Investing in business growth is a key focus for many Liverpool business owners, and one area that often delivers an excellent return on investment (ROI) is training – specifically, forklift training.
Given how many businesses in the Liverpool area focus on forklift trucks day-in, day-out, investing in forklift training makes perfect sense. However, there are plenty of other factors that you may not have considered that both directly and indirectly enhance the payoff of this vital training.
So let’s explore how forklift training can provide a substantial ROI for your business, enhancing efficiency, safety, and expenditure.
Reduced Operational Costs
Forklift training can lead to more efficient operations, which in turn can reduce operational costs. Trained operators can complete tasks more quickly and accurately, reducing the time and resources required.
This efficiency is not just about speed, but also about precision. A well-trained forklift operator can optimise their routes and stacking methods, reducing unnecessary movements and thus saving time.
Furthermore, they can load and unload goods more accurately, minimising the risk of damage to products and equipment. This reduction in waste and maximisation of time can result in significant cost savings, contributing to a strong ROI for forklift training.
Lower Insurance Premiums
Investing in accredited forklift training can directly impact a business’s insurance premiums.
Many insurance companies recognise that well-trained employees are less likely to be involved in workplace accidents, which can lead to costly claims. As a result, these companies often offer lower premiums to businesses that can demonstrate a commitment to safety through certified training programs.
For instance, let’s say you’re a Liverpool-based warehouse business. After investing in forklift training for your employees, you see a significant reduction in workplace accidents. When renewing your insurance policy, you can present your training certificates and accident records to your insurer and often receive a reduction.
This scenario is far from uncommon. In fact, many businesses across various sectors have reported similar experiences, reinforcing the financial benefits of investing in certified forklift training.
Tax Relief on Plant and Machinery Investment: A Hidden Benefit
The UK government has recently introduced a new policy measure that can indirectly enhance the ROI of your forklift training.
The policy, which only came into effect on 1 April 2023 and lasts until 1 April 2026, offers significant tax relief on investments in plant and machinery.
Under this new policy, you can claim a 100% first-year allowance for main rate expenditure, known as full expensing, and a 50% first-year allowance for special rate expenditure. This relief can free up substantial funds in your budget. A portion of these savings could then be redirected towards comprehensive forklift training, essentially offsetting the cost of training.
For instance, let’s say you’re a Liverpool-based business owner who decides to invest in new, state-of-the-art forklifts. You claim the government’s tax relief on this investment, resulting in significant savings. You then use the savings to fund forklift training for your operators. In this way, the tax relief indirectly covers the training costs, enhancing the ROI.
Maximising ROI with TL Training’s Forklift Courses in Liverpool
As we’ve explored, the ROI of forklift training is multifaceted, encompassing operational efficiency, safety improvements, cost savings, and even tax benefits. But to truly maximise this ROI, the quality of the training provided is paramount.
At TL Training, we pride ourselves on delivering top-tier forklift training that meets and exceeds industry standards. Our courses are accredited by RTITB and AITT, ensuring that your operators receive the highest level of training. We offer both in-centre and on-site forklift training, providing flexibility to suit your business needs.
Our on-site training, in particular, allows operators to train on the equipment they’ll be using daily, in the environment they’ll be working in. This real-world experience can significantly enhance the effectiveness of the training, leading to better outcomes in terms of operator skill and confidence.So if you’re a Liverpool business owner looking to maximise the ROI of your forklift training, consider partnering with TL Training. Feel free to browse our available forklift courses here or get in touch with our friendly team to discuss your specific needs.