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5 Smart Ways To Spend Your L&D Budget To Accelerate Your Growth

Knowing how to spend your development budget can be overwhelming. There are so many options, and they all look shiny and new, but which one is actually going to move you in the direction you want to go?

Before you even start looking at the options, get clear on your goals by asking yourself these questions:

What skill or quality do I need to develop to feel more successful in my job/career?
Where do I want to be in a years’ time and what do I need to do to get there?
What support and input do I need to achieve my desired growth?

Once you have clarity on this, you can better assess some of the tools available to you to support your growth. Here are my top 5 recommended ways to spend your development budget in a meaningful way that will move you forward.

1. Technical Skills Development Courses

Your technical skills are probably already pretty hot, but if there’s a tool/software/language you want to feel more proficient in then a technical course might be a good way to invest in yourself. Have a look to see if there is a low cost course you can take on Udemy, or perhaps even something for free on YouTube before splurging your budget on a technical course. It can be easy to stay in your technical comfort zone and restrict development to things you’re already familiar with. While developing your technical skills is important, after completing your studies usually the bigger growth area is in building your transferable skills.

2. Transferable Skills Development Courses

If you have a goal to develop a specific transferable skill then taking a course can be a great approach to go into depth on one topic. If you want flexibility to do a course around your busy schedule, choose one you can do asynchronously. If you know you need more accountability to see it through to the end, choose one with set times you need to show up. Choose something from a reputable provider and/or that you have heard good reviews about and make sure to check the learning objectives and outcomes to decide if it is the right course for you.

3. Industry Specific Conferences

Attending a conference can be a quick-fire way to build your technical and transferable skills as well as build your network at the same time. Conferences can vary wildly in size and scope. Choose one that is as specific as possible to your industry and be sure to look at the planned keynotes and skills sessions in advance of booking to ensure they are aligned with your development goals. While a conference is a great place to gain input and ideas on lots of areas, it won’t be as in depth as some of the other development tools. The greatest value you will gain from a conference is in the networking.

4. Peer Networking and Mentoring Community

Incredible value can be gained from having the right network to support you in your growth. Many communities offer mentoring, workshops, accountability and group coaching, as well as various opportunities to connect with peers. A network can boost your confidence and encourage you to take risks you might not take on your own. Community is so important to me I’m growing my own. Get on the waitlist to hear when we launch.

5. Coaching

Sometimes your development needs are more complex and you require something bespoke to achieve your goals. This is when coaching is a great option. You decide what you focus on and have the dedicated support of your coach to help you navigate your personal challenges. This can be a quicker approach to achieving your goals and developing your self-leadership skills and confidence. You’ll not only be gaining from the work you do within your sessions, but also in-between sessions with personalized homework and accountability with your coach.

Not sure what’s the best way for you to achieve your goals? Let’s chat! Together we can discuss your goals and weigh up your options to find the best fit for you.

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How to use the wheel of life for goal-setting

My absolute favourite place to start goal setting is the wheel of life. By starting with the wheel of life, you get a good overview of all the activities and commitments competing for your attention. It gives you an opportunity to see where you might be out of balance, and where things might need immediate attention. This makes it much easier to realise your priorities and set appropriate goals.

Click below to get your free copy of the wheel of life.

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A note before you start: You’ll see the wheel is divided into 12 sections but you can add or remove sections as you wish. Before you start decide if there are any sections you want to add or remove.

Here’s how to use the wheel of life for goal-setting:

1. Prepare your environment

Find somewhere quiet where you won’t be disturbed and create an environment that will allow you to feel grounded. Dimming the lights, lighting a candle, burning some incense work for me. Before you start allow yourself to take a deep breath and quiet your mind.

2. Rate your satisfaction level

With the wheel of life in front of you, quickly, without thinking, rate your satisfaction for each area (1 being least content and 10 being most content). It’s important that you don’t spend too long on this. It should be a gut reaction. There will be time to analyse later!

3. Connect your wheel

Once you’ve allocated numbers to each segment, draw a line to connect the dots.

4. Raise your self-awareness

Take a few minutes to look at your new wheel. What do you notice about it? What are you surprised about? What area is calling for your attention?

5. Laser your focus

Individually focus on each segment. Consider the number you have allocated, and what number you would like it to be within the next 6 months. Then consider what would need to happen for you to achieve that. Consider what you want more of, or what you might need to give up to have that happen.

6. Set your priorities

Once you have looked at each area, look at the wheel as a whole again. You only have limited time and resources, so you may need to prioritize or choose where to place your focus.

7. Set your goals

Choose one or two areas you would like to focus on and set a maximum of 3 goals in total. These are your focus areas. This is not to say the other areas are less important, it just means they are a lower priority in this moment. Usually, when we make a change in one area of our life it directly impacts other areas, so you may see changes in your lower priority areas even if your focus is not on them.

8. Revisit your wheel

I recommend returning to the wheel of life every 6 months, or more if you are feeling stuck or lost. If you engage with it intentionally, you should be able to uncover the area that is making you feel stuck.