Why Continuous Learning Matters
When you’re a small business, staying one step ahead of the competition is essential. Yet, many small business owners grapple with the decision to invest in employee training and development. With limited resources and immediate financial pressures, it can unintentionally get pushed to the bottom of the priority list. However, investing in your team’s learning and development is a strategic move that can yield significant returns.
Jack Welch, the former CEO of General Electric, famously said, “A business’s ability to learn, and translate that learning into action rapidly, is the ultimate competitive advantage.” For small business owners, creating an environment of continuous learning is essential for maintaining competitiveness and ensuring long-term success.
It’s natural to hesitate about investing in training. It can be expensive, and with tight budgets, it’s often seen as a luxury rather than a necessity. Training rarely seems urgent, which can mean that businesses focus on essential, government-mandated training that do have a specific deadline or requirement.
Another perhaps less spoken about view is why change something that’s already working well, or where staff are generally satisfied with what you offer them? And what if you spend money on training and development, only for them to leave? It’s a risk, especially in sectors with low margins and a perception of high turnover like food and beverage, and retail. Because even when training is ‘free,’ it comes with the cost of paying your team for their time, and that’s not time spent working in your business.
However, survey after survey finds that employees consistently cite not feeling valued by their manager and business as a top reason for leaving, far above the desire for a better job or higher pay. Investing in their growth is a powerful way to show your team that you care about them. Richard Branson captures this sentiment well, saying, “Train people well enough so they can leave. Treat them well enough so they don’t want to.”
In fact, the cost of replacing a team member who leaves is significantly higher than investing in their development. Hiring and training new staff can be lengthy, time-consuming, and costly, often far exceeding the cost of investing in your current team’s learning.
But what if the worst happens, and they do leave? Many great leaders share that seeing team members develop and move on to the next step in their careers can be one of the most rewarding experiences as a leader, provided they leave for the right reasons.
While any turnover presents challenges, particularly the difficulty of finding good staff in a small market, it also brings significant benefits. It avoids stagnation, boredom, and mediocrity in your people and, in turn, your business. Having someone eager and willing to learn in your team for two years, who then moves on to bigger things, is arguably far better than having someone mediocre stay for ten years. It keeps the team on its toes and fosters a culture of continuous learning and growth. Without learning, growth, and change, businesses stagnate.
Given the pace of the world around us, small businesses cannot rely solely on the owner to introduce new ideas and innovations. The entire team needs to be engaged in this process to keep the business fresh.
The wonderful thing about our community in Gibraltar is that if all businesses invested in continuously upskilling their teams, the entire talent pool becomes enriched. People moving from business to business bring new skills, perspectives, and energy, benefiting the whole ecosystem. Developing a reputation as a business that values professional growth and truly cares about its team could be a key differentiator, helping you attract the best people to work for you.
One challenge to acknowledge is the misconception that learning only happens in formal settings, such as training courses. In reality, learning should and can be an ongoing, everyday activity. Training courses can be high-cost and often require a full or half day out of work. However, learning doesn’t have to be expensive, nor be something that happens once or twice a year. We can learn every day through podcasts, YouTube videos, and even reading a magazine like Thrive to pick up tips. Many of us scroll through Instagram, where experts in every field share their knowledge in bite-sized pieces. Sharing these micro-insights with others in the business and applying them to our work creates a culture of continuous improvement and innovation.
This is useful because many of us learn by doing, implementing, and refining. In fact, learning theory reinforces that individuals tend to learn 70% of what they do at work through practical experiences, 20% by learning from others, and just 10% from dedicated training sessions. As a business owner, encouraging your team to experiment with what they read, listen to, and watch, and then putting that learning into practice, will enhance the entire team’s growth – as well as being more cost and time-effective than a once a year day-long training course.
Creating a culture of learning can start small. By encouraging your team to incorporate new insights into your business, you keep your people motivated and your business fresh. The benefits of investing in your team’s development far outweigh the downsides. Continuous learning is essential for staying competitive and ensuring long-term success.
And by nurturing and investing in your team, you not only improve their skills and job satisfaction but also drive innovation and growth for your business.
The question is not whether you can afford to invest in your team’s development, but whether you can afford not to.
SHARE THIS
OTHER
Imposter syndrome is a psychological behaviour where individuals, including many high achievers, struggle with persistent feelings of self-doubt, inadequacy, or the fear of being exposed as a fraud. Despite their achievements, those experiencing imposter syndrome believe they are undeserving of their success or worry that they've misled others into overestimating their abilities.
When stakeholder conversations become difficult, most organisations focus on communication. Kerstin Andlaw argues the real issue runs deeper. It is not what we say, but how we stay in the relationship when pressure rises. In complex environments, the ability to work with tension, not avoid it, is what separates transactional engagement from true collaboration.
One of the most dangerous things anyone can say in business is, "We've always done it this way." This phrase doesn't age well and puts businesses at risk. "We've always done it this way" can quickly look like "flogging a dead horse." This doesn't always mean that businesses need to change everything. Some things, like great service, never go out of fashion. But when sales start to slow down, it's always a good idea to consider taking a new approach. Rebranding a product, service, or entire enterprise can be part of this process. But rebranding should never be taken lightly.
Thrive Editor's Letter |
Editor’s Welcome
Welcome to the fifth edition of Thrive magazine. Too often the narrative around business focuses on success and, in my view, we forget to talk about failure. That’s why we lead this edition with EPIC FAILS by Katie Buller—because understanding what doesn’t work is just as important as what does.
Pets are like family, right? As a proud cat dad, I’d actually go further and say that they are family. Over the years, I have spent my well-earned money on (many) toys, beds, treats and vet bills for my two feline furballs Nacho and Drake. And I am not alone. According to a recent Fortune Business Insight report, the global pet care market was valued at a massive £171.78 billion in 2022 and is projected to grow from £180.06 billion in 2023 to £269.29 billion by 2030.
Stepping into a leadership role can be exciting. It’s a chance to shape the future and lead a team to success. But with a leadership role comes a new level of responsibility. You’re suddenly the person others look to for direction and answers, and it’s your role to create a workplace where they can thrive - while also being accountable for their work. And that isn’t always an easy balancing act. Leadership is a learning curve - an eternal one at that. By focusing on a few key behaviours and techniques, you can set yourself on the right path to lead well, build a great high performing team and help your business grow.
When it comes to ideation in business, there’s no one-size-fits-all approach. Every business, team, and leader has their own way of generating and refining ideas. Whether it’s through structured brainstorming sessions, casual conversations, or solo reflection, the goal is to unlock creativity and find solutions. We’ve asked four GFSB members to share how they approach ideation in their fields. As you read, think about how you generate ideas and remember that sometimes, the best results come from trying something new.
In an increasingly digital work environment where we have more emails, WhatsApp messages & interruptions than ever before, many business leaders started looking at ways of alleviating the stress that comes with this increased workload. Relaxing the dress code and letting your team dress down and wear in more casual clothing is one way of doing this….Or is it?
From the increasing influence of AI to the rise of social commerce and sustainability-driven consumer demand, the key to success lies in adapting strategically rather than chasing every new trend. This guide breaks down the most impactful trends for the year ahead—offering insights on how to integrate them into your business without losing sight of what already works. Smart adaptation, not blind reinvention, is the name of the game. Here's what to expect and how to make it work for you.
If, like me, you spend more time than you should doom scrolling LinkedIn, you could be tempted into thinking no-one fails. LinkedIn has become a hyperbolic haven and a place to scream and shout about success. But what about failures - why aren’t we talking about them? In business, failure is inevitable. I mean it. Whether it's a product flop, a marketing misstep, or a company on the brink of collapse, every entrepreneur will face moments that test them. Yet, history has shown that these failures can often be the starting point for something extraordinary.
In an age where small businesses must adapt to stay in business, outsourcing has long been a way to enhance efficiency and streamline operations. Derived from the simple philosophy of delegating certain non-core tasks to external experts, outsourcing allows businesses to concentrate on their primary objectives and strengths. For the uninitiated, it's about seeking external expertise for tasks outside your comfort zone, skills base or business's main expertise.
Whilst Brexit hasn’t exactly been a positive event, we can’t deny that it’s also been the catalyst for diversification and change. It was a true ‘before and after’ moment that made businesses rethink their strategies and, in many cases, change their direction of travel. Gibraltar’s newest bank, justbank, is born from this process. As well as heralding the arrival of a new bank, this fresh start gave the team at IDT Finance the opportunity to create innovative and tailored banking solutions from the ground up. I met with Managing Director, Damian Asquez, and Head of Corporate Banking, Nikolai Gafan, to find out more.
When you’ve been running your own business for a while, you know what works, and it’s easy to rely on the skills that got you to where you are. Chances are, you’re comfortable doing things in a certain way, and your team knows what to expect from your leadership style.
We recently provided a large local organisation with their uniforms. Once the order was delivered, I felt compelled to send them guidelines on how to take care of their uniform. Spending money on clothes and footwear is not a guarantee on making the right impression, either to yourself, nor anyone else- it’s attention to detail that seals the deal.
In the latest edition of Thrive, regular contributor John Hayes reflects on the uncertainty facing small and medium-sized businesses in Gibraltar. From Brexit fallout to ever-changing frontier delays, he unpacks why the border remains a top concern—and how local firms are adapting. While resolving post-Brexit cross-border issues is beyond the scope of this correspondent, there are practical steps business owners can take to mitigate and manage the challenges of this uncertainty.
Artificial Intelligence promises unprecedented opportunities for small business owners in Gibraltar. As the digital landscape faces constant evolution, understanding AI becomes not just beneficial but essential for businesses aiming to thrive in 2024. In this article, we aim to demystify the complexities surrounding AI, offering an approachable guide to its fundamentals, history, and practical applications for businesses, providing you with the knowledge to embrace this technology confidently.
Since 2007, Earth Hour has been known as the biggest hour for the planet as millions of people switch their “lights off” as a symbolic action for the environment
3 mins |
How to: Brainstorm
If you’ve been dreaming of starting your own business, you’re not alone. Data from the UK’s Office for National Statistics (ONS) revealed that the annual number of companies registered is edging closer to the one million mark, that’s up by 75,000 in 2022 which itself was 30,000 higher than in 2021. Whether it's following a passion, aiming for financial independence, or breaking free from the 9-5 grind, every entrepreneurial journey begins with one crucial thing: a solid idea. But coming up with that perfect idea can be tough. This is where brainstorming comes in—it’s the creative springboard that can help you turn your business dreams into reality.
AI is poised to reshape the legal profession, with 31% of law firm leaders predicting major disruption by 2025. Scott Simmons explores how AI could improve client outcomes, streamline workflows, and drive value. Whether you’re cautious or curious, it’s time to explore AI’s potential.
Technology is having a major effect on every aspect of our lives, and the retail environment is not immune to these changes. Not only has online shopping revolutionised the way we think about buying and consuming, but it has also dramatically changed how we shop in physical stores.