SavvY's international successes and future goals
SavvY is one of the successful Georgian business consulting companies operating internationally and in the local market. During its seven years of existence, the company has undergone several interesting, fundamental changes, which have had a direct impact on its clients. In other words, progress acts as a chain reaction.
The last year was no exception — with many innovations and successful steps, the company grew and expanded into the global market even further. However, many ambitious goals are still ahead. All of this will be discussed in this article with Mariam Koyava, managing partner of SavvY.
M: What made 2023 special and outstanding for SavvY?
First of all, it should be noted that every year is unique - business consulting stands out as one of the most dynamic fields, with the need to swiftly adopt the latest trends.
And 2023 was one of the outstanding ones — numerous projects initiated earlier brought specific results last year. In addition, our long-term goal is to seize as much of the international markets as possible, which is not so easy considering the global competition. Convincing potential clients is associated with many different barriers, given that the service is provided partly remotely from Georgia. Nevertheless, in 2023, we successfully implemented several projects in various countries — including Israel, Germany, France, the United Kingdom, the Kingdom of Saudi Arabia, and Sri Lanka.
In the midst of expanding geographically, we have not reduced our local activities. In fact, we have initiated larger and bolder projects. For instance, we began a project related to the consulting centers of Enterprise Georgia. We have been working on this project since 2019, so it was gratifying to see the results. As a consulting company, we prioritize results over reports.
The investment direction was also interesting in terms of projects — we back companies in investment endeavors along with supporting ongoing processes. Last year, we facilitated approximately GEL 9.7 million in foreign investment. Most of these funds were allocated to agriculture, specifically the blueberry industry. We effectively attracted the interest of investors from both Germany and the United States. Given the prevailing global turmoil, attracting foreign investors to long-term business prospects can be considered a noteworthy accomplishment, demonstrating a high degree of trust.
M: What professional achievements would you highlight that you didn't have in previous years?
I want to emphasize the complexity of our projects. In 2023, we completed a project that was funded by the EBRD. This project involved creating an aftercare system for international investors in Georgia. As part of this project, we established a strategic partnership with a German consulting company that specializes exclusively in direct foreign investments.
Moreover, last year we established significant partnership agreements and collaborated on various projects. For instance, we partnered with a Dutch company specializing in sustainable tourism to develop sustainable tourist facilities in the Kingdom of Saudi Arabia.
Overall, in 2023, we formed several strategic partnerships. These collaborations propelled the SavvY team significantly beyond what we could have achieved in the local market alone. As a result, we engaged in daily interactions with industry-leading companies.
M: About two years ago, you switched to a new positioning model. Looking back, was this the right decision, and what positive aspects did it bring to the company?
Absolutely! The consulting field is inherently dynamic, and we believe in practicing what we preach. This means rigorously testing new approaches/products on ourselves before recommending them to clients. We observe in real time how effective they are, how they affect development, and whether they are worth keeping. From this perspective, we believe that the change in our model was a very important step, as it has given us more flexibility and the opportunity to reach a larger scale. At the same time, we have moved closer to the concept of being a boutique consulting and investment company.
I want to point out that the transformation process didn't end in 2022 but continued into 2023. For example, we said goodbye to our 7-year-old logo and rebranded. Our previous logo had a more academic and gentle look, but now it has a bolder appearance. Additionally, we launched a new website to better align with the demands of the international market.
The sophisticated business model we are using has proven to be one of the most effective ways to manage a consulting company today. The results speak for themselves - last year, we successfully completed approximately 50 projects that were technically much more challenging.
M: Can you single out any outstanding project from the past year?
It's a bit challenging because SavvY encompasses various directions and numerous partners, making it difficult to single out one or two projects. However, if we consider the impact, the project to develop a strategy and action plan for consulting centers of Enterprise Georgia. This initiative is considered a flagship project and is expected to play a crucial role in promoting greater economic engagement among small and medium-sized entrepreneurs in the regions. There is strong confidence that this project will lead to numerous long-term positive impacts.
Aside from this, the development of an aftercare system for international investors was very interesting too. This project shed light on several key areas: What drives the interest of foreign investors in our country? What sets us apart and makes us unique in their eyes? And how can we ensure the continued satisfaction of our current investors? When investors are satisfied with their experiences in our country, they become influential advocates for our market.
In addition, we should emphasize on the direction of valuation. We are unable to disclose specific projects due to privacy concerns. However, the department of valuation and inventory delivered excellent results in the telecommunications industry and in business processes last year. Based on current forecasts, this area is expected to become even more compelling this year.
M: Let's talk about the importance of the development program. What does it include and why is it interesting for both the company and the community?
For the second year in a row, we are carrying out a development program supported by the Regional Small and Medium Enterprise Development Project (RSMEDP), which is funded by the Swiss Agency for Development and Cooperation (SDC). This program actively empowers micro-entrepreneurs by enhancing their financial skills and promotes the development of business consulting services in the regions. The uniqueness of the program lies in its dual approach. On the one hand, it focuses on developing entrepreneurs and enabling businesses to expand through customized banking methods. On the other hand, it ensures the long-term progress of business consulting companies in the region, aiming for the created mechanism to operate independently even after the program concludes.
M: What industries do you currently cover?
The operations of SavvY are divided into two separate directions, covering different sectors. However, when grouped together, tourism and real estate are the largest. We have prepared business plans for approximately 60 hotels in recent years. In this regard, we have been involved in projects not only in Georgia but also in several international locations. Real estate is also very significant, therefore, we often receive inquiries from this industry as well.
In addition, the manufacturing sector is also very active, which, according to our observation, is a result of state financing programs. These funds serve as an additional motivator for entrepreneurs, prompting them to take more risks and direct their efforts in new directions. As for agriculture, our approach is focused on selecting a specific crop for in-depth study. Last year, our focus was on blueberries, and for various reasons, we have chosen to prioritize it again this year.
At the same time, we are adding the IT industry this year. We can no longer call it the future because it is an integral part of today's world. Technologies play a crucial role everywhere. Additionally, we will focus on the HoReCa business, specifically the so-called Food To Go segment. As we see, there are numerous small players in this segment, and they all encounter similar challenges. SavvY and the Ukrainian POS system will launch a joint project focused on this segment in just a few weeks.
M: What are SavvY's future plans?
Exports will remain a priority in both developing and developed markets. In the second half of the year, we will once again focus on one developed European market from which we have high expectations. We have successfully implemented many interesting projects together in the past years.
In addition, last year we started "market scouting” in Uzbekistan. In total, we made several visits and conducted a few training sessions in finance and international standards. We look at Uzbekistan quite positively, as it represents both a familiar and new market for us, and Georgia has a good reputation there as well. The prospect of entering Uzbekistan poses an exciting challenge for SavvY, given its sizable population of 36 million. We envision Uzbekistan to become a Central Asian hub for our operations in 2024.