Cyprus companies look to business coaching to stay ahead

In today’s competitive business landscape, companies in Cyprus are increasingly recognising the benefits of business coaching and training to drive growth and achieve success, with industry experts extolling the virtues of such initiatives.

“As businesses in Cyprus strive to remain competitive, the importance of continuous learning and development cannot be overstated. Through bespoke coaching and training programmes, companies can enhance their skills, capabilities, and perspectives to drive growth and achieve long-term success in today’s ever-changing market environment,” according to Michalis Poullis, CEO of a leading consultancy firm in Cyprus.

The year 2024 brings new challenges and opportunities for organisations, making it crucial for them to invest in professional coaching and training services.

Business coaching provides companies with a tailored approach to address their specific needs and goals.

With the help of a skilled coach, companies can optimise their performance and overcome challenges by working closely with their teams and leaders.

Michalis Poullis emphasises the importance of coaching for entrepreneurs and their need to adopt a growth mindset. “Investing in business coaching and training is crucial for entrepreneurs in 2024,” Poullis told the Cyprus Mail.

“As technology continues to disrupt traditional industries, entrepreneurs need to develop the skills necessary to navigate this evolving landscape,” he added.

What is more, effective communication is essential for any business to thrive. Business coaching and training in communication skills and conflict resolution can equip employees and leaders with the necessary tools to effectively convey ideas, resolve conflicts, and build strong relationships within the organisation. Technology trends in 2023 and beyond are expected to significantly impact business operations.

According to various reports and market research studies, the global market for artificial intelligence (AI) is projected to experience significant growth in the coming years.

Fortune Business Insights predicts that the AI market will reach $2.02 billion by 2030, with a compound annual growth rate (CAGR) of 21.6 per cent from 2022 to 2030.

Markets and Markets, a market research firm, estimates that the global AI market will reach $1.34 bn by 2030, growing at a CAGR of 36.8 per cent.

Allied Market Research, meanwhile, forecasts that the AI market will expand at a CAGR of 38.0 per cent and reach $1.58 bn by 2030.

Moreover, Grand View Research projects a CAGR of 37.3 per cent from 2023 to 2030, with the market valued at $136.55 bn in 2022.

Business coaching and training can help companies stay ahead of these technological advancements.

Poullis emphasised the importance of adapting to technology and leveraging it for business success, stating that “the rapid advancements in technology in 2023 require companies to embrace digital transformation”.

He continued by saying that “business coaching can help leaders and employees understand and leverage emerging technologies such as artificial intelligence, blockchain, and data analytics to drive innovation and competitiveness”.

For instance, in the insurance industry, AI is transforming the way companies evaluate risks and streamline claims processing.

By leveraging AI-powered algorithms, insurance companies in Cyprus can accurately assess risks, detect fraudulent claims, and provide personalised and efficient customer experiences. Business coaching can support insurance professionals in understanding and integrating AI tools into their day-to-day operations, enabling them to gain a competitive edge in the market.

Another example of the impact of technology trends on business operations is the global market for blockchain technology.

According to Statista, the market value of blockchain is expected to reach over 41 bn US dollars by 2025, with a compound annual growth rate of 42.8 per cent between 2020 and 2025.

Business coaching and training can help companies understand and leverage blockchain technology to streamline operations, improve security, and create new business models. By investing in coaching and training services in blockchain technology, companies in Cyprus can gain a competitive advantage and position themselves as leaders in this emerging field.

Investing in professional coaching and training services also fosters a culture of continuous learning within organisations. In the knowledge-based economy, continuous learning is a key advantage.

Business coaching facilitates the development of skills and knowledge, enabling companies to adapt and thrive in the face of change.

Poullis highlighted the role of coaching in promoting continuous learning, stating that “business coaching plays a pivotal role in creating a learning organisation where employees are encouraged to constantly update their skills and knowledge”.

“This enhances individual performance and fosters a collective mindset of adaptability and growth within the company,” he added.

Ultimately, business coaching and training provide companies with a competitive edge. By investing in coaching and training, companies can identify new market opportunities, optimise business processes, and implement effective sales and marketing strategies.

Finally, the continuous development of leadership skills enables companies to nurture future leaders and ensure a smooth transition of leadership, fostering continuity of operations.