When you’re in manufacturing, finding ways to improve your cash flow can mean the difference between sustainable success and inevitable failure.
To help save your business money, try these practical tips.
1.Invest in Quality OHS Training
Data from SafeWork Australia shows that there were 106,565 serious workers’ compensation claims between 2013 and 2014. 
Implementing OHS training can reduce premiums and reduce the likelihood of a claim within your business. With strategic investment into training that focuses on improving on-the-job safety of your employees, your workplace wins in lots of ways – through improved productivity, and reduced risks of injury.
Chemical company, Huntsman, found that the key business impact for implementing OHS training was the subsequent reduction of insurance (WorkCover) premiums paid by the company. While no fiscal benefit could be reported the first year of implementation due to insurance being paid from the past years results they were able to report a ROI of 1,277% for the second year of the training program.
2. Develop Managers Who Are More Efficient and Effective
According to John Skabelund, president of Altima Consulting Inc, 13% of managers’ time is spent managing poor performers and 14% correcting mistakes of these same under performers. This is equivalent of thirty-four days every year. 
From these statistics it’s clear that without adequate training and knowledge, managers spend much of their time dealing with underperforming staff members. Invest in management training to free up your talented managers, enabling them to operate at their most efficient and effective.
3. Build Better Leaders
Leadership training for managers can develop a more productive, innovative business environment – saving time and money for your business. By training your managers to develop leadership skills you will encourage a shift in management that moves from focusing on planning, controlling and organising to focusing on establishing a culture, vision, a willingness to learn and embrace new practices.
This development of leaders ensures your business is equipped for tomorrow, with an engaged workforce ready to respond to changing market demands.
4. Tailor Training For Your Business
Tailored training is key to catering to your unique business and employee needs. With contextualised training that engages your employees, you can benefit from a return on investment of around 30% – a solid investment in your business growth.
5. Maintain Staff Engagement
Ensuring your staff members are engaged at work is key when it comes to driving a successful business. A Towers Perrin – ISR study showed that a low-engagement company saw 166% lower net profit margins compared to companies with higher staff engagement. Training and developing staff members’ skills is a proven way to increase staff engagement and commitment. Engaging your staff will ensure lower staff turnover and save your business money by offering tailored training programs. 
6. Move Your New Employee Training Online
Introducing new employees to the business is more cost effective as well as practical when done through online training. Not only is online training practical, if done right it can be more engaging, time efficient and more effective enabling new staff members to retain more information and requiring less resource allocation from your business. 
69% of employees are likely to stay with a company for three years if they experienced a good onboarding process. 
1. How can leaders implement workers’ compensation cost reduction strategies?, IPM Consult,http://ipmconsult.com.au/inspiring/ipm-blog/whs-training/how-can-leaders-implement-workers-compensation-cost-reduction-strategies/
2. Boost your bottom line with better people management, John Skabelund, http://www.awci.org/media-archives/construction-dimensions/461-boost-your-bottom-line-with-better-people-management
3. What ails our retailers? Retailing with our eyes wide shut, Dennis Price, https://www.insideretail.com.au/blog/2017/05/25/what-ails-our-retailers-retailing-with-our-eyes-wide-shut/
4.SAFC, Benefits of Training, www.the-linc.com.au/files/405_benefits_of_training.pdf
5. Onboarding and learning: Are you throwing recruiting money down the drain?, Cornerstone OnDemand,http://ijodi.com/pdfs/Nonexistent%20TM%20Is%20Costing%20You%20Money-WP_web.pdf
6. The Top 5 Online Training Benefits In The Retail Sector, Christoforos Pappas, https://elearningindustry.com/top-5-online-training-benefits-in-the-retail-sector
7.An onboarding checklist for success [infographic], http://blog.octanner.com/editor-picks/an-onboarding-checklist-for-success-infographic
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