Weigh the costs and benefits of a business education.

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Every small business owner can benefit from a business education but not everyone needs one. If you have highly developed business skills honed through years of experience in your field, pursuing a business degree will not be as important for you as it would be for a complete novice. However, even experienced businesspeople have gaps in their understanding, so taking a few classes to shore up your skills in a particular area is always a good idea.

Considerations

Business education can be an expensive investment. In the U.S., the average annual tuition for full-time enrollment in a Masters of Business Administration program at a top school was $46, 839 in 2009, according to “The Economist.” Of course, if you take fewer classes or choose a smaller institution, your costs will be lower. But you also must factor in the opportunity costs of gaining a business education, such as your decreased income for the duration. If the decision seems daunting, ask other business owners in your field for their input. In the end, your decision will likely come down to whether the total costs are worth the specific benefits a business education provides.

Communication

Communication skills are vital for success in any business. A business education develops your ability to tailor your messages to different types of audiences. For example, courses in marketing help you create effective campaigns that target specific consumers, while courses in corporate communications teach you how to design effective business presentations, lead group meetings and author internal documents for employee guidance.

Sales

Sales skills are a specialized subset of communications. Many techniques help you increase your success rate, and a business education helps you develop effective sales methods that suit your field of business. For example, generating prospective leads through consumer research improves your chances of making a sale, as does learning how to design an effective sales pitch.

Finances

Sound financial management ensures your company uses its resources wisely. A business education teaches you how to handle your company’s accounting needs, comply with government regulations and find ways to make your organization as cost-effective as possible.

Specializations

Depending on your needs, you might benefit from a narrow concentration on a specialized topic, such as business ethics, international business, entrepreneurship, management science or real estate. Contact local business colleges to determine your options, and ask what benefits a particular degree program or class might have for you and running your small business.

Source: smallbusiness.chron.com