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As a finance entrepreneur, you have to handle sensitive information like managing cash and financial details of clients. eLearning equips you with knowledge, so you are at pace with the quickly evolving industry trends and demands.
As the eLearning industry is set to become a $319 Billion industry by 2029, more organizations and entrepreneurs shifting resources into this pocket of online education, showing that people see the benefits of this approach.
If you’re battling with the decision to start adopting eLearning as a way to train your finance team, then it’s time to jump into the trend.
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These are just a few factors that are out of entrepreneurs’ control. But with eLearning as an option, you can quickly adapt and gain insight and knowledge that will help you, your business, and your team to adapt to these changing times and improve your entrepreneurship skills.
In this article, we will dive into some of the many benefits and reasons why entrepreneurs in finance should start investing in eLearning.
Benefits of eLearning for Finance
1Reduces Cost
One of the key advantages of eLearning is cost reduction. Multiple costs factor into training and development.
If you attend a conference or a traditional classroom setup, you don’t just spend on admission. You also have to pay travel and accommodation costs. But with eLearning, those costs become virtually zero. This could be a great benefit for small business owners.
With lower training costs, you can rechannel your resources to other things. Or, you can also invest the same training investment in adding to your company’s upskilling efforts.
There are various types of eLearning to fit what you need:
2Improves Productivity
Another benefit of eLearning for finance entrepreneurs is boosting productivity. Studies show that eLearning improves employee productivity by 15-25%.
An online course can benefit entrepreneurs with employees who want to upskill or learn new skills to help them work more effectively. There’s no reason to believe business owners won’t benefit the same way.
Consider how an accounting firm can purchase an online course on how to maximize Xero or Quickbooks. That will help their staff get more done. Or how about a soft skills course on time management?
Another factor that improves productivity is how eLearning helps with employee retention on specific topics. Modern eLearning management platforms use interactive content like gamification and videos. That means these learning materials are accessible and engaging for the learner.
3Increases the Company’s Bottom Line
Taking the first two benefits discussed above, it’s easy to deduce that eLearning can help improve the company’s bottom line.
When productivity increases and costs decrease, it almost always results in more profits and sales. When you upskill as a finance entrepreneur, you find better ways to serve your clients.
By doing so, you are able to retain more clients. Providing great client service also improves the chances of getting a referral.
Digital marketing and advertising are important roles in business, especially in the finance industry. Still, service supersedes many things.
And think of it this way: As a finance entrepreneur, you can also take a course in marketing and learn various ways to market your business.
4Lowers Environmental Impacts
Looking at eLearning alternatives as opposed to traditional ones can also decrease environmental impacts. Studies show that eLearning produces 86% fewer greenhouse gasses.
That is due to lesser travel, which then results in lesser carbon emissions. To have one conference with a hundred delegates will result in carbon emissions. But if everyone stays in one place, it reduces the need to travel and thus reduces carbon emissions.
5Provides Self-Paced Learning
Not everyone learns at the same pace, and that dilemma has been the cause of a lot of learning delays on the part of faster learners. Or the opposite can happen where people who might take more time to learn, get left behind.
Shifting to self-paced material on an online learning platform gives learners more control to learn at their own pace.
Self-paced learning can highly benefit the busy entrepreneur who has to juggle multiple roles.
If as a finance entrepreneur you cannot commit to attending a physical seminar during office hours, you lose the chance to upskill. But if you take an online course based on availability, you can access the modules anytime, learn in the evenings or on weekends, and still grow in your respective fields.
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6Highly Scalable
Another direct benefit of eLearning for entrepreneurs is scalability.
Take, for instance, leadership coaching. If one wanted to book one-on-one coaching with a leadership coach, it would be challenging, especially if that coach is in high demand. But through an online masterclass, you get quicker access and have the same access to entrepreneurship insight and information.
It’s also much easier to scale eLearning courses than traditional school curricula as you can produce the learning content once (whether written, audio, or video format) and then make it available evergreen to the public for as long as the material remains relevant. In some cases, entrepreneurs use the best CMS software systems to stay on top of their content.
You may also share online training on social media for more eyes to look into your materials if you want to. eLearning modules can be scaled up for rollout to as many employees as needed and in as many languages as required.
You no longer need to look for instructors and classroom space that should be dedicated for the training as learners can just log into their mobile phone or computer.
7Speed in Launch and Delivery
Mounting a webinar generally takes less effort than launching a physical conference. Creating an online school costs less and takes less time to launch than launching a physical one.
Because eLearning’s key benefits are cost and time efficiency, educators can launch programs faster with their online classes.
This benefit is highly important in an industry like finance, where best practices can shift. Rolling out updates to KYC processes, accounting compliances, taxation, and other finance-related information that could change quickly will need a channel that goes live quickly.
Having compliance training in your materials can help to better educate your team.
8Access to Insights and Analytics
Many of the online learning platform options don’t only have a content delivery platform. They also provide vital insights and analytics that could automate evaluations and improve the learning experience.
Features like completion rates, quiz scores, learner feedback, and so on go into a cloud-based learning management system that gathers, processes, and presents information to stakeholders.
Entrepreneurs need to spend a lot of time looking at their efforts and evaluating if there’s fruit in the endeavor. Consequently, some ignore evaluations and never see if their training efforts are providing any value to their company.
But with access to insights, data, and analytics, they can now make more informed decisions on what training their staff benefits from most with their LMS to boost the learning process.
9Mobility and Flexibility
When you design an online course, you should always be mindful of mobility. A global workforce needs global collaboration.
Nowadays, you can complete an online course on any device— a desktop, laptop, tablet, or even phone.
Mobile learning is on the rise. And with that flexibility comes a sense of mobility. Employees and entrepreneurs can learn wherever they want to. They can be at a coffee shop, at home, or even off on a beach somewhere and still keep learning and growing.
10Better Privacy and Control
Some, if not most, of your training materials and internal procedures lie within your firm. With an elearning platform, this is not a problem.
Today’s eLearning tools provide a VPN or firewall. Employees can access an interactive knowledge base with peace of mind, providing asynchronous learning even when they work remotely.
They can access new courses across different firms if you provide that and still easily continue the learning process.
eLearning for Years to Come
There’s no doubt that eLearning is crucial to organizations. Our current understanding of eLearning challenges and solutions enables us to do much more to improve the way entrepreneurs and their teams learn, especially in startups. Furthermore, resources like an entrepreneur grant can offer the necessary financial backing for individuals aiming to enhance their expertise and capabilities.
So as these trends continue and eLearning grows, it’s best to start getting into the rhythm of it now while the movement is still relatively early. Remote learning is not going anywhere and will help finance entrepreneurs to begin maximizing it now.
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Rosemary is LearnWorlds’ Content Marketing Manager. She has over 2 decades of experience in omnichannel marketing and content writing for the IT and SaaS industry. Her expertise lies in crafting effective content marketing strategies that attract, engage, and nurture customers, enabling LearnWorlds to reach its target audiences with precision.
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