Snapshot Survey Results | Ongoing Business Education
In the August 2023 Snapshot Survey, we asked contractors about how they value ongoing business education for themselves and their employees. Here’s one survey question and its results from the “Ongoing Business Education” summary report, which will be available in its entirety to EGIA members on 9/18/23.
What percentage of your budget do you set aside for continuing education/business training?
The percentage a business owner decides to allot for ongoing business education can serve as a proxy for how important it is to their business. One can assume spending more on ongoing education would yield more advancements and improvements of one’s business, and this philosophy creates a small group of “true believers” (17%) that allot 9-10% of their budget, showing pronounced dedication to advancing their skills and business acumen with the philosophy that this advanced knowledge will pay for itself in returns. Unsurprisingly, no survey respondent reported allocating 0% of their budget, a unanimous commitment to ongoing education that can grow a business.
A large portion reported spending less than 4% of their budget, reflecting a balanced approach between investment and potential returns, suggesting the likelihood of considerable professional growth while still holding some skepticism as to not go overboard. After the 4% threshold, we see investment in education take a dip.Two significantly smaller groups (4%) allocate 5-6% and 7-8% respectively, likely because if a business wants to invest heavily into ongoing education, there would be a more sizable increase in investment than just one or two percentage points. Notably, no respondents allocate above 11%, creating a clear ceiling on education investment in business.
Here’s what an HVAC contractor from Massachusetts said in the survey:
“There are many companies that offer the services we offer, often using the same brands we use— the only thing we can count on setting us apart is our knowledge. We encourage our whole crew, including office staff to become certified and to seek ongoing education which the company gladly pays for. Knowledge of our craft is what makes us stand out and knowledge creates confidence in our customers, knowledge makes us appear more professional than the next guy.”