Business Growth With the Support of the Industry Skills Fund
Recently the Prime Minister announced a $1.1 billion proposal to promote business-based research, development and innovation over the next four years.
Some of the buzz words throughout the PM’s delivery of his proposal included innovation, embracing change, diversification and embracing risk.
But what if you’re not an innovative start up or your business isn’t focused on research? What types of initiatives can you capitalise on right now to grow and improve your business?
In January 2015, the Australian Government introduced the Industry Skills Fund (ISF) to help established businesses realise growth opportunities through workforce training and development.
The ISF assists businesses to invest in training and support services and to upskill and train employees to meet future challenges and take advantage of new business growth opportunities. The aim is a highly skilled workforce that is able to adapt to rapid technological change, structural change and new business opportunities is a priority for Australia.
The fund is keen to assist small to medium enterprises, including micro businesses, which are preparing to take up growth opportunities. In order for something to be considered as a growth opportunity, it must be new, innovative, or outside of the business’ usual day to day operations. Examples of potential growth opportunities include:
- diversifying into new or emerging markets;
- adopting new or emerging technologies;
- entering export markets;
- responding to significant domestic market opportunities;
- repositioning because of market driven structural adjustment.
It is expected to increase the revenue, productivity and/or competitiveness of the business. To be eligible a business must be registered for GST, have an ABN, be solvent and have been trading for three years. The level of funding available to a business is based on the number of (FTE) employees: 75% for 0-4; 66% for 5-19; 50% for 20-199; and 25% for 200 or more.
If your business is expanding ISF can support you. Future Institute of Australia (RTO 41339) has many accredited and non-accredited training programs that can be customised to meet your growth requirements and qualify for the ISF. See www.futureinstitute.edu.au for more details.
If you would like more information about how your business could benefit from employee training and development or accessing the ISF, contact email@example.com or call 1300 329 300.