au or call 1300 009 924.