medium_Screenshot 2024-05-20 123805.png

small_Screenshot 2024-05-20 123805.png

thumbnail_Screenshot 2024-05-20 123805.png

Natia Goliadze

Project PALM –Development of ecotourism resort in Al-Ahsa region in KSA for the Public Investment Fund of KSA aims to promote and activate the kingdom's eco, adventure, and agriculture tourism industry by developing several resorts in tier-two cities, consequently supporting family-owned farms to engage and benefit from the hospitality industry.&nbsp;SavvY partner and director Natia Goliadze, together with partner company Sea Going Green, a consultancy that specializes in sustainable tourism, worked on the analysis of tourists visiting the Kingdom of Saudi Arabia, the market for eco-tourism in the project areas, and the potential for growth from sustainable tourism development.Initially, the team conducted desk research and collected data on target demographics and market segmentation. Based on desktop research and consultations, the team prepared a report on current market trends, including tourist statistics in the Kingdom of Saudi Arabia, both inbound and domestic tourists. The report was designed with a special focus on the Eastern Province of the Kingdom of Saudi Arabia. The reason for the trip, country of origin, modes of arrival, types of accommodation, and expenditures were thoroughly analyzed in the document. Special attention was given to business tourism – trends, accommodations, events, activities, and attractions driving this type of tourism.&nbsp;The visitor profile was another key part of the project. Aside from the analysis of visitors by age and gender, the team analyzed their cultural and environmental expectations.In addition, the team prepared an overview of various tourism establishments, including existing accommodations, the number of keys, and room prices, both in the country and in a target province.Throughout the report, detailed attention was given to a target governorate - its place and share in total tourism in the country.<a href="https://www.constructionweekonline.com/news/saudi-tourism-eco-lodges-alahsa">Additional information about the project</a>&nbsp;

Saudi Arabia

Sea Going Green

Saudi tourism.jpeg

Industry Analysis

The Eco-Adventure and Agri-Tourism Business Sector Development in Saudi Arabia

The Growth Hub (GH) project continued to be developed for some years and was supported by the several international organizations or projects.&nbsp;The initial scope and concept of the GH was supported by the UNDP Georgia, which at that time was implementing the second phase of the project entitled “Fostering Regional and Local Development in Georgia” (FRLD 2). After discussing the scope and concept with Irakli Nadareishvili, Deputy Minister of the Ministry of Economy and Sustainable Development of Georgia (MoESD), and Tornike Zirakishvili, Deputy Director of LEPL Enterprise (EG), the project was considered exciting and moved to the next stage. With the initiation and support of the EG stakeholders mapping and action plan for the GH for Adjara region was financed under the USAID Economic Security Programme and the same scope for Samegrelo-Zemo Svaneti was financed under the UNDP project "Fostering Regional and Local Development in Georgia, Phase 2" with the support of the Ministry of Regional Development and Infrastructure of Georgia (MRDI), the Swiss Agency for Development and Cooperation (SDC) and the Austrian Development Cooperation (ADC).&nbsp;As of now, both GHs in Samegrelo-Zemo Svaneti and Adjara regions of Georgia are announced to be launched in summer 2023 followed by the expansion of the GH network in all regions and eventually the full coverage of Georgia.&nbsp;We are honored to have been a part of the journey that brought the&nbsp;GH from concept to implementation.<figure class="table" style="width:100%;"><table class="ck-table-resized"><colgroup><col style="width:24.13%;"><col style="width:75.87%;"></colgroup><tbody><tr><td><h1>How We Helped</h1></td><td>Before preparing the concept of Growth Hubs, international best practices were analyzed. With respect to governance and structure, the most relevant and optimal analogue was found to be in Great Britain. We also analyzed examples India, Latvia, and Australia. In some countries, a practice similar to a growth hub is not implemented at all, and in some countries the functions of growth hubs are attributable to their ministry of economy.&nbsp;</td></tr></tbody></table></figure>Under the project “Fostering Regional and Local Development in Georgia” (FRLD 2) funded by UNDP, JSC SavvY developed the concept for the Growth Hubs. The studies conducted in the framework of the project revealed the importance of rural business development for economic growth of the regions of Georgia and factors preventing or contributing to this process. The results show the need of business support organization that will focus on researching the business environment and promoting local business development, that will be the bridge for rural businesses to find and access to intensive local support and advice where they have the opportunity, ambition and greatest potential to grow and scale-up. Although there is a business growth potential in regions of Georgia, the need and importance of support services for their growth and prosperity is crucial. Growth Hub may address all above mentioned issues. The main drive of GH is to be proactive and work closely with rural businesses to acts as a communicator and negotiator at a national level with government, advisers, businesses, academia and other target audience. GHs will be the bridge for rural businesses to access specialists in any field of development they need, including individual consultancy, exporting, accessing finance, trainings. Within the framework of the project, the SavvY team visited one of the Growth Hubs in the United Kingdom and gained firsthand knowledge of its scope of operation and structure.Working on the Strategy and action plan of the GH in different regions of Georgia, as well as analyze the macroeconomic background and prepare stakeholders mapping was proceeded under the other two projects: stakeholders mapping and action plan for the GH for Adjara region was financed under the USAID Economic Security Programme and the same scope for Samegrelo-Zemo Svaneti was financed under the UNDP project "Fostering Regional and Local Development in Georgia, Phase 2" with the support of the Ministry of Regional Development and Infrastructure of Georgia (MRDI), the Swiss Agency for Development and Cooperation (SDC) and the Austrian Development Cooperation (ADC).&nbsp;The scope of these two projects included preparing the concept of GH and conducting primary and secondary researches about the MSMEs attitudes, existence of local service providers and private sector development in target regions. Primary research included intensive face to face interviews and telephone surveys of MSMEs in the target region of Georgia. Secondary research was done to assess the level of private sector development in the target region of Georgia, specifically in the Samegrelo – Zemo Svaneti and to identify the sectors contributing most of all to the country’s GDP.The concept and services and the governance structure was developed with the involvement of an international consultant from Great Britain who had more than 20 years of experience in GHs and who greatly contributed to the development of the strategy and action plan of the GH. The document summaries the market research of the Growth Hub stakeholders as well as the concept, strategy and action plan of the Growth Hub.<figure class="table" style="width:100%;"><table class="ck-table-resized"><colgroup><col style="width:27.48%;"><col style="width:72.52%;"></colgroup><tbody><tr><td><h1>Impact and Potential</h1></td><td>Growth Hubs will assist MSMEs in attaining growth through various initiatives and services. Growth Hubs will act as conduits for rural firms to connect with specialists in a variety of sectors (e.g., exporting or access to finance) and formats (e.g., consultancy and training).&nbsp;</td></tr></tbody></table></figure>GHs will serve as national communicators and negotiators with the government, advisers, corporations, academia, and others. Their suite of programs and services will be geared to help the main industry sector manage change, adapt to business challenges, increase profitability, and plan for the future. Along with group trainings, services will mostly entail individual consultations, face-to-face meetings, and individual growth and export plans are developed in partnership with government, industry specialists and experts, and other organizations that support regional development to assist the development of competitive, sustainable, and resilient rural businesses.Physical, regional branches of the "Enterprise Georgia" agency will be established, with the goal of assisting local enterprises. The hub will feature support consulting and other service providers to network with local MSMEs and assist in building the fundamental skills of entrepreneurs in the region.&nbsp;This will also in part support the development of consulting businesses in the regions, with the agency becoming a partner for them on the local level and a facilitator for entrepreneurs to provide those services through the GH that MSMEs seek to receive.&nbsp;As a result, the Growth Hub will assist the development of rural/local MSMEs, facilitating local economic growth and prosperity across the country.See article about our project<ol><li style="text-align:justify;"><a href="https://www.enterprisegeorgia.gov.ge/en/News/enterprise-georgia-delegation">Enterprise Georgia delegation got acquainted with the operations of Growth Hubs in Englan</a>d</li><li style="text-align:justify;"><a href="https://bm.ge/en/news/icc-launches-centre-of-entrepreneurship-in-tbilisi/36886">ICC Launches Centre of Entrepreneurship in Tbilisi</a></li></ol>

Georgia

Enterprise Georgia

USAID

UNDP

Growth hub

Strategy Development

Ecosystem Development

Growth Hubs in Georgia

Within the framework of the project, our team worked on a financial model, the main goal of which was to assess the feasibility of the investment based on assumptions obtained through market research and active communication with the client. Our team identified and forecasted revenue streams for seven years; SavvY studied industry averages and determined forecast cost structure. A significant part of the financial model identifies free cash flows and evaluates the investment.In addition, our team was involved in selecting the international brand necessary for the hotel's operation, considering their conditions and requirements in the financial model and access to finance.&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<img class="image_resized" style="width:25%;" src="/uploads/247559396_ea69b29f06.jpg" alt="Bestwesternhotel.jpg"> &nbsp;&nbsp;<img class="image_resized" style="width:25%;" src="/uploads/247559452_a48aaf8b5f.jpg" alt="bestwesternhotel.jpg"> &nbsp;&nbsp;<img class="image_resized" style="width:25%;" src="/uploads/327116315_2b2f9492aa.jpg" alt="Bestwesternhotel.jpg">Our team worked with several international brands, and finally, the client selected the Best Western Hotels &amp; Resorts brand. It was the first branded hotel in Gudauri for that period.Best Western Gudauri is an economy-class hotel ideally suited for lovers of active leisure. The hotel has its ski rental, a transfer to the ski slopes, a spa center, and an outdoor veranda. It is also an ideal environment for business meetings, as developing business tourism is one of the country's priorities. The hotel also has a restaurant for 200 people with its bar and a conference hall for 100 people.To finance the project, the program of the state structure, Enterprise Georgia, was used, through which the project received the benefit of subsidizing the loan interest. Our team's involvement in this process was manifested by introducing the details of the program to the client, evaluating the benefits through financial modeling, and selecting the optimal financing structure based on the financial model.

Best Western Gudauri

Best western hotel resort exterior in gudauri

International Hotel & Resort In Gudauri.jpg

Business Plan

Investment Teaser

International Hotel & Resort In Gudauri

The Be Digital initiative, supported by Enterprise Georgia and the Rural SMEs Development Project, a consortium comprising Swisscontact, Mercy Corps, and the Springfield Centre for business in Development, and funded by the Swiss Agency for Development and Cooperation (SDC), aimed to provide digital skills training to entrepreneurs in order to improve their business operations. Recognising the need for training, Enterprise Georgia, with the support of the RSMED project,&nbsp;engaged the consulting firm SavvY to give technical assistance (TA) to its beneficiaries on the use of digital products.The objectives of the project, entrusted to the SavvY Team, were to equip entrepreneurs with digital knowledge and skills to enhance the effectiveness of business communication skills of entrepreneurs. Trainers organized a comprehensive training series that provided instruction on various digital technologies that simplify marketing and financial operations. The training curriculum encompassed multiple skills, including registering and using email, creating electronic signatures, utilizing online communication platforms, developing basic design skills like logo and brochure creation, handling invoicing, registering on business platforms, and performing data modelling using Excel functions. Participants acquired essential knowledge of income and expense tables, tax calculations, and profit margin analysis.<figure class="table" style="width:100%;"><table class="ck-table-resized"><colgroup><col style="width:37.95%;"><col style="width:62.05%;"></colgroup><tbody><tr><td><h2>How We Helped</h2></td><td>During the training series, trainers engaged participants in interactive sessions, introducing them to various digital technologies and tools. We provided step-by-step instruction and practical exercises to ensure entrepreneurs could confidently navigate these digital resources.The SavvY team developed a customized 6-hour training course delivered in-person to small groups, specifically designed to address the unique needs of the beneficiaries.The training was open to the beneficiaries of Enterprise Georgia.&nbsp;Our team coordinated a series of training sessions across nearly 10 rural locations in Georgia, including Telavi, Kutaisi, Zugdidi, Ozurgeti, Gori, Zestaponi, Akhaltsikhe, Khulo, Batumi, and Rustavi, engaging approximately 200 participants.</td></tr></tbody></table></figure>Entrepreneurs from a diverse range of sectors were represented, including:<ul><li style="text-align:justify;">Auto service</li><li style="text-align:justify;">Construction</li><li style="text-align:justify;">Food Processing</li><li style="text-align:justify;">Manufacturing Food or even Textile</li><li style="text-align:justify;">Professional services</li><li style="text-align:justify;">Textile</li><li style="text-align:justify;">Tourism</li><li style="text-align:justify;">Winemaking</li></ul>Throughout the training sessions, the SavvY team provided hands-on support to beneficiaries who required additional assistance with the training materials. They guided participants in registering on the appropriate platforms, setting up accounts, and resolving any issues that arose. The team also tracked attendance and facilitated the completion of satisfaction assessments from attendees following each session.<figure class="table" style="width:100%;"><table class="ck-table-resized"><colgroup><col style="width:28.07%;"><col style="width:71.93%;"></colgroup><tbody><tr><td><h2>Impact and Potential</h2></td><td>Through this course almost 200 entrepreneurs gained essential digital literacy skills in 10 major cities, empowering them to effectively navigate and leverage digital technologies. This increased proficiency enables them to adapt to the rapidly changing business landscape and stay competitive. By mastering digital tools, entrepreneurs can streamline their marketing and financial operations. They can leverage email communication, online platforms, and design skills to enhance customer engagement, create marketing materials, and automate tasks, increasing efficiency and productivity.&nbsp;</td></tr></tbody></table></figure>Even during the training, entrepreneurs developed several digital tools for their operations. For example, they created the company logo, registered their location on Google Maps. Several entrepreneurs created the company brochure, etc.The impact of the Be Digital project extends beyond individual entrepreneurs as trained beneficiaries applies their digital skills. It can inspire others to embrace digital transformation, fostering a culture of innovation and entrepreneurship in the region.The Be Digital project, executed by SavvY Team, successfully empowered entrepreneurs with crucial digital skills to streamline their marketing and financial operations. By bridging the digital divide, the project empowered the beneficiary businesses by providing them with valuable knowledge and experience navigating the digital landscape.

Swisscontact

Be digital.jpg

National Training Programme – MSME Digital Skills Development

SavvY worked on a project initiated by Enterprise Georgia (under the Ministry of Economy and Sustainable Development of Georgia) and funded and supported by the European Bank for Reconstruction and Development (EBRD). Our team had been working on an investment aftercare service development program together with FDI Center. FDI Center is a specialized advisory firm in the field of foreign direct investment Based in Berlin, Germany. FDI Center is entirely focused on helping governments and investment promotion agencies (IPAs) to attract investment and retain more efficiently and successfully.The program aimed to design relevant investment aftercare services that address the key challenges of international investors in Georgia. Specifically, these activities were designed to facilitate the operation and expansion of investor activities in Georgia and enhance coordination and cooperation among governments, investors, and related stakeholders, with a view toward enhancing the positive impact of FDI.The project's goals, which our team was responsible for, were the development of the database of existing foreign investors in Georgia; up to 50 Interviews with FDI investors to identify the challenges they face during the expansion of their activities as well as relations with government entities and their perceptions about the need of aftercare services; the development and organization of capacity-building workshops for government entities whose activities are related to FDI investment; and delivering recommendations on providing quality aftercare services.<figure class="table" style="width:99.86%;"><table class="ck-table-resized"><colgroup><col style="width:35%;"><col style="width:65%;"></colgroup><tbody><tr><td><h1>How we helped</h1></td><td>The project went through different stages to achieve the initial goals. At first, our team created a database of FDI investors by combining data from several sources. In addition, we developed a sustainable methodology for updating the database. In the second stage, our team formulated a set of clear recommendations to improve investor aftercare services. These recommendations were based on in-depth interviews conducted among C-level executives of international companies or FDI investors in Georgia.</td></tr></tbody></table></figure>Investors’ feedback can be vital for policymaking and overall investment retention. The foreign investor perception survey was designed to help identify and consolidate information about the specific aftercare challenges and issues active investors face in Georgia. This comprehensive feedback enabled our team to provide policy and institutional-level recommendations.In the next stage of the program, SavvY’s partner FDI Center developed a detailed program and training materials for the capacity-building workshops. Capacity-building workshops were conducted among high-level stakeholders and Enterprise Georgia to enable the delivery of quality aftercare services and share the international practices. We presented the recommendations to the EG's team at the workshop, observed&nbsp;their inputs, tailored recommendations according to present EG resources, and then delivered our findings to the EG and MoESD management teams.Furthermore, the SavvY team and FDI Center designed the follow-up survey to be used by EG after the conclusion of the project to collect feedback from investors. In addition, our team developed a sustainable methodology for updating the database of FDI investors and prepared recommendations for data sources (such as Geostat or NAPR) to improve the data collection process if needed.&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp;<img class="image_resized" style="width:25%;" src="/uploads/IMG_4407_min_1_1143892b34.jpg" alt="IMG-4407-min (1).jpg"> &nbsp;&nbsp;<img class="image_resized" style="width:25%;" src="/uploads/IMG_4408_min_1_d8a55c7f87.jpg" alt="IMG-4408-min (1).jpg"> &nbsp;&nbsp;<img class="image_resized" style="width:25%;" src="/uploads/IMG_4406_min_1_7ff3a939dd.jpg" alt="IMG-4406-min (1).jpg"> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp;<figure class="table" style="width:99.92%;"><table class="ck-table-resized"><colgroup><col style="width:30.16%;"><col style="width:69.84%;"></colgroup><tbody><tr><td><h1>Impact and potential</h1></td><td>During the project, 50 foreign investor company representatives were surveyed, and a database of around 7,500 companies receiving FDI was created. In addition, the methodology for updating the database was provided, and key personnel was trained through workshops.As a result, the project outcomes enabled Enterprise Georgia to gather investors’ feedback for more effective policymaking.&nbsp;At the same time, the recommendations provided by our team and FDI Center will strengthen the capacity of Enterprise Georgia to enhance the provision of the aftercare services.</td></tr></tbody></table></figure>&nbsp;

European Bank for Reconstruction and Development (EBRD)

Foreign Investor Perception Survey.png

Foreign Investor Perception Survey and Improvement of Aftercare Capacity of EO (Georgia)

<img src="/uploads/155_A7911_2_832c4873fe.jpg" alt="155A7911 (2).jpg"> The consulting company SavvY has been contributing to the financial success of businesses in both Georgian and international markets for ten years. Its portfolio includes more than 100 projects and long-term collaborations with global organizations. In an interview with Forbes Georgia, Mariam Koyava, the founder and managing partner of SavvY, discusses the company's development path, international expansion, and future plans.Mariam, you were very young when SavvY was founded. Did you already have the knowledge and experience in this field that helped you turn it into a successful business? I have a degree in finance. Before founding my own company, I began my career at the age of 21 as an auditor at an international auditing firm — a stage that proved to be a defining milestone in my professional journey. The experience and practical skills I gained there helped me in my future development very much. Afterwards, I moved to the banking sector. During this period, I was deeply engaged in delivering professional services, whether in auditing, consulting, or banking. Eventually, I realized that consulting was the field of my interest and decided to establish my own company. SavvY entered the Georgian market ten years ago, in November 2015.What were the first steps like? What challenges did you face? When we started this business, one of the main obstacles was a lack of experience. Initially, potential clients were skeptical, since SavvY was a new company and had no implemented projects to gain trust. Convincing them that we could deliver on our promises without a concrete example was very difficult. The second major obstacle stemmed from the prevailing perception of the consulting sector at that time and its damaged reputation. Unlike a product, a service is much harder to sell, as people often find it difficult to imagine exactly what they will receive. Therefore, clearly demonstrating the value of our services was a major challenge. The third major challenge was defining our target segment and identifying who our clients should be. Many well-intentioned peers advised me to start with smaller firms, since we were new to the market and I was quite young to gain the trust of large corporations. However, my perspective on consulting was different: when a company faces a particular problem, finding a solution doesn’t really depend on its size. A consultant devotes the same time and commitment, whether it’s a small enterprise or a large corporation. At the same time, smaller companies typically have limited financial resources. I believed that if we positioned ourselves solely as a firm serving small businesses, we would remain confined to that segment. Therefore, from the outset, establishing partnerships with large, reputable organizations was both our goal and our greatest challenge. These collaborations would allow us to build a strong market presence and position SavvY as a trusted provider of high-quality consulting services.How did you manage to earn trust? How long did it take to achieve that? Our first major client was PSP, a company of unimaginable scale for a startup consulting firm. They commissioned us to transform the entire holding’s financial reporting in accordance with international standards. On one hand, it was an enormous responsibility; on the other, successfully completing this project had the potential to significantly strengthen trust in SavvY. It is also interesting, how we won the project. Surprisingly, it happened through training. When we realized there were many barriers to establishing ourselves in the market, we decided to demonstrate our team’s expertise in a different way. We organized professional training sessions, which proved to be extremely valuable. To date, I have personally trained nearly 21,000 professionals in the field. A representative of PSP attended one of these training sessions and told me that he had come to learn more about our company, our expertise, and what we could offer the market. He was impressed by SavvY’s professionalism and team expertise and mentioned that PSP’s financial director wanted to schedule a meeting with us. I can confidently say that this moment marked a turning point, presenting a real opportunity for one of Georgia’s largest companies to become our client. The history of PSP and SavvY's collaboration was a success achieved through hard work and dedication. During this project, we did not engage in any marketing for an entire year, not only because no one knew what SavvY was, but also because our priority was to focus on delivering quality work.What was the outcome of this partnership for SavvY itself? After completing the project successfully, SavvY began attracting interest from other major companies and organizations. This interest grew so quickly that, by 2018, we had already won a major USAID tender: a nationwide project to raise awareness of international financial reporting standards across Georgia. I highlight this project because, at the time, USAID would not have entrusted such an important initiative to a startup without confidence in us. Over time, the company’s visibility and credibility continued to grow, likely because we consistently fulfilled our promises to partners — and often exceeded their expectations.In a market with increasing competition, what makes SavvY’s services stand out? First of all, I’d like to highlight that today’s SavvY is very different from the company that first entered the market. We started with just two areas of focus, but now we offer a wide range of services. Before discussing specific directions, I’d like to share SavvY’s vision of the goals our services are designed to address. We have just two key objectives. The first is financial optimization, which involves developing stronger financial strategies, raising capital efficiently, facilitating quality investments, and establishing an appropriate financial structure. In simple terms, we excel at understanding where, from whom, why, for what, and how funds can be raised. The second objective is growth in income. Every service we provide should either strengthen an organization’s financial structure or increase its revenue. This principle guides the expansion of SavvY’s services. When a partner evaluates the impact of collaborating with us, the results should be clear and measurable. Consequently, our services include financial management, support in strategic financial decision-making for companies, business planning, technical and economic studies, and assistance in international trade, which involves helping clients find strategic partners for export. We also provide business and asset valuation, among other services. These are the services that consistently help investors, businesspeople, and top management make strategic decisions. I should also note that our strategy is not to offer as many services as possible. We prefer to be a boutique consulting firm that truly masters what it does and does it at the highest level.The company has been actively present in the Uzbek market. Recently, several projects were announced. Why this country? In general, what does the map of SavvY’s service exports look like? Working in different markets has always been interesting for us. SavvY is one of the best examples of how services can be exported from Georgia. As you noted, we have already established a strong presence in Uzbekistan, but we are also active in countries such as the United Kingdom, Sri Lanka, Israel, the United States, and others. Geographic diversification provides both the company and its team with significant opportunities for growth and exposure to new business practices. Returning to Uzbekistan, we never enter a market without holding a substantial portfolio there. Our exploration of this market began three years ago. Central Asia is particularly interesting due to its large economy, geographic and cultural proximity to Georgia, and rapid economic growth. When an economy grows quickly, consultants play a significant role in almost every sector. In Uzbekistan, we have already completed numerous projects in both the private and public sectors. Notably, SavvY also assists Saudi Arabian companies entering the Uzbek market, leveraging experience gained from projects in Saudi Arabia. This market is particularly promising and interesting for us. We are assisting the government of Uzbekistan in developing its strategy for attracting foreign direct investment — a project of great scale and responsibility. In addition, we collaborate with international organizations on initiatives aimed at enhancing the business skills of women entrepreneurs. I would also like to emphasize that SavvY is engaged in projects that are not only professionally significant but also emotionally meaningful. We hope to further expand our portfolio in this market. From the very beginning, SavvY’s strategy has been to enter both developed and emerging markets. At this stage, our priority is to establish a strong presence across the Middle East, the Caucasus, and Asia.Which sectors show the highest demand for consulting services? How do the markets differ in this regard? First of all, I’d like to emphasize that we’re not limited to any specific sector and can support any activities backed by international financial institutions. In terms of geography, demand in the Caucasus and Central Asia is particularly strong in the real estate sector, in its broadest sense. Tourism, logistics, and manufacturing — especially light industry — are also very active. Demand from the agricultural sector is steadily increasing, and the technology sector continues to show great potential. These are the key industries where SavvY’s clients are most active today.As you mentioned, SavvY is a boutique consulting firm. When handling large projects, does the team have sufficient resources? Yes, we cannot employ thousands of people, but it should be noted that we do not offer operational services such as outsourced accounting. In that case, we would be a completely different type of organization. Our boutique approach is reflected in how we select clients and, accordingly, projects. For us, the focus is not on the number of projects, but on their complexity and the impact our involvement can have. Moreover, given the complexity of our projects, we are always open to strategic partnerships. If collaborating with a partner can achieve greater results, we never hesitate. The most important thing is reaching the goals we have set. For example, over the past two years, we have worked closely with the international consulting firm Moore Global, providing the market with Floating CFO services. Why this collaboration? Because Moore has an excellent outsourced accounting team, while we have strong financial analysts. By combining the strengths of these two teams, we deliver faster and better results for our clients. We have had similar collaborations in the past with banks and international donor organizations. We have successfully partnered with Bank of Georgia and TBC Bank, and have been repeat contractors for USAID. In short, we have worked on a wide range of projects with nearly every major donor and international financial institution in the region.For projects of such scale, the team plays a critical role. Who is behind SavvY? In our business, the team must be full of champions. Our services are created by the minds of people; they are not products that can be made once and sold repeatedly. For this reason, the team is extremely important to SavvY. The company’s department heads and partners fully share SavvY’s vision; they are hardworking, exceptional, and courageous. We are committed to out-of-the-box thinking and make equally exceptional decisions. A few years ago, when we began considering geographical expansion, it seemed impossible to many. Yet, thanks to our strong and outstanding team, we were able to achieve it. Every successful step the company takes is the result of the entire team’s effort.Finally, what are SavvY’s plans for the future? We plan to put even greater effort into exporting our services, aiming to establish a full presence in multiple markets. At the same time, implementing large-scale projects is very important to us. For example, the consulting centers project in Georgia, which we began working on in 2019, is now being successfully implemented by the agency “Produce in Georgia”. We hope to undertake similar large-scale projects in other countries as well.&nbsp;<a href="https://forbes.ge/rchevebis-eqsportiori1/">To view the full interview, please follow the link</a>

155A8034-1540x1080 (1).png

155A8091-edit (1).jpg

Exporter of Advices

News

<img src="/uploads/EUROUZ_369eb1a604.jpg" alt="EUROUZ.jpg">SavvY Strengthens Its Strategic Presence in UzbekistanWe are pleased to announce that SavvY has officially joined EUROUZ - the Europe-Uzbekistan Association for Economic Cooperation - which serves as Europe’s Chamber of Commerce for Uzbekistan.EUROUZ plays a pivotal role in facilitating dialogue and partnership between European and Uzbek businesses, investors, and policy institutions. It provides a platform for knowledge sharing, policy advocacy, and the promotion of trade and investment across various sectors.Through this network, SavvY gains access to an international community of European chambers and business associations, supporting collaboration, market development, and investment initiatives on a global scale.&nbsp;

EUROUZ.jpg

SavvY joins EuroUz – Europe’s Chamber of Commerce for Uzbekistan

Insights

The International Financial Reporting Standards (IFRS) represent a globally recognized framework for preparing and presenting financial statements. Their purpose is to ensure consistency, transparency and comparability of financial reporting across countries. However, for small and medium-sized enterprises (SMEs), the application of full <a href="https://wesavvy.co.uk/services/ifrs-transition-and-implementation">IFRS</a> can be challenging due to its technical complexity and high compliance costs.To address this challenge, the IFRS for SMEs standard was developed by the International Accounting Standards Board (IASB). It provides a simplified, yet internationally consistent, reporting structure designed specifically for smaller entities that do not have public accountability. IFRS for SMEs keeps the main ideas of full IFRS but removes parts that are not relevant for smaller businesses, making reporting simpler and requiring fewer disclosures.<h2 style="text-align:justify;">IFRS Adoption in Georgia and Uzbekistan</h2>In Georgia, the adoption of IFRS standards became a legal requirement following the implementation of the Law of Accounting, Reporting, and Auditing. The law, enforced by the Service for Accounting, Reporting and Auditing Supervision (SARAS), established a clear classification of entities by size and introduced mandatory reporting under IFRS or IFRS for SMEs. This reform aimed to align Georgia’s accounting practices with international standards, enhance the credibility of <a href="https://wesavvy.co.uk/services/financial-reporting">financial reporting</a> and improve access to foreign investment.Similarly, Uzbekistan has also undertaken significant reforms in this area. Since January 2021, IFRS standards have become mandatory for commercial banks, insurance organisations, large taxpayers and state-owned enterprises. Other businesses may adopt IFRS voluntarily, while SMEs remain under national accounting standards. This transition reflects Uzbekistan’s broader effort to harmonise its financial reporting with international practices and strengthen transparency for investors.<h2 style="text-align:justify;">Key Benefits of IFRS for SMEs</h2>1. Simplified compliance with international standardsIFRS for SMEs provides a simplified reporting system that meets international expectations without the technical complexity of full IFRS. It simplifies recognition and measurement principles, reduces disclosure requirements and offers a logical structure that can be applied by smaller accounting teams. Despite being simplified, it ensures that financial statements remain consistent with global norms, which is vital for companies engaged in cross-border trade or seeking international financing.2. Improved transparency and comparabilityFinancial statements prepared under IFRS for SMEs are more transparent and comparable, both domestically and internationally. This enhances stakeholders’ ability to assess a company’s performance and financial position objectively. For investors, lenders and regulators, transparent reporting reduces risk and builds confidence in the enterprise’s governance. For SMEs in emerging markets like Georgia, such credibility can significantly improve access to investment and partnership opportunities.3. Efficiency and reduced administrative burdenCompared to full IFRS, the SME framework reduces compliance costs and administrative pressure. Smaller businesses often lack dedicated financial departments and the IFRS for SMEs allows them to meet reporting requirements without overextending their resources. This practical balance between simplicity and international alignment makes it an essential tool for sustainable business growth.<h2 style="text-align:justify;">Challenges in Adoption for SMEs</h2>Despite its advantages, the transition to IFRS for SMEs presents several challenges, particularly in developing and transitional economies.1. Limited expertise in IFRS applicationMany SMEs lack in-house professionals with IFRS knowledge. Accountants previously trained under national standards must acquire new competencies, often requiring substantial investment in education and training. These challenges are not unique to Georgia. Uzbekistan is facing similar barriers during its IFRS adoption process, particularly in SMEs, where accountants traditionally rely on national standards. Limited training resources and the need for large-scale capacity building remain key issues, prompting the government to introduce multi-year transition plans and targeted professional education initiatives.2. Insufficient local-language materialsInitially, most IFRS documentation was available only in English. This language barrier created obstacles for practitioners in non-English-speaking countries. Access to translated and contextually adapted learning materials became a critical requirement for effective implementation.3. Transition from national standardsAdopting IFRS for SMEs involves significant procedural and conceptual changes. Companies must revise their accounting policies, adapt internal systems and ensure that staff understand new reporting principles. The transition process requires not only technical training but also a change in mindset toward international best practices.<h2 style="text-align:justify;">SavvY and SARAS Initiative</h2>To address these challenges, the IFRS for SME Capacity Building Project was initiated by the Ministry of Finance of Georgia’s Service of Accounting, Reporting, and Auditing Supervision (SARAS), with the support of the United States Agency for International Development (USAID) through the Governing for Growth (G4G) program. The implementing organization of this national reform initiative was SavvY.The project was designed to build professional capacity, ensure access to learning materials in Georgian and prepare the business sector for full compliance with the new legal requirements on accounting and financial reporting.Key project outcomes included:<ul><li>Creation of an IFRS trainer network: A pool of 88 qualified IFRS trainers was established - 30 English-speaking and 58 Georgian-speaking. This network became the foundation for long-term training delivery in Georgia.</li><li>Development of interactive training modules: Comprehensive and user-friendly training materials were designed, including a syllabus and 35 modules covering all IFRS for SMEs topics.</li><li>Translation of IFRS for SMEs materials: Over 2,500 pages of IFRS for SMEs content were translated into Georgian, ensuring accessibility for all accounting professionals.</li><li>Training of accounting professionals: 100 accountants completed intensive training programs based on the newly developed materials, enhancing their ability to apply IFRS principles in practice.</li></ul>SavvY, in collaboration with international experts such as Mike Wells, coordinated multiple stakeholders, ensuring that global expertise was effectively transferred to the local context. The project also established a Review Committee to oversee the quality and accuracy of the translated materials, maintaining alignment with international standards.In addition, the initiative created the IFRS Training Network - an open platform connecting trainers and practitioners nationwide. This network facilitates continuous knowledge exchange, sharing of new updates from IASB and coordination of future training sessions.<h2 style="text-align:justify;">Impact and Practical Lessons</h2>The IFRS for SME Capacity Building Project has had a long-lasting influence on Georgia’s financial reporting environment and professional development ecosystem.1. Strengthened professional capacityThe project significantly increased the number of qualified IFRS professionals in Georgia. Companies now have greater access to skilled accountants capable of producing internationally comparable financial reports. This has improved the overall quality and credibility of financial data across the SME sector.2. Sustainable access to knowledge resourcesThe translation of 35 IFRS for SMEs modules into Georgian created an enduring knowledge base. These materials remain publicly available on the SARAS website, serving as official resources for trainers, accountants and students. The availability of these tools continues to facilitate professional growth and ongoing education in financial reporting.3. Development of a sustainable training networkThe 88 trained IFRS instructors form a permanent infrastructure for continuous capacity building. Many trainers have since developed new educational programs and consulting services, ensuring that IFRS knowledge continues to spread and evolve within Georgia’s accounting community.The project also supported the private training and consulting market by creating new business opportunities for professionals offering IFRS-related services. This multiplier effect contributes to the country’s overall economic development by strengthening institutional competence and promoting transparency in financial reporting.<h2 style="text-align:justify;">Building a Sustainable Future for Financial Reporting in Georgia</h2>The implementation of IFRS for SMEs marks a significant milestone in aligning Georgia’s financial reporting system with International Financial Reporting Standards (IFRS). By simplifying compliance while ensuring global credibility, it enables SMEs to produce reliable financial statements that meet investor and regulator expectations.Its successful adoption relies on education, professional capacity and institutional cooperation. The partnership between SavvY, SARAS and USAID’s G4G Project proved to be an effective model for building national expertise in IFRS.Through targeted training, translation of IFRS materials and a strong professional network, Georgian companies have gained the tools to transition efficiently to IFRS for SMEs, improving transparency and strengthening their competitiveness in the global market.

What is IFRS for SMEs

What is IFRS for SMEs and why it matters for companies

The pharmaceutical sector is a highly regulated and complex industry. Companies operate in multiple regions, manage large networks of pharmacies, import medicines from international manufacturers and deal with a high volume of transactions every day. Proper financial reporting is essential for transparency, trust and compliance. International Financial Reporting Standards (<a href="https://wesavvy.co.uk/services/ifrs-transition-and-implementation">IFRS</a>) provide a framework that helps pharmaceutical companies maintain accuracy and reliability in financial reporting while meeting global expectations.Implementing IFRS is not only a regulatory requirement but also a strategic step. Financial statements prepared under IFRS are easier to compare internationally, which helps attract investors and improve business reputation. However, adopting <a href="https://wesavvy.co.uk/portfolio/ifrs-implementation-in-pharmaceutical-company">IFRS in the pharmaceutical sector</a> comes with unique challenges due to the complexity of operations and multiple revenue channels.<h2 style="text-align:justify;">Challenges in IFRS Implementation for the Pharmaceutical Sector</h2>Property, Plant and Equipment (PPE)Pharmaceutical companies often own numerous assets, including pharmacies, warehouses and laboratories. Recording and valuing these assets accurately is essential. IFRS requires proper depreciation, impairment testing and clear documentation. Mismanagement of PPE can lead to inaccurate <a href="https://wesavvy.co.uk/services/financial-reporting">financial reporting</a>, reduced transparency and audit issues.Inventory ManagementManaging inventories in a pharmaceutical company is highly complex. Products are imported from various international manufacturers and distributed through multiple channels. IFRS requires accurate tracking of inventory costs, expiration dates, and batch numbers. Misreporting can affect revenue calculations, tax compliance, and regulatory reporting. Maintaining clear, real-time data is crucial to avoid discrepancies and financial errors.Revenue RecognitionRevenue recognition is another key challenge. Pharmaceutical companies often sell through retail outlets, hospitals and online platforms. Loyalty programs, discounts and product returns add extra layers of complexity. IFRS sets strict rules about when revenue should be recognized, based on control transfer to the customer. Mistakes in this area can result in inaccurate profits and lower investor confidence.Regulatory and Audit PressureLocal tax regulations, audit requirements and market expectations add further pressure. Companies need to ensure that IFRS adoption aligns with local rules and satisfies auditors. Failure to comply can affect credibility, investor trust and operational stability.<h2 style="text-align:justify;">Best Practices for Successful IFRS Implementation</h2>Documenting Processes and Data FlowBefore implementing IFRS, companies should map all accounting processes, data flows and reporting structures. Documenting every step helps identify gaps, standardize procedures and reduce errors. This approach ensures that all teams are aligned and understand how to maintain IFRS compliance.Training and Staff InvolvementEmployees must be trained in IFRS standards. Finance teams, auditors and operational staff should understand how to record transactions, value assets and manage revenue recognition according to international standards. Continuous training creates a culture of accountability and ensures that reporting is accurate.Leveraging TechnologyAdvanced accounting and inventory management systems can simplify IFRS adoption. Automation reduces errors and speeds up data processing. Companies can use digital tools to track assets, manage stock and calculate revenues. Technology also provides real-time insights for decision-making and planning.Expert SupportMany pharmaceutical companies partner with professional firms to assist with IFRS implementation. These experts provide diagnostics, design implementation roadmaps and monitor compliance. External support ensures that companies follow international standards and can manage complex accounting challenges effectively.<h2 style="text-align:justify;">Case Example: Successful IFRS Adoption</h2>Consider a major pharmacy chain operating in Georgia with hundreds of outlets and millions of customers. This company imports medicines from over a hundred international manufacturers. Managing such a business requires accurate financial reporting to maintain trust among investors, partners and regulatory authorities.By implementing IFRS with professional guidance, the company tackled critical areas: PPE valuation, inventory tracking and revenue recognition. Standardized processes were introduced, and staff received training on international accounting practices. Inventory management systems were upgraded and reporting procedures were aligned with IFRS requirements.The results were clear. Financial statements became more accurate and transparent, audits were smoother and investor confidence increased. The company achieved global comparability, which helped when negotiating with international partners and planning for future expansion.<h2 style="text-align:justify;">Lessons Learned from IFRS Implementation</h2>The implementation of International Financial Reporting Standards (IFRS) in the pharmaceutical sector offers many valuable lessons for companies aiming to improve financial reporting and operational efficiency. One of the most important takeaways is that a structured approach is essential. Conducting thorough diagnostics of existing financial processes, mapping all relevant workflows and developing a step-by-step implementation plan ensures that IFRS adoption is effective and minimizes disruption to daily operations. Without this structured foundation, companies risk incomplete adoption or misalignment with international standards.Another key lesson is the importance of focusing on critical areas. Property, Plant and Equipment (PPE), inventory management, and revenue recognition are typically the most complex and high-impact aspects of pharmaceutical accounting. Ensuring accuracy in these areas significantly enhances the credibility of financial statements and supports sound decision-making. Companies must pay special attention to valuation methods, tracking inventory movements and recognizing revenue correctly across multiple sales channels and imported products.Technology and automation are also vital components of successful IFRS implementation. Modern accounting systems allow companies to manage large volumes of transactions efficiently, reduce human errors and provide real-time data for management reporting. Automating repetitive processes not only increases operational efficiency but also strengthens internal controls and audit readiness.In addition, ongoing monitoring and review are critical for maintaining compliance. Regular audits, internal reviews and continuous assessment of financial processes help identify and resolve discrepancies quickly, ensuring that the company remains aligned with IFRS standards over time. This proactive approach prevents compliance issues from escalating and enhances the company’s reputation among investors and regulators.Finally, staff engagement and training are crucial for integrating IFRS into the company culture. Employees at all levels need to understand the principles, requirements and benefits of IFRS adoption. When staff are actively involved, IFRS becomes an integral part of daily operations rather than a separate compliance task. Proper training ensures consistency in reporting, builds confidence in financial data and supports a culture of transparency and accountability throughout the organization.Broader ImpactAdopting IFRS has benefits beyond individual companies. Pharmaceutical businesses that implement international standards improve transparency, trust and operational efficiency across the sector. Investors, partners and regulatory bodies gain confidence in reporting accuracy, which strengthens relationships and supports growth. Companies are better prepared for mergers, expansions, or entering new markets because their financial systems meet global standards.In addition, IFRS adoption enhances long-term sustainability. Companies can plan strategically, manage risks effectively and maintain consistent reporting practices. Global comparability is especially valuable in attracting international investment or benchmarking performance against global competitors.<h2 style="text-align:justify;">IFRS as a Strategic Advantage</h2>Implementing International Financial Reporting Standards (IFRS) in the pharmaceutical sector is challenging but highly rewarding. Companies must carefully manage Property, Plant, and Equipment (PPE), inventories, and revenue recognition while ensuring full compliance with both local regulations and international standards. Achieving this requires a structured approach that combines detailed process documentation, employee training, effective use of technology and expert advisory support. Each element plays a critical role in ensuring that financial data is accurate, timely and transparent.Beyond compliance, IFRS adoption brings strategic benefits. Accurate and standardized financial reporting allows management teams to make informed decisions based on reliable data. Operational efficiency improves as processes are streamlined, redundancies are eliminated and internal controls are strengthened. Employees gain a clear understanding of accounting practices and reporting requirements, creating a culture of accountability and financial discipline.For investors, partners, and regulators, IFRS compliance demonstrates credibility and trustworthiness. Transparent reporting reassures stakeholders that the company operates according to internationally recognized practices. This increased confidence can help attract investment, support partnerships and open opportunities for international expansion.Moreover, companies that adopt IFRS are better equipped to handle future challenges. They can respond effectively to market fluctuations, regulatory changes and business growth opportunities. Global comparability enables benchmarking against industry leaders and facilitates entry into new markets. In the long term, IFRS adoption strengthens financial stability, ensures sustainable growth and positions pharmaceutical companies as reliable, future-oriented organizations in an increasingly competitive global landscape.&nbsp;

IFRS

IFRS Implementation in the Pharmaceutical Sector: Challenges and Solutions

In the last few years, Georgia has made big progress in improving the quality of its financial reporting. The country decided to follow International Financial Reporting Standards (<a href="https://wesavvy.co.uk/services/ifrs-transition-and-implementation">IFRS</a>), which are used all over the world to make financial information more transparent and comparable.When the new Law on Accounting, Reporting and Auditing was introduced, many companies had to change the way they prepared their financial statements. This was not an easy task. Accountants and auditors needed new knowledge, new materials, and new skills to understand and apply IFRS correctly.That is why <a href="https://wesavvy.co.uk/">SavvY</a>, in partnership with the Service for Accounting, Reporting and Auditing Supervision (SARAS) under the Ministry of Finance of Georgia, and supported by the USAID Governing for Growth (G4G) project, started a large national initiative to make IFRS training available to everyone in Georgia.<h2 style="text-align:justify;">Legal Background and the Need for Training</h2>According to the new law, many Georgian companies must prepare their financial statements under IFRS. This was an important step for the country’s integration into international markets and to increase the trust of investors and partners.However, following IFRS in practice required much more than just knowing the rules. Companies needed trained specialists who could apply these standards in real business situations. The goal of the project was to help Georgian professionals learn IFRS in a practical, easy-to-understand way, and make this knowledge available across the country.<h2 style="text-align:justify;">Challenges in IFRS Training Implementation</h2>Creating a full IFRS training program in Georgia came with several serious challenges:1. Not enough qualified trainersAt the start, there were only a few people in Georgia who had enough knowledge and teaching experience to train others in IFRS.2. Materials only in EnglishMost IFRS materials were available only in English, so many accountants found it difficult to study. The project had to translate and adapt complex professional content into clear Georgian language.3. The need for interactive learningTraditional lectures were not enough. The program needed to include examples, exercises, and real-life situations to help participants truly understand how to use IFRS in their daily work.<h2 style="text-align:justify;">SavvY’s Role and Partnership with SARAS</h2>To solve these problems, SavvY worked closely with SARAS and international experts to design a multi-stage capacity-building program. The idea was to train local trainers first, who could then train hundreds of accountants across the country.1. Step-by-step program with international expertsTogether with well-known IFRS specialist Mike Wells and other experts, SavvY created a learning plan that covered all key areas of IFRS and IFRS for SMEs.2. Engaging local professionalsSavvY built a strong cooperation network.<ul><li>A Review Committee of Georgian experts was formed to carefully check the quality of the translations.</li><li>The IFRS Training Network was created to connect trainers, share opportunities, and exchange knowledge about new developments in the field.</li></ul>3. Translation and creation of materialsOne of the most important results was the translation of 35 IFRS for SMEs modules into Georgian – more than 2,500 pages of new training materials. These resources were written in clear, professional language and included real business examples, case studies, and exercises.<h2 style="text-align:justify;">Training Georgia’s First IFRS Trainers</h2>Thanks to the program, 88 new IFRS trainers were trained – 30 English-speaking and 58 Georgian-speaking professionals. They became the first group in Georgia able to teach IFRS to others.These trainers later delivered courses and workshops to accountants, finance managers, and auditors in different regions. The IFRS Training Network allowed them to stay in touch, share new ideas, and continue improving their teaching skills.For many of them, this project also opened new professional opportunities – some trainers started offering IFRS-related consulting and training services independently.<h2 style="text-align:justify;">Impact of the Project</h2>The IFRS Capacity Building Project had a big and long-term impact on Georgia’s business and financial sector.1. A strong group of local expertsThanks to the project, there is now a solid group of trained IFRS professionals who can continue teaching others and supporting companies during their transition to IFRS.2. Free and public materialsAll translated and designed materials were made publicly available on the SARAS website, so anyone can use them – accountants, trainers, or students. These resources are still used today.3. More transparency and professionalismCompanies now prepare their financial statements according to international rules, which improves trust, transparency, and the country’s business reputation.4. Ongoing knowledge sharingThe community of trainers and professionals created during the project continues to support each other and share new updates about <a href="https://wesavvy.co.uk/services/financial-reporting">financial reporting</a>.<h2 style="text-align:justify;">Lessons Learned and Future Potential</h2>The collaboration between SavvY, SARAS, and USAID G4G showed that big reforms are possible when there is good teamwork, planning, and focus on long-term results.Some key lessons from the project include:<ul><li>Cooperation matters: Bringing together government, private sector, and international experts creates the best results.</li><li>Localization is key: Translating and adapting materials into the Georgian language made training accessible to everyone.</li><li>Sustainability is essential: By training trainers and making materials public, the project created a system that continues to work even years after completion.</li></ul>This approach can serve as a model for other countries that want to build local capacity for IFRS or other international standards.<h2 style="text-align:justify;">Building a Transparent Future</h2>The IFRS Capacity Building Project was more than a training initiative – it was a transformation in how Georgia understands and applies financial reporting.Through the partnership between SavvY, SARAS, and USAID G4G, IFRS training became accessible, localized, and sustainable. The result is not only better compliance with international standards but also stronger transparency and professional growth in Georgia’s financial sector.Today, the project stands as a great example of how education, cooperation and innovation can build a stronger foundation for the country’s business environment - and a more transparent financial future.

Hey, I'm Natia Goliadze and I'm gonna help you

Projects I've worked on

The Eco-Adventure and Agri-Tourism Business Sector Development in Saudi Arabia

Growth Hubs in Georgia

International Hotel & Resort In Gudauri

National Training Programme – MSME Digital Skills Development

Foreign Investor Perception Survey and Improvement of Aftercare Capacity of EO (Georgia)

See All projects

Publications

Exporter of Advices

SavvY joins EuroUz – Europe’s Chamber of Commerce for Uzbekistan

What is IFRS for SMEs and why it matters for companies

IFRS Implementation in the Pharmaceutical Sector: Challenges and Solutions

Behind the Scenes: How SavvY and SARAS Made IFRS Training Accessible in Georgia

Tell me how can I help