PODCAST - how to save six figures annually on your enterprise training programs
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Now, let's dive in.
Today on the show, I'm gonna share with you how to save six figures or more annually on your enterprise training programs. And even if you're not running a Fortune 500 or s and p 500 company, the step-by-step process I share with you today will help you save thousands, if not 10 thousands of dollars as.
Well now the three step process I'm sharing with [00:02:00] you today is the same exact step-by-step process. I take my enterprise learning accelerator partnership clients through, and if you are a owner, uh, COO. Or a VP or director of training of a company making $50 million a year. Maybe you have 200 to 500 employees and maybe you are fed up with your Legacy E-Learning platform, or you're looking to modernize.
Things and cut costs so you can exponentially increase your training revenue at your organization. If this is you, then I highly recommend that you learn more and check out my Enterprise Learning Accelerator Partnership program. It is the highest level program that I offer at e-Learning Partners where we literally become your e-learning partner for your [00:03:00] organization so we can grow your business.
Together. Step one, we start with an audit. Now you may know my background is actually as an accountant. I studied really hard for my CPA certification, did my online courses, and ultimately earned my certification. Went and worked for PricewaterhouseCoopers for a short stint in the IT audit. Team where we would go in and audit the IT systems of organizations.
This is actually very similar to what I teach my coaching clients, my one-on-one coaching clients to do with their entire learning business and what I do with my enterprise Learning Accelerator clients. On the training side of their business, what we really wanna do is I want you to make [00:04:00] a bullet pointed list, and I know you are really busy, so this list really only needs to be one page long, and what you're gonna do is write down.
Everything that you and your team are spending time and money on each year to run your e-learning, your online courses, your learning experiences, your training programs at your organization, a bullet pointed list. Keep this really simple bullet point, list everything that you are spending time and. Money on.
So we wanna start there. I want you to consider questions like, how much are you. Spending on your technology. This is really important because even if you are happy with your current e-learning technology stack, depending on how old it is, you may be grossly overpaying and I'm talking about. [00:05:00] Five x to 200 x what you should be paying.
But Johnny, how could that be? Well, the first commercially available computer was available in the 1950s. You know how much money it cost? $1 million for that computer. You know what that is? Approximately in today's dollars, 12 million. Dollars and guess what? That computer did a lot less than what your cell phone, your pocket computer does today.
And how much does your cell phone cost? For some of us, we may have even gotten our cell phones for free. For me. I got my cell phone for free as part of a promotion with my carrier. As long as I use my carrier for two to three years, I got my cell phone for free, $12 million free. There's no catch here.
And that's the thing I want you to think about. When you're looking at your e-learning technology, you may be spending somewhere between 50 [00:06:00] K and all the way up to $1 million a year if you are running a $50 million a year business. If you are running a smaller business, you may look at this and be like.
Yeah. You know, I'm really, I'm scared to even start spending money on technology because this is what I've seen. Well, I have news for you. When we get to step two, I am going to blow this figure out of the water so that you can immediately. Save five to 200 times what you may be spending on your e-learning technology right now.
So definitely as part of your bullet pointed list, I want you to ask this question. Another question is, how much money and staff hours is your team using to manage the technology, administer training, and develop new training every year? So money. Staff time, including your time. Maybe you are the only staff member because [00:07:00] you have a smaller company.
Whatever it is, I want you to come up with money, staff time to run your programs. This could be taking care of the technology. This could be training. Team members. This could be if you're selling programs. This could be training your customers. This could be recording trainings, on demand trainings. This could be building learning experiences.
What does this equal? Maybe your department is somewhere around 10 to 20 people. That's typical that I see with the organizations that I serve is 10 to 20 people, and I want you to think about what if we took that time and that money that you're invest. And instead of investing it in activities that aren't producing more revenue, we double down on the highest ROI pieces of your learning experiences of your programs, and then we exponentially grow your revenue because we don't need to necessarily get rid of any [00:08:00] staff or money that we're spending.
We just need to take this and funnel it. Towards ROI, and that's why we want to do this audit. The third thing I want you to think about, are you leaving any money on the table because of X? And I just want you to think about what X may be for you. Let me give you an example. One of my Enterprise learning, accelerator partnership clients, CoStar.
We've been working together as of recording this podcast episode and video for about three years. And, uh, one thing we identified early on, and this is something that I've identified with a lot of companies and a lot of smaller businesses and individuals as well, you could be leaving thousands if not tens.
Or hundreds of thousands of dollars on the table just by having a clunky user experience for your point of sale. What does this mean? [00:09:00] This means that instead of having your e-learning programs, your learning experiences, your online course is easy to purchase within 1, 2, 3 clicks. You can't even find how to purchase or you have to pick up the phone and call to order licenses and hey, I understand 'cause you may be selling tens, hundreds of licenses at once, like my client CoStar or my other client Geo tool.
But what if your customer could purchase your e-learning programs as simple as you and I can purchase anything from Amazon? How much more money? Could this create for your organization? And how much more money and staff time can we alleviate having to take those calls, put those invoices together, granting access to the programs and the product, digital product, [00:10:00] or even books that your customers are purchasing?
What if we automate all that and. We do it five to 200 x less expensive software. That's what I want you to start thinking. Are you leaving money on the table because of X? This could be anything. Once you complete your audit, we are gonna move to step two, which is simplify and I specifically. Invite you to use one of the most powerful tools I have ever used in my entire life, and you can use this in anything, but when we're talking about saving our companies six figures annually, millions of dollars, over time, this principle becomes exponentially powerful.
The 80 20 rule, also known as Pareto Principle, and we apply this to our audit. Quick review of what the Pareto [00:11:00] principle means is it has been proven that 80% of the results that you are getting in your business, in your training programs, in your training department come from 20%. Of efforts. So the 20% creates the 80%, and this works back and forth.
80% of what you're doing creates 20% of results. So I ask you, would you prefer to focus your efforts on the 20% that's creating the 80% or the 80%? Creating the 20%, it's really a no brainer. So you know that bullet pointed list you put together, I want you to start organizing it and figuring out what is the 20% for [00:12:00] your e-learning programs, for your e-learning business, for your learning experiences.
What is the 20% that you and your team need to be focusing on that are getting. 80% of results, and then we need to start eliminating the rest. We focus on the 20% and eliminate the rest. This doesn't mean that you need to start eliminating staff. What this does mean though, is if you find in your audit that you are grossly overspending on your e-learning technology, which means that you're spending somewhere between 50 K.
And, oh, I really hope you're not spending this $1 million or more. There are some organizations making $50 million a year, spending more than $1 million per year on their technology. We can [00:13:00] right away eliminate this overspent and focus on. The 20%. And what I really mean by this is if you have a legacy system or an antiquated system, we go back to the example of the computer.
Modern technology can cost exponentially less and do exponentially more or do the same things that your current technology is doing, but more efficiently and effectively for you and your team and to prove it to you. That you don't have to spend this amount of money. I have two systems as examples. The first is Kajabi.
Kajabi, which you may look at me and be like, well, I've heard of Kajabi, and that's for solo course creators, small businesses. Last time I checked. You go to kajabi's website, there is a pro package that is built for enterprises and if you need something more than the pro package, then Kajabi will actually customize a package and [00:14:00] bring you up another tier.
You know how much that pro package is? $5,000 a year. It's actually less than $5,000 a year, and you know how many learners it supports? 100,000. 100,000 learners. And if Kajabi is good enough for my s and p 500 client CoStar, it is good enough for you. Kajabi is, even if you're paying on the low end of your legacy systems, you're 10 x-ing, you're spending 10 times more than you should be.
You're gonna immediately save 90% of your technology budget if you are spending 1 million. Or more, you're 200 x-ing. You will literally have a 99.5% decrease in your technology budget per year. You're almost saving a million dollars a year just on technology. And then when you layer on everything else of how much easier it is for your staff to use.
We exponentially grow how much [00:15:00] savings that your company's going to have. Now, Kajabi is best for selling courses, selling programs, selling communities, selling virtual trainings, selling digital products. You can really sell anything using Kajabi and it'll manage everything. It is a business management system, allows you to manage the point of sale and delivery of your products and services at your business.
But maybe you are focused. On a high quality internal training offering for your organization. In that case, talent, LMS is the highest value internal LMS that I help my clients integrate. And talent. LMS guess how much it is? It is less than $10,000 per year. Four 1000 learners. And as you scale up, so if you have more than a thousand employees, as you scale up your business and you grow from 50 mil a year to a hundred mil a year to 200 mil a [00:16:00] year to half a billion a year, et cetera, tell and tell mess scales with you.
So if you start with a thousand and then you want 2000, it's not gonna be $20,000 a year. It's gonna be less than $20,000 a year. The more users you have, the better your. Payment per user. Monthly and yearly cost becomes, and this is five to a hundred times cheaper than. Your legacy system, so we wanna focus on the 20%.
The 20% means eliminating the rest, eliminating outdated technology, getting on technology that not only costs less, but is exponentially better for your business. It means. Taking the money you are spending and the staff time you are spending and double downing on the 20% that's growing your business. It means focusing on your one or two flagship online courses or learning experience that are driving most of the revenue.
And growing those [00:17:00] instead of thinking, how many other programs can we develop, even though they're only bringing in one to 2% of income, while we have this other program that is literally making 75% of our revenue, and we have another program that's making 20%, why not we go all in on the program? That is bringing in 70%, 75%, 80% of our revenue, and we could even put some time into that 20%.
This is how we not only cut costs and save six figures or more per year, but we start building our top line. So we're increasing our bottom line and our top. At the same time, so we're increasing our profit margin in addition to increasing our revenue flowing down to our profit margin. This is the best strategy in business.
Let's decrease expenses and increase revenue at the same time. So our profit margin goes from 20% to 40%. And our revenue goes [00:18:00] from one mil a year to two mil a year. So we've doubled our profit margin and we've doubled our revenue. Crazy. So this means that we were making $200,000 a year. If we just increased our profit margin, we would double.
Our profit and go to 400,000, but we're also increasing our revenue, so we're actually quadrupling our profit and going to 800,000. This is why companies partner with me, with my enterprise learning accelerator, and you can be one of those companies too. Let's move to step three. Automate. This is also called.
My a SA program audit. Simplify. Automate. We audit first because we wanna see the whole picture next. We simplify because before we automate anything, we wanna make sure we're automating the right things. So we simplify our business [00:19:00] model. We simplify our training and e-learning program, business model. We simplify our department, serving our learners, training our employees, training our customers, serving our customers, and then we automate the rest.
We automate with AI and. Our team, and we do this because as you grow from a $50 million a year company, maybe making one to $2 million a year on your online courses, your learning experiences, and we grow to become a hundred million dollars a year company, and maybe now you're making five, maybe $10 million a year on your online courses and learning experiences.
We don't need to hire more people because our people are becoming more and more efficient and. We're harnessing ai, and guess what? We're paying our people more so we're paying our current team more instead of having to find other team members. So we have a [00:20:00] partnership between AI and our people. Now, what do we automate the 20%?
This is why it's so important to make sure that we have a software platform, a technology platform, that empowers us to do this. Because even if you could make your legacy system work, the amount of money you're gonna need to spend to customize that legacy system to automate what you need to is gonna be vastly different.
Then implementing a new system. And hey, if you are interested in any of the systems I talk about today, I have free courses for both of them, Kajabi and for talent talents. They're linked in the description below, along with a free trial of each system so you and your team can get things up and running.
Test it out yourselves. Use the online courses to really figure it out yourself. And then when you start paying for the platform, I am also offering you my platform to profit strategy session where I sit down with you and your team and we go through the [00:21:00] questions You have to really start customizing the system, automating the system for you, and maybe Kajabi and talent talents aren't the right systems for you, and you want to figure out what the right system is for you and your business.
That's where my. E-Learning Platform Finder is going to be a game changer for you and your team. In a matter of seconds, I'm going to match you with the best fit e-learning platform for your business to scale. And then, yeah, I'm gonna also give you access to that free course, a free trial, and when you start paying for that system, my platform to profit strategy session, so we can work on the system together and then we're gonna use that system and your team to automate.
The 20% so that we can double down on the 80%. What if we could take the 20% that's driving the most ROI in your business? Send all your staff time, all your time, all your money into it. If we sink it all into [00:22:00] this, what would that do for your business? Now the 20% becomes the hundred percent and you'll get exponential gains in your business.
You're gonna save six figures or more. You may even save seven figures. Per year, and you're definitely gonna save millions. Over time by integrating this three step process. And if you want help with this and you are an organization making $50 million a year, you have 200 to 500 employees, maybe you're having some issues with your legacy technology.
Maybe you just feel like your profit margins. Aren't worthy should be with your e-learning and training programs. If this is you, I highly recommend that you learn more about my Enterprise Learning Accelerator program. See if it's the right fit for you, and I'll see you in the next episode.
Thanks for tuning in to Learning Transformed Now, if you're designing a transformational learning experience and wanna skip the overwhelm of [00:23:00] trial and error. Check out our e-learning platform finder. Just answer a few simple questions and we'll match you with the right platform plus an extended free trial.
And as a bonus, you'll get free access to a course that walks you through building your learning experience on your matched platform. Click on the link in the show notes or go to www.elearningpartners.com/elearning-platform-finder. I'd also love to hear from you. Leave a review on Apple Podcasts or Spotify or drop a comment on our YouTube channel.
Thanks for listening and I'll catch you in the next episode.
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