July 15, 2025

Member Newsletter: Five Ways to Develop Your Team With No Budget

by Melanie Bell
reviewed by Gary Ellis
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Five Ways to Develop Your Team With No Budget

By Melanie Bell, Mindtools Content Writer and Editor

If you’re managing a team, developing their skills is an important part of the job. But what can you do if your company or department doesn’t have a lot of resources to invest in supporting your people?

Luckily, there’s a lot you can do to build your team’s capabilities without breaking the bank. In fact, the five suggestions below are things you can apply if you don’t have any budget to invest at all.

1. Set Stretch Goals

Stretch goals are a type of ambitious goals that go above and beyond the realistic goals you typically set day to day. They challenge the way that things are done in your organization and inspire you to re-imagine what's possible.

Most goals that you set within your team are achievable. Stretch goals are a level up in difficulty and usually look impossible when you set them. Think of the Wright brothers’ first successful airplane flight, for example – and then imagine something that seems impossible, but might just be possible, for your team.

Stretch goals are great for creating innovation, such as developing new products or improving processes. If your team is stuck, they might be the perfect technique to use. They’re less ideal when your team is already working at full capacity to accomplish ambitious things, or if they truly feel that a stretch goal is beyond them.

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