Encompass^® Agency Insights

Why Continuous Learning is Critical for Small Business Owners

The best minds in business have something in common: They understand that knowledge doesn't stop at the office door, and that no job is ever truly perfected. Given the rapid rate of technological change today, the need for continuous learning has never been greater.

By committing to the principle of ongoing learning, organizations and their employees can stay at the forefront of industry changes and ensure competitiveness.

Once we've been in a job or an industry for a while, it's natural to assume we've reached a certain level of expertise. Yet it's vitally important to never become too comfortable; change is accelerating at staggering pace in many industries. Look no further than the world of Big Data for a prominent example - the power of data collection and analysis is transforming many industries in ways that would have seemed almost unimaginable a few decades ago.

Consider the case of the financial services space, which has historically been one of the most traditional and change-resistant of all industries. Technology has enabled companies such as PayPal and Square to revolutionize the way payments are processed. Today, the greatest challenge to legacy banks comes not from within the financial services industry, but rather competition from FinTech firms seeking to digitize and simplify all banking services.

That, in a nutshell, is the state of today's business world. The days of incremental change have been consigned to history; today, change itself is the only constant we have - and that makes continuous learning more critical than ever. True competence and authority requires a perpetual effort to remain at the forefront of new thinking in technology. By making a commitment to continuous learning, we foster a spirit of innovation and ensure that we don't cede any ground to our competitors.

• Stay plugged in to the latest research or developments in your field. Depending on the industry in which you work, this could mean anything from reading trade journals to peer-reviewed research.
• Become a recognized authority. Writing a book - or even a regular blog that touches on your industry - not only helps keep your knowledge fresh, it also could position you as an expert in your field.
• Network with others. Collaboration can stimulate new ideas and promote innovation.
• Try to teach yourself something new on a regular basis. It doesn't necessarily need to be related to your business - the simple act of learning a new skill can be a rewarding experience.
• Set up a formal program at your workplace. Whether it's a simple seminar or an ongoing project, sharing the principles of continuous learning with your staff members or colleagues is a great way to encode these principles into your company's DNA.
• Work on your communication skills. The way ideas are conveyed is often just as important as the content of those ideas.

Given the astonishing rate of change in our technologically-driven world, a dedication to the ideas of continuous learning has never been more essential. By following the tips outlined above, you can help ensure that your business culture remains innovative, cutting-edge and highly competitive.