Tax breaks for businesses are a great opportunity to train new staff and upskill your current employees through online training courses. A strong sales team who is up-to-date with the latest sales techniques and information is key to increasing productivity and performance which in turn boosts revenue and supports the future success of the business. With the recent announcement of the Small Business Skills and Training Boost initiative, there’s never been a better time to invest in your sales team and the future of your company. Read on to discover exactly what this government scheme is and how it can benefit you in the short and long term.
What is the Small Business Skills and Training Boost Scheme?
As part of the 2022-2023 Budget, the Australian Government announced new
initiatives aimed to assist small businesses that have an annual turnover of less than $50 million. The Small Business Skills and Training Boost and the Technology Investment Boost are a twin package that allows eligible businesses to deduct an extra 20% off the cost of business-related expenditure used to grow the business and create more jobs for a stronger economy.
While the Technology Investment Boost includes costs spent on items that improve and support digital adoption, the Small Business Skills and Training Boost deducts costs spent on eligible training courses used to train new staff and upskill existing team members. This initiative applies to external training courses conducted in Australia or online and is effective from 29th March 2022 – 30th June 2024.
What are the Benefits of This Scheme for Your Business?
So, what does all of this mean for you and your business? Ongoing training courses are an effective way to provide your new and current staff members with the latest and most relevant knowledge and skills required to excel in their role and contribute towards the greater success of the company. Read on to discover some of the short and long-term benefits of taking part in the Small Business Skills and Training Boost:
The most immediate benefit that you will get from this initiative is an upskilled team of sales reps. The sales team is key to the success of any business and the right training course can put everyone on the same level and ensure everyone has the skills needed to perform at their best every day. This is especially important in the sales industry where techniques and technologies are constantly changing and evolving. A sales training course can teach your team the latest skills, new software and tools plus innovative and ethical ways to sell products and services. It can also unite a team so that everyone is pursuing the same company mission and strategies.
Partial Reimbursement Of Fees
Investing in sales training programs to upskill your team can be a costly endeavour. While financially rewarding in the long term, it can be difficult to spend the required amount of money for training staff if you don’t have the funds to invest in the present.
One of the best parts of this initiative is that you will receive a partial reimbursement of the total costs spent on training your staff to the most advanced level, making upskilling a much more attractive and achievable investment. The money that is saved can then be spent on other resources to improve and expand the company. This additional 20% deduction is on top of the deductions already available to small businesses during tax time.
Sales training programs are a crucial investment that builds the foundation for many long term benefits. One of these is an increase in revenue. A sales training course gives your sales reps the chance to improve their skills and knowledge to sell better and close bigger deals. It only stands to reason that if your team is performing at a much higher level, they will make more sales and ultimately increase revenue for the company. This is essential for long-term growth and success.
Bigger And Better Business
With a boost in revenue and a sales team that is firing on all cylinders, company expansion is more than possible with bigger clients and bigger deals. One of the best long term benefits of sales training is that it unites individual sales reps and promotes teamwork for an all-round stronger organisation. The right training not only equips your team with essential skills, it improves productivity and confidence so that everyone can work together like clockwork for the success of the company.
By supporting companies with the Small Business Skills and Training Boost, the government aims to create a stronger Australian economy in the long-run. Sales training courses to upskill staff and technology investments to improve their digital capability promotes innovation and growth within companies and boosts Australia’s standing in the global economy. Bigger businesses result in more job opportunities and a thriving workforce in the country. It’s a win-win for everyone involved!
Upskill Your Team with SWISH Sales Coaching Courses
Take advantage of tax breaks for businesses and invest in training that will make a positive impact in your company. SWISH Sales Coaching offers comprehensive online sales courses to give your employees everything they need to succeed as an individual and as part of a team. The SWISH Academy is our most popular course and gives you access to a full liquid library containing hundreds of hours of content, including scripts and templates, webinars, videos, live weekly sessions and monthly founder sessions. Sales professionals will learn the latest ethical sales techniques to improve their selling plus leadership skills, communication mastery, how to overcome objections, prospecting and so much more.
Take your sales efforts to the next level and read about our proven sales training, sales coaching, and sales courses. No matter if you are located in Sydney, Melbourne, Brisbane, Gold Coast or anywhere in the world, we are able to assist in providing the most innovative ethical sales training. Get started today with the SWISH Sales Academy – contact us on 07 5531 6485 or join our sales training Facebook group.
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