From an employee point of view professional development is about further learning to lengthen and enhance your career skill set. For an employer professional development is about ensuring employees have the knowledge and enthusiasm to do their job in the best possible way. Companies and individuals benefit from professional development but as it is usually companies who bare the time and financial cost, they need to weigh up the pros and cons.
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Increased effectiveness of employees - this is usually the reason behind most companies taking up professional development activities. Skills learnt in school and university can updating and refreshing as the workplace changes. The better employees are trained to do their job the more effective they will be and the higher their output. Additional training o old staff to improve their skill set is much quick and more cost effective than employing new staff.
Cost of training-an employer need to decide if the cost of bringing in a trainer or investing in online learning is worth the improved employee skills. If the professional development courses required are conducted by private companies or require staff to travel the price of train may seem to outweigh the benefit of increased employee effectiveness. Employees should consider online learning. Many modules can be completed by employees on the internet. Once the modules have been purchased they can be reused without travel or instructor costs.
Increased employee morale - being singled out for special training can help employees to feel special, like they are being recognized and rewarded for their hard work. Though for this benefit to materialize professional development must be addressed by management as a reward not a punishment for lack of work or skills. This can also have flow on effects of inspiring other employees to work harder so they can be considered or the next round of professional development activities.
Cost of decreased productivity - if the company is small or if the employee who will be undergoing training is an integral part of daily operations absences due to development days can lead to decreased productivity. When numerous staff are involved in one training session productivity will surely be reduced considerably. Employers need to decide if this is a reasonable cost when weighed against happier more effective staff.
Adaptability - the market place is always changing. Companies which cannot adapt will be left behind. A flexible company needs staff which can quickly cope with changing work roles, industry standards and practices. Only though continued learning, contact with other professionals and exposure to new ideas can this be possible.
Staff seeking new employment - there is a fear that if employers improve their staff to much employees may beging to seek better employment elsewhere. Studies show companies with relevant professional development programs generally have employees with greater job satisfaction. People want to do their job well and professional development allows them to do that.
Without trade finance, there wouldn't be Indian spices, clothes, or jewelry in the United States. Or Apple's iPhones in China, much less any other international product at any respectable distance from its origin.
In fact, according to Investopedia, the World Trade Organization (WTO) estimates that international world trade has expanded 80%-90% thanks to trade finance.
For this to continue, companies need to include trade finance in their business development strategies.
How do you do that? Learn how you can incorporate trade finance into your business development strategy.
Incorporate Inland Trade Finance in Market Penetration and Market Development
Market penetration and market development are key parts of a business development strategy. Market development involves selling more of your service or product to repeat customers.
While market penetration is about expanding your product or service to other cities and provinces, it can involve inland trade finance. As you may have to renegotiate local and provincial trade deals.
For instance, let's say you sell jewelry. A business from a neighboring city may purchase your jewelry and sell it to its customers.
You have a long history with this client. And know that your product is selling quickly in your customers' shop. In which case, you could propose selling the client more jewelry for a bulk price.
After negotiating, the client agrees. However, despite the long, positive history you've had with the client, the client may not feel comfortable paying you before you export the jewelry.
This is where a trade financier or banking institution comes in, providing a letter of credit promising that you will export the jewelry upon payment.
Consider the Internet and Brick-and-Mortar Stores
If you're already selling more of your product or service to clients, perhaps it's time to branch out to another channel such as the Internet?
If you run a successful e-commerce store, maybe it's time to start a brick-and-mortar store as well?
That way, your customers have more options where to buy your products.
Especially when it comes to brick-and-mortar stores, trade finance can help you secure new import and export trade deals-especially when there are multiple currencies involved.
Creating a New Product or Service for Repeat and New Customers
With repeat customers, you're doubling the number of products the repeat client is importing.
And, with new clients, your new product or service will expand your client base. It's important that you first create new products for your repeat customers before jumping to new customers, as it involves more risk.
Again, trade finance can help cultivate more trust during this period of growth. Since trade financiers or banking institutions can create letters of credit, laying out the terms the importer and exporters must follow.
Final Thoughts About Your Business Development Strategy
Know that growth doesn't happen in a day; it's harder for businesses to jump from market penetration to supplying new products to new clients.
This is why we recommend that you approach growth slowly. Goal achievement However, know that trade finance may help increase the number of clients you trade with, no matter where they are.
What's your take on trade finance? How has it helped your business? Share your thoughts, comments and responses with us.