If Warren Buffet’s business graph is anything to go by, the most successful business icon of the 20th century knows the value of investment. And, here’s what he has to say about the best investment one can make:
“Invest in yourself as much as you can, you’re your own biggest asset. Anything you can do to invest in yourself is the best possible investment you can make”.
Investing is a surefire way to grow your business. But, as a business owner, investing in yourself is probably the smartest decision in the favour of your company.
And, since education is one of the best ways to invest in yourself, it can pay far more dividends than any investments you’ll ever make. Let’s see how.
Keep up with the changes
The business landscape is in a constant state of flux. What’s working today, might not work tomorrow. New market conditions are emerging, customer demands are shifting, technologies are coming and going — and all of this is happening at a break-neck pace. Businesses must be prepared to adapt to the challenges thrown at them if they hope to survive, let alone succeed.
When entrepreneurs spend time and efforts in gathering new skills, staying up-to-date with the changes, and being well-versed with the latest developments in their industry, it helps them future-proof their business.
The ‘growth’ mindset
One of the virtues of continued education is the opportunity for growth. As a business owner, having a growth mindset can propel your business to new heights and encourage you to take calculated risks.
Lifelong learners are those who consistently build and upgrade their skillset and view education as a stepping stone for success.
Open up new avenues
You might have heard how the approach of “we’ve always done it this way” is a killer of creativity and breeds mediocrity. Continued education is the polar opposite of this approach. It not only helps you develop and enhance your existing skills but also broadens you horizon so you become more accepting towards new ideas.
Ingenuity and the willingness to experiment are two of the greatest weapons used by successful companies. Think: Apple, Microsoft, Google—these are among the most iconic brands of all times and they owe their stature to their laser focus on innovation.
Learning doesn’t only mean educating yourself in the latest knowledge and best practices in your industry. It could be learning about a different industry or another culture. For example, if you’re a wedding planner and you take up a short course on flower arrangement from Pearsons School of Floristry, you can also become a floral designer on the side, which can create a room for you to offer better value to your clients.
In fact, continued education can let you incrementally improve your services, which can have a direct impact on your customers’ satisfaction and ultimately, your bottom line.
The idea of continuing to learn might be a daunting one for many business owners. It is, however, the key to your personal growth and consequently, the growth of your business.