Opinion by BARBARA RODGERS-NEWBOULD BY NOW, most of us have reviewed our last year's performance, recommitted ourselves to new year's resolutions, and started the process of working toward this year's goals. It's an exciting time of the year, a time of possibilities, because we are still teeming with new ideas, armed with lessons learned from previous mistakes, and optimistic that this year will be better than the previous one. If you are an astute businessperson, no doubt you have already begun strategising on how to accomplish your goals. From experience, I will venture a guess that primary among those goals for many managers and businesses, is increasing your bottom line; and the decision on how to achieve this is one I believe worth delving into. For many, it will be cutting costs by eliminating unnecessary spending and reducing overhead expenses, an option one can certainly not ignore in these challenging economic times. For others, it may be reducing inventory, concentration on collecting overdue receivables, and deferring expansion plans. But, whatever strategy you use to improve your bottom line, there is one more option you may want to consider that can be just as effective and even more rewarding. That option is increasing your employees' performance and productivity through employee development training. This is not a novel idea, but one that companies sometimes overlook in deference to the more expedient cost cutting options. For many managers, training is not always a priority.... but, if an increase in the bottom line is the goal, it should be! While many employers and employees acknowledge the limited attention sometimes given to training, they will generally concede that the positive effects on performance and productivity can be far reaching. That is not to say that one should ignore the skeptics who scoff at the benefits of training. Recently, I spoke on the importance of employee development training at a luncheon attended by persons from various professional backgrounds, and was surprised to find that there were still a few persons who viewed training as beneficial only to the employee. My first thought was: "But isn't this one of the primary ways by which companies benefit?" While training does benefit employees by enhancing their knowledge and skill sets, it also increases a company's level of in-house expertise and competence, necessary for raising the overall standards of the organisation. Training involves acquiring knowledge, behaviors, and skills to enhance performance. The decision to provide development training for employees should be regarded as a human capital investment to enhance performance, standards, and bottom line results by increasing employees' capabilities. Training is especially critical during these challenging economic times, as there is a greater dependency on human resources to provide the capability and ingenuity to survive. Talk to any of the owners of local businesses and they will tell you how important competence and skills are in working efficiently and reducing costly errors. I am not advocating that training is a panacea for all your business challenges; but, it is an excellent place to start. However, there is one precautionary note I will add. Ensure your training is effective. What do I mean by effective? In order for training to be effective, it must be ongoing, with refresher sessions to reinforce learning and prevent lapses in behavior and performance. The training should also be applicable to your particular business, timely, and aligned with your organisational goals to make it a worthwhile investment. Finally, for your training to be effective, management must be supportive Management can demonstrate their commitment to the training by allocating the necessary resources and even attend training sessions. So, as you embark on your annual sojourn to achieve even greater results in 2012, why not start by boosting your performance. Consider investing in the people on whom you are relying to make it all happen - your employees. * Dr Barbara Rodgers-Newbold is the president of Baranth Enterprises. She is a corporate training consultant and part-time college/university lecturer. She is also the Producer and Host of the Radio Show "The Practice of Leadership." Contact her at baranthenterprises@gmail.com or thepracticeofleadership@gmail.com.