There have been studies for decades about increased income correlated to college and advanced education. It is true for the trades as well. Intellectual enhancement can produce economic advancement.
I set out to prove this a few years back and completed a 18-month review of contractor buying trends at a local supply yard while providing business content, an in-depth learning experience, and a strong component of mentoring. The results were stunning: a 19% increase in sales to the sponsoring supply yard, a 36% decrease in returns, a 57% increase in transactions per month, and a whopping 30 days accelerated cash flow in paying their bills. The final report, produced by Peter Viechnicki of the University of Chicago, is down loadable on the lower left.
To the trades, income and stability increase with enhanced competency. To the supply chain, an increase in sales and a decrease in accounts receivable will result with a more educated customer base. The magic of our relationship based industry is we all have a chance to become smarter and work with better contractors, not by replacing the existing pool, but by educating them and nurturing success.
ACI is bringing the content to Pittsburgh in April. BPI is sending training across the land and measuring it. I would urge contractors to attend. I would advise the supply chain to build an attendance plan now and execute in the coming months to bring your customers to the learning opportunities of the Home Performance Conference. There IS a correlation between learning and earning.
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