Change in the team
There have been a few changes in the coaching team and the focus is now on familiarizing and training the new coaches. When asked what the biggest challenge is in training the coaches, Adrian has an immediate answer: they have to develop the right "instinct" to select suitable entrepreneurs and include them in the BPN program. You have to learn to "taste" that certain something. Learning these components is partly a process that involves gaining experience as a coach.
In general, Nicaragua is very keen to maintain or even slightly improve the standard. Adrian can count on the support of the two site managers in Managua, who have been with BPN Nicaragua for 6 and 8 years respectively. This is a great help and Adrian greatly appreciates it.
In Managua, a major road reconstruction project is currently on the agenda. As the BPN office is located in the center of the city on one of the main roads, it is possible that our office will be affected by reconstruction work. Adrian explains, "It is not yet clear when and how exactly the plans will be implemented, but it will have a strong impact on our office location, especially during the works. The road will be widened, which will make the already limited parking space even smaller. We remain flexible and are monitoring the situation."
Course of 2022 so far
Acquiring participants in Nicaragua is very time-consuming. It often takes several personal contacts and inquiries before someone can be won over. However, the team is doing everything it can to select numerous new companies again this year. The majority of new program participants are usually recruited in May/June and August/September, which is why the main season is still to come this year.
Economically, the inhabitants are battling their way from one crisis (riots in 2018) to the next (coronavirus pandemic and hurricanes). The difficult conditions that have persisted for several years now are leaving their mark. Many people emigrate to try their luck elsewhere. For those who stay, the financial situation is sometimes strained. Investments - such as seminar fees - are being considered very carefully and made hesitantly. Entrepreneurs are trying to make the best possible use of the cost-benefit ratio with the funds available. It is encouraging that BPN Nicaragua is in negotiations with a potential partner to resume offering loans. As soon as a decision is foreseeable, we will inform you accordingly. Otherwise, Nicaragua has a relatively normal year on the agenda. There are no elections or other extraordinary items on the country's agenda. Let's hope that companies will be able to recover somewhat from the past turbulent years and develop within the framework of the still challenging conditions.
Feedback from BPN program participants - Trend: Dentists
In 2022, the 2 seminars on time and financial management were already held in Nicaragua and were well attended. There is currently an increase in the number of dentists taking advantage of the BPN offers. One dentist who attended both seminars reported to Adrian that he found the tool he received, the financial table, extremely helpful. He will use it for his practice and has had a few "aha moments" as a result. Adrian explains with a smile that he is pleased when the participants talk about "aha moments" rather than "shock moments". It is great to see how the entrepreneurs then put their new knowledge into practice and start to reinvest some of their income in the business and build up reserves. One dentist, for example, realized that she already had to think about buying a new dental chair when she saw that the current model was slowly coming to the end of its service life and had become obsolete. Other dentists at the seminar even gave her tips on maintenance work and how she could optimally plan the purchase of a new chair.
As an entrepreneur, especially in a country like Nicaragua, the topic of "resilience" is unavoidable. Adrian reports that he is constantly confronted with this topic, especially in personal contact with entrepreneurs in coaching sessions. It often helps to confirm to entrepreneurs that they are on the right track and to give them what they call "fresh air". After a coaching visit, the entrepreneurs gain hope and tackle things that they had previously put off or for which they had lacked the necessary courage and self-confidence. Adrian and his team are very touched when they receive feedback from entrepreneurs such as "I would have given up if it hadn't been for you".
We are grateful for the strong commitment of BPN Nicaragua and look forward to many success stories from the 2022...
