Stop Bleeding Revenue to Skills Shortages — 4 Ways to Build an Educated Workforce Addressing industry-wide skills gaps through targeted education programs drives business growth by creating a skilled workforce, strengthening partnerships and enhancing market positioning.

An organization's success is dependent on how its people handle a constantly shifting market. Internally, it hit me when I saw how our business potential isn't entirely tied to what our team can do — it's also shaped by industry-wide workforce gaps that affect everyone.

While building our healthcare equipment management software company, I quickly identified a critical shortage of qualified biomedical technicians to service equipment in the field. This skills gap wasn't just our problem; it was costing the entire industry millions in lost revenue and compromising patient care. This realization led us to develop an external certification program that has become a cornerstone of our business growth strategy.

Here's a framework for implementing targeted education programs that can transform challenges into growth opportunities for any industry.

1. Identify critical skills gaps limiting your industry

The first step is looking beyond symptoms to identify the fundamental skills gaps causing operational problems. This requires analyzing industry-wide data and connecting challenges to workforce limitations.

When examining your own industry, think about these essential questions:

• Who are your key internal and external stakeholders in delivering value?
• What specific skill gaps are acting as bottlenecks, and how do they affect your value chain's performance?
• What are the underlying reasons for the current skills shortage?

In our case, dental practices were experiencing extended equipment downtime, often blaming manufacturers or service providers. Our data revealed that the true bottleneck was the severe shortage of qualified dental repair technicians.

Most technicians pick up their skills on the job, usually under the guidance of distributors, but there's no standardized training program for newcomers. This proved that relying almost entirely on distributors for recruitment and hands-on instruction just wasn't cutting it.

The industry needed a more targeted solution, a specialized education designed to produce a better-equipped workforce right from day 1. This means a program focused on core knowledge, practical training and equipping technicians with superior foundational skills for immediate impact.

Related: You Need to Address Skills Gaps Before It's Too Late. Here's How.

2. Forge strategic educational partnerships

Once you pinpoint the skill gaps, your next move is to create education programs that address real-world needs. One way to do this is to partner with schools or training organizations that have both instructional know-how and official accreditation.

What worked for us was a team-up with the College of Biomedical Equipment Technology (CBET) to roll out a certification program specifically for dental equipment repair. CBET was already excelling at training biomedical technicians, so it was a no-brainer that they're the ideal partner to help craft a curriculum geared toward the dental market.

The most effective training programs share several key characteristics:

• They incorporate extensive hands-on practice in realistic settings
• They address the most common real-world challenges
• They evolve as technology and industry needs change
• They validate skills through measurable assessments

The shorter the distance between classroom knowledge and workplace application, the more immediate the impact on your business growth.

Related: The Skills Gap Is Rapidly Widening — Here's What We Must Do To Close It.

3. Measure and maximize business impact

Any investment in education should yield measurable returns that impact your business's bottom line. When designing your program, consider how it might create multiple growth vectors for your business.

For UptimeHealth, our educational initiative delivered several significant business benefits above just increasing the labor supply:

• Strengthened manufacturer partnerships by engaging them to donate equipment and curriculum to the school
• Enhanced our industry positioning as a company committed to long-term market development
• Created early brand exposure to new technicians entering the market
• Generated financial support from partners for scholarships, deepening our collaborative relationships

These outcomes expanded our network of technicians, distributors and manufacturers. These are the key relationships that could also directly impact your growth trajectory.

4. Leverage training to drive industry-wide growth

The most powerful outcome of targeted education programs is their ability to transform entire industries. When businesses collaborate with educational institutions on specialized training, the entire ecosystem benefits. The resulting talent pipeline accelerates innovation and creates new standards of excellence.

For your organization, becoming a catalyst for industry-wide workforce development offers several strategic advantages:

• Positions your company as a thought leader and industry steward
• Creates goodwill with partners facing the same talent shortages
• Ensures a steady supply of qualified professionals for your own growth needs
• Builds a network of professionals familiar with your company from the beginning of their careers

Related: The Top 10 Ways Small Businesses Can Make Money This Year

The business case for addressing industry skills gaps through education is compelling. While many companies chase technological solutions, the most sustainable competitive advantage often comes from ensuring the right people with the right skills are available to power your growth.

Our educational initiative transformed a potential business constraint into a strategic advantage. When we continue to step up in addressing industry-wide challenges, we naturally bolster our market position while growing our partner network. Ultimately, a high-efficiency business depends on investing in the people who actually use and support your products and services.