For any organization or individual to succeed, you need three things: The right strategy, the right talent and the right tools.

All too often, the strategy is sound, the talent is capable, but the tools fall far short in helping the talent succeed. In this case, I am referring to skills as the tools required for success.

When times get tough, most companies and individuals start looking at places to cut costs. Frequently, the first thing that gets cut is training and development.

The ability to survive in tough times is totally dependent on you and your employees being able to operate at peak performance. When times are tough, one needs to make sure their skills are the sharpest they have ever been. Those who can perform will win the game even when there are fewer games to play.

Besides having the best skills, people need hope and inspiration to see them through the dark clouds. They need to be sure that when they get on the playing field they are in the mindset best possible to go all out and perform at peak levels. Why would you cut this investment at a time when you can least afford to have your people perform at any level that is below peak performance?

Think again when it comes to saving money. Yes, you may save a few bucks in reducing your training and development costs. But how many dollars in revenue did you lose because your talent did not have the best tools available to support optimal performance?

Remember the old adage: Penny wise, pound foolish. Don’t stop investing in your talent. It’s a critical element to differentiate yourself from the competition. Continue your education and development. Hone and practice your skills. Today, you need to excel just to stay competitive!