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BUSINESS

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5 Ways a Business Coach Can Help New Businesses

5 Ways a Business Coach Can Help New Businesses

In an ever-changing and highly competitive environment, with a limited margin of error, new business founders quickly realize that it is difficult or merely impossible to stay on top of everything. Every aspect of a new business requires attention and different kind of expertise to be able to adapt to change, tackle challenges and grow. That is where a business coach comes in: an objective outsider whose job is to help new businesses develop and reach its full potential. Here are five ways a business coach can help new businesses:

Strategy & planning: As a business owner one is invested in the company personally, financially and emotionally which makes them biased. With their experience, market knowledge and insights across industries, business coaches can help set realistic goals and indicate tailor-made strategies to reach them, while at the same time suggest already proven ways to lower operating costs and increase income.

Accountability: When running your own business, it is easy to “cut-your-self-some-slack” or ignore your weak points for the sake of feeling comfortable focusing all your time and effort on your strengths. Being accountable to someone can help you prioritize your business right, keep you on your toes, work and achieve your short-term goals.

Leadership & management: A business owner is not necessarily a leader. In a new business, a skilled workforce is key, but it takes twice the effort to maintain. Employees must see, understand and embrace their leader’s vision to remain motivated and perform at their best. A business coach can be your mentor to build or improve your leadership skills and decision-making process, and prepare you on how to handle difficult situations, as your management capacity grows along with your business.

Marketing: At the early stages of a business, marketing efforts fall on the shoulders of the owner. A business coach brings in years of experience to help you understand your audience, build a solid brand identity, and determine targeted channels to reach them. At the same time, he or she can help you design authentic and attractive storytelling, identify and/or evaluate opportunities for exposure and ensure that your key messages are communicated effectively.

Processes: Productivity and efficiency are a must for any business let alone a new small business working, which is not “a well-oiled-machine”, at least not yet. A knowledgeable coach can introduce practices for more structured and efficient processes and is familiar with all the latest technological tools to speed up and facilitate workflows.

In the coming weeks the European Bank for Reconstruction and Development (EBRD) will announce the call for interest from new businesses to participate in the Business Clinics Programme. The programme is designed for early stage enterprises (with less than 2 years of operations) with viable business ideas and business plans in order to support them in different areas so that they grow their business and become sustainable SMEs.

The programme will be available for 30 new businesses. Each new business will have the opportunity to receive up to 32 free hours of individual coaching sessions with local or international experts. These experts will be carefully selected to effectively assist new businesses in solving their primary business needs, which might be related to business strategy, marketing, operational excellence, financial management etc.  

As participating new businesses become more advanced, they will be given the access to grants to procure business advisory services and to potential financing opportunities. If you are interested to participate in the Business Clinics Programme – please contact the EBRD to: knowhowcyprus@ebrd.com and the bank will send to you detailed information about the coming programme.

The Business Clinics falls into the framework of “Advice for Small Businesses” programme, which is implemented by the EBRD on behalf of the Ministry of Energy, Commerce and Industry. The programme is co-funded by the European Regional Development Fund (ERDF).

 

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