Training is a necessity. You need to get new hires up to speed as quickly as possible so they can become productive members of your team. And you want to update the skills of existing employees so they'll be ready for you to implement new technology, develop new processes and acquire new markets.
You may be able to do much of the training yourself--at a significant cost in time, of course. Your more experienced employees are also good sources of training, either on the job or in more formal, off-site sessions held in lunchrooms or classrooms. You can save time--but not money--if you hire third-party trainers to conduct classroom sessions. Inexpensive, easily repeated training can be found in video-based courses, computer-assisted instruction, and Web-based training.