Key Steps accountants should take to guide SMEs out of the Covid-19 Crisis

Business survival tips, strategies for businesses during covid-19 crisis, accounting consultancy in Dubai

In the present situation where the whole world has come to a stop, it is now more important than ever to have savings in hand. There will be a massive impact felt due to the coronavirus, and businesses need to be ready for any situation which comes their way. It is because of this reason that outsourcing the accounting functions of a company will be more beneficial for the management.

Accountants – for many – are SME’s trusted advisors.

The Covid-19 crisis is a critical time where SMEs need all the guidance they can get to navigate through the storm. We call on accountants and small accountancy practices to help struggling SMEs through these difficult times.

The following actions are required to be taken by accountants to support their struggling SME clients:

1. Informing clients about all aid options

Accountants should be aware of all financial (and other) forms of aid provided by national governments. It would be helpful for the national accountancy body to be aware of aid that other countries provide, so they can flag the best practices to their own national policymakers.

2. Applying the available aid to client’s situations

Identify clients in high risk sectors and those that would benefit most from public support measures. Help them by:

  • Advising them on, and guiding them through, all the claims available to them
  • Identifying options to help them diversify their business
  • Providing a path to accessing emergency financing being provided by governments
  • If possible, consider renegotiating your fees and payment schedules with them

3. Helping with immediate business survival

One of the ways in which accountants can help is by informing their SME clients of immediate measures that might make the difference between survival and collapse. They should also help them implement these measures where required. Examples of this include:

  • Accessing the reliefs on offer as soon as possible to increase the impact.
  • Reviewing and adjusting their cash flow forecast to determine what impact cuts in sales will have on their ability to pay their suppliers and debt. Businesses should continue to pay their suppliers when they can to help avoid a wide-spread collapse of the financial system.
  • Considering the business model to ascertain whether the SME can deliver goods or services in an alternative manner – such as by home delivery or online, and whether it can downsize or stop certain activities, such as travel, sales and marketing.
  • Understanding their supply chains and planning for disruptions in the supply of products and services. This may involve scaling back production for some parts and stock and re-considering suppliers and clients from countries heavily impacted by the virus.
  • Checking their insurance to understand whether they are eligible for a claim for any financial losses.
  • Communicating with their staff to discuss the possibility of short term pay cuts.
  • Ensuring that their financials are up to date so they can monitor profitability, stock, and debtor-creditor balances. Many governments are offering deferment of tax returns and financial information filing. However, such deferments’ long-term impacts are not clear. They could result in a later bottleneck in filing such returns and the possible loss of financial and tax data.
  • Negotiating with their debtors- for example, to offer discounts in exchange for early payment.
  • Negotiating with their debtors– for example, to offer discounts in exchange for early payment.
  • Continually monitoring the situation and informing clients of new initiatives so that when lifting the restrictions becomes imminent, they are ready to recommence trading.
  • If all else fails, considering the options within insolvency as it may be possible to rescue viable businesses by debt reorganization rather than being forced into full liquidation.

4. Guiding SME’s plan for the medium term

Many SMEs are likely to be in a crisis mode. Our accountants help them avoid emergency measures that could endanger the business’ medium-term viability. They can, for example, help them to:

  • Reconsider whether laying off employees is unavoidable. On top of having negative social and societal impacts, cutting down on workforce also constitutes a loss of key skills for the business. This should be a last resort option only, so make your clients aware of that and help them access all alternative options, aid and financing available first. It is possible that staff would prefer taking a temporary pay cut over redundancy. This could increase staff loyalty and allow the business to resume operations once the restrictions are lifted.
  • Start building financial reserves as soon as possible, to prepare for a new peak in coronavirus cases even after the current restrictions are lifted.

E-commerce Business Setup in United Arab Emirates

E-commerce in Dubai, E-commerce in UAE, How to obtain an e-commerce license in UAE, corporate services provider Dubai

E-commerce means buying and selling of goods, products or services over the internet. E-commerce is also known as electronic commerce or internet commerce. These services are provided online over the internet. Transaction of money, funds and data are also considered to be E-commerce. While it is not new, this sector is growing rapidly across the world and creating new opportunities for businesses, particularly in the United Arab Emirates (UAE).

The current situation is further boosting the E-commerce sector in the UAE, as the behaviour of consumers is changing and social distancing is becoming the new norm, forcing businesses to transition to digital models in order to adapt. With the internet becoming an essential requirement of everyday life, many businesses are learning to take advantage of the numerous benefits of E-commerce, as it shifts from a luxury to a necessity.

Several Free Zones in the UAE offer E-commerce licenses with incredibly affordable options. However, there are several reasons aside from the cost to set up E-commerce operations in a UAE Free Zone. Some of them are:

  • Free Zones allow for 100% company ownership
  • Businesses can be started with relatively low capital investment
  • Free Zone businesses have no time barrier
  • No import duties on E-commerce license
  • 0% corporate and personal tax
  • Repatriation of capital and profits
  • Ease of opening bank accounts
  • Visa eligibility
  • Flexible office facility

E-commerce is a great way for businesses to interact with consumers internationally. It has become an important part of our society. It has also become more affordable for small businesses to use the world wide web to sell their products. E-commerce will continue to progress radically over the years as the number of internet users among businesses and consumers continues to grow.

E-commerce licenses can also be set-up with Dubai Economy- once you identify your requirements, you are good to go.

To know more about E-commerce license setup, please feel free to contact us at mail@affiniax.com.

Business Continuity

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The current global scenario has hampered the growth of the economy and stability with almost all sectors facing a decline as a result of Covid 19. Although this has only started to emerge, the extent of this will be noticed in the upcoming months. The spread of the virus is causing different impacts in each country and governments are quickly backing up to protect its citizens and limit the damage.
The decline experienced by the global financial markets indicate that the world economy could take much longer to recover and return to normalcy. The pathway to growth and the degree to which the demand will be delayed can be explained in three scenarios – described as V-U-L.

V – SHAPED

Equivalent to the classic real economy, where the shift and decline in output eventually rebounds back. In this scenario, the annual growth rate might completely absorb the shock.

U – SHAPED

Under this scenario, the shock persists and there is permanent loss of output, with initial growth resuming and having a slower rebound.

L – SHAPED

A more downbeat scenario where one would have to assume that Covid-19 has led to significant structural damage to the economy’s supply such as labor market, productivity or capital formation. This would have a larger impact on the economic growth, triggering a global recession.

In order for businesses to survive, companies will have to be resilient and take necessary precautions to navigate past the changing times.

  1. Establish the facts
    It becomes essential for all businesses to outline the current business scenario and its impact in the short, medium and long term, keeping in mind the present-day situation. This involves running different scenarios, revisiting key business decisions for immediate recovery to alleviate business disruptions and potential revenue loss.
  2. Employee Involvement
    Employees, being a key part of any business, should be well informed with the transformational changes taking place. With each business and industry having different requirements, the employees should be made aware of the current situation and what is expected of them. Companies should support employees and communicate clearly about adaptation to digital workplace to ensure seamless continuity.
    It is also important to utilize collaborative tools across the departments to ensure communication and quality of work or service provided to clients is not hampered/ compromised in any manner.
  3. Cloud Based Solutions
    With social distancing being practiced by most companies, it is necessary for employees to adapt to cloud based applications and storage for easy access of data and documents by all the employees.
    Working on cloud technology provides real time data, thereby resulting in transparency and deeper engagements with clients.
  4. Dedicated Crisis Management Team
    A crisis like Covid 19 is having an impact on every part of the business. During a time of complexity and uncertainty, teams should be able to adapt and proactively coordinate in an effective way. Led by the CEO, a core team should take charge, with members from different teams and functions defining key specific goals to be achieved by the organization, focusing largely on the output to be achieved.
  5. Stress Testing
    Stress testing helps in identifying vulnerabilities in the current business model and can be useful in managing risk, strategy, risk appetite and capital decisions. Internal stress testing should be conducted to identify gaps and work towards recovery planning. Businesses need to focus on key trigger areas, revenue and variables that will directly impact their revenue and cost.
  6. Managing the Funds flow
    Growth objectives are key to every organization to maximize value and preserve the continuity of funds. During such times, it is important to identify areas of surplus and deficit funds and engage surplus to cover any deficits.
  7. Support clients
    During such times, it is equally important to work closely and maintain personal relationships with customers and clients by communicating clearly to identify key areas to focus on and offer assistance beyond the areas of regular service offered.

1. Business Continuity

  • Providing your team regular updates on the current situation in the region on key labor, fiscal and monetary measures taken by the Government.

2 Cloud Based Solutions

  • Keeping in mind the safety of employees, we can analyze the current system and processes in place and provide support towards digital transformation to cloud services to ease access across the business.
  • Affiniax Partners can help identify and maintain flexibility and synchronization between the business processes, applications and IT infrastructure.
  • This can be conducted through evaluating, planning, designing, implementing and testing of cloud-based solutions for companies.

3 Cross Functional Response Team

  • Setting up cross-functional teams for key workstreams – Employees welfare and ability to perform tasks, financial stress testing of the business, evaluation of budgets and closely monitor supply chain and other areas important to businesses.

4 Stress Testing

  • Define risk factors and run business-wide stress testing using various platforms across the organization, supported by technology to enable reviews.
  • Conduct sensitivity analysis and run scenarios on the viability and financial implications of business decisions. Review of potential opportunities to grow revenues within designated risk tolerance level.
  • Scenario analysis on the variables affecting revenues and cost and identifying input variables that could affect liquidity position of the business.
  • Running different scenarios of financial models (Cash flows, Balance sheets and P&L) to measure and identify potential liquidity and optimization techniques.
  • Scrutiny of budgets (revenue, sales, marketing, inventory, investment capacity) on pricing changes and discounts and optimization of supply chain (inventory levels, after sales stock, delivery capacity and capability).
  • Implement appropriate stabilization techniques for optimizing costs and supply chain.

5 Practice with Top Team

  • Analysis and scenarios will be discussed and reviewed with the top Management via reporting tools for deeper understanding of company risk profile.

To learn how we can help you, please contact us at mail@affiniax.com

PRINCIPLES OF TRANSFORMATIONAL LEADERSHIP

When we talk about ‘Leadership’, what is the first thing that comes to your mind?

An Executive, busy developing a Company’s strategy to compete in the market; or a Political leader pursuing his passion; or maybe an Explorer, cutting a path through a dense jungle for the rest of his group to follow. One thing remains common in all cases – Leaders set directions, build an inspiring vision and create something new for others to follow.

In this article, we are focusing on the process of leadership – particularly the “Transformational Leadership Model in the workplace”. This model was first proposed by James MacGregor Burns and then developed by Bernard Bass. This model highlights visionary thinking and bringing about change, instead of management processes that are designed to maintain and steadily improve current performance.

According to the idea of Transformational Leadership, an effective leader is a person who does the following:

1. Creates an inspiring vision of the future.

Vision for a business is basically where you want to be in the future. It provides directions, sets priorities, timelines and finally, a model to analyse if you have achieved your milestone. Leaders should focus on an organisation’s current skills, analyse situations and then proceed with innovation by shaping the business and strategy in such a way that it creates something meaningful to the people being led in the organisation. A very important aspect of this theory is that a leader should be “Proactive” and should not be satisfied with things as they are.

2. Motivates and inspires people to engage with that vision.

The ability to motivate your employees inspires them and helps to deliver the vision. Effective leaders link motivation under two segments:

  1. The expectation that hard work will lead to good results.
  2. The expectation that good results will lead to attractive incentives and rewards – intrinsic or extrinsic.

People believe in and admire leaders who have an expertise in that area. A leader must have a proven record to support that he can lead people, which means he should have earned such power and not by mere position in the organisation.

3. Managing delivery of Vision.

A leader must make sure that his vision is followed and managed effectively – either by himself or by dedicated managers under him to whom responsibilities and roles are clarified. They should set KPI (Key Performance Indicators) for each employee to make sure they are on the right track and working collectively towards achieving their goal. This stage may also include certain changes and a leader should ensure that changes go smoothly and with the support of all employees in the organisation.

4. Coaching and building a team to achieve Vision.

A leader must understand the team dynamics in order to strategise his vision. He needs to make sure that the required abilities and skills are set to move forward. This is an ongoing process under which the team is mentored, various training and coaching is provided along with appropriate feedback and analysis by way of KPIs.

Leadership includes searching for and grooming leadership skills in others. Once the skills are developed in the team, success continues for the long term- and that’s the true measure of Great Leadership.

Leaders become great, not because of their power but because of the ability to empower others – John C Maxwell

Written by

Nihar Kothari

Nihar@affiniax.com

OUTSOURCED CFO SERVICES

Case Study

We were recently approached by a mid-sized Events Management Company having a successful track record across several GCC countries. The Company performed much better than the young entrepreneurs had expected in a short span of time. Due to the inherent nature of their business, most of the revenue was collected in advance, thus making it a cash-rich Company. The entrepreneurs were happy to see their bank account flowing with cash and resultantly began to indulge in fancy business meetings, business class travel and investing in Associate Companies that were not doing so well.

Suddenly, they got the shock of their life when one of their suppliers refused to provide any further event management related services to the Company – followed by a few more suppliers. As expected, the event was the biggest failure in the history of the Company. The event sponsors blamed the Company’s management for making false promises and underperforming. Aggravated with the sudden change in attitude of suppliers, the Management decided not to renew their contracts and appointed an alternate chain of suppliers. Surprisingly, the same issues started trending for other events which affected the reputation and goodwill of the Company even more.

The Board of Directors identified key problem areas in the business cycle:
  • Continuous decline in revenue. Due to them having a lesser number of projects in hand, the sustainability of the Company was being questioned.
  • Bank account balance was used by Management. Looking at the declining trend of business, bankers reduced their facility limits and charged a higher rate of interest to safeguard their interest.
  • Low-quality services were provided by suppliers
  • Employee turnover started rising in the Company
Since most of the issues were finance related, they hired Affiniax to provide Outsourced CFO Services. The intention was to identify the root cause and provide solutions. After two months of interaction with their team and suppliers, we came up with the following observations:
  • The Company hired the best category of suppliers in the first place. Their services were at par with their big brand competitors. However, they were not paid in a timely manner. This exposed the Company to various legal cases. Even though the Company was cash-rich, the process of approval and payment took a long time. As a result, these suppliers stopped engaging themselves with the Company for any future projects. 
  • The news was widespread in the market for non-payment of dues which ultimately affected sales and impacted negatively on the goodwill of the Company.
  • The Company was making reasonable profits from all their projects individually. However, the Company was not prepared to incur the additional expenses of the young entrepreneurs. The money they spent on their lifestyle was supposed to be paid to their suppliers in the first place. It is a common practice and a big mistake for entrepreneurs to consider bank balance as their profits. 
  • Employees started leaving the Company as they felt stuck in the same position in the Company for years. Regular appraisal/performance-based bonus was never made a part of the Company’s policy. As a result, they lost their best talent to their competitors.
  • The Company maintained a very high level of inventory. This not only exposed the Company to obsolete items but also increased the cost of storage.
  • We helped the Company to re-negotiate terms and conditions with their bankers.
  • We gave them an insight into market conditions and recommended they amend their contracts to ensure compliance with local authorities.
  • Potential business opportunities were discussed with the management.

Concept

Outsourced CFO is a financial management solution that renders a combination of visionary and technical service to accomplish the ambitions of SMEs.

How it works

An outsourced CFO model involves a part-time, temporary or project-based CFO. This gives small business owners the strategic financial expertise they need while saving them money in terms of salary, benefits and additional overhead that is typically associated with hiring a full-time CFO with a hefty salary.The responsibilities of an outsourced CFO may include overseeing financial and accounting functions, training staff on accounting best practices, developing cash flow improvement programs and evaluating internal controls.

Services Provided under Outsourced CFO

  • Management of the finance infrastructure (accounting, treasury, finance)
  • Financial, business, and strategic planning and implementation
  • Hands-on guidance during transitions
  • Cash flow management and projections
  • Budgeting and forecasting
  • Assisting with private equity and debt financing
  • Bank financing and investor meeting preparation
  • Key metrics benchmarking and trend analysis
  • Accounting software selection and implementation
  • Financial and operational improvement plans
  • Mergers and acquisition support
  • Risk management
  • Contract review

How Affiniax Partners can help?

We have a talented and purpose-driven team of Chartered Accountants and finance professionals that help entrepreneurs to identify their key areas, focus on providing customised business solutions, report on cost-benefit analysis, provide market updates, automate systems and scale up their competence in pursuit of business eminence.Article written by Nihar Kothari, Partner, Affiniax PartnersThe author can be contacted at nihar@affiniax.com

NEW LAW GOVERNING JOINTLY OWNED PROPERTIES IN DUBAI

The Law No. (6) of 2019* regarding Ownership of Jointly Owned Properties in the Emirate of Dubai has been issued to regulate the joint ownership of real estate in Dubai.

The Law applies to all major real estate development projects and jointly owned properties in Dubai, including those located in free zones and special development zones.

The new Law repeals Law No. (27) of 2007 Concerning Ownership of Jointly Owned Property in the Emirate of Dubai and any other law that contradicts it.

Jointly Owned Properties (JOP) are now divided into three categories with different rules for their management of common areas. The Law has enhanced the powers of RERA such as selection of the members of the Owners’ committee, appointment of specialized management company for third category of jointly owned properties and to replace the management entity in case they are found inefficient. The Law is designed to boost competitiveness and ensure the rights of all parties are protected.

Key Elements of the new Law
  • Components of the common area of the building and land of the JOP along with components of the unit are clearly defined in the Law, which regulates the ownership of developer-owned areas.
  • The Developer should allocate parking space for owners of the unit, which cannot be sold separately.
  • The Management Entity cannot charge fees for managing, operating, maintaining common facilities or for any other purpose unless it receives an approval from RERA.
  • The Management Entity shall provide RERA with a periodic report every six months on the management of the jointly owned properties, common areas and the maintenance works carried out therein. At any time, RERA can request for information on the revenues and expenses related to service charges.
  • The Developer shall establish the building management system for major projects and hotel projects managed by them which must be approved by RERA. RERA shall establish the building management system on the other common properties.
  • Service charges and utilization charges collection, disposal and use are clearly set out under the new Law. The Management Entity shall deposit the service charges and the Utilization charges into the licensed bank account within seven (7) working days from the date of payment of service and utilization charges. The competent execution judge may, when necessary, sell the unit through public auction in the event of continued payment default by the owner.
  • RERA can appoint a specialized Management Entity to manage and operate common property in case the developer or hotel project management company are proven inefficient. Similarly, in the case of an inefficient management entity, RERA may appoint an alternative Management Entity to manage the common property.
  • As per Article 41, the Management Entity must maintain comprehensive insurance coverage for the JOP.
  • The Management Entity, which includes the developer, the management company or the hotel project management company, as the case may be shall be, shall replace the owner’s association in rights and obligations stated before the application of provision of new Law (Article 49).
  • The Rental Disputes Settlement Centre in Dubai will now have jurisdiction to hear and settle all disputes that fall under the purview of this Law. Violators are subject to financial penalties up to AED 1,000,000 and can be penalized up to AED 2,000,000 in case of repeat violations within one year of the previous violation.
Common Property Register
The Dubai Land Department shall prepare a special register of Jointly Owned Properties which would include details about the ownership of land and units, area owned by the developer, members of the owners’ committee, building management system, contracts for the management of common areas and details about the common areas and private jointly owned parts.

The developer is required to submit all necessary documents of the jointly owned real estate project to the Land Department within 60 days of the completion date and receipt of completion certificate. The Department can extend the deadline for this by 30 days. If the documents are not submitted, the Department can request the documents from any other party it deems appropriate and will charge the developer all related fees and expenses.

Management of Common Areas
Under the previous Law, the Owners’ Association board was formed and was entrusted with the management of the common areas of the building, and they could delegate these responsibilities to an Association Manager to perform.

According to the new Law, jointly owned properties are divided into three categories: (1) Major projects, (2) Hotel projects, (3) Real estate projects other than major projects and hotel projects, with different rules pertaining to the management of each type of jointly owned property.

Owners’ Committee
An Owners’ Committee for the first and third categories must be formed with its members selected by Real Estate Regulatory Agency (RERA), which shall not exceed nine members and should be established when at least 10 percent of the total number of units in the jointly owned property are registered.

The Developer cannot be part of an owners’ committee unless there are unsold units.

The functions of the Committee are listed under Article 24 of the law which mainly relate to advisory, reviewing and verifying the operations of the Management Entity. The Owners’ Committee shall be required to hold quarterly meetings every 3 months with a total of four meetings in a year.

Obligation of the Property Developer
The Developer is under the obligation to repair or correct any damage to the structure of the jointly owned property occurring within a period of 10 years from the date of issuance of the completion certificate.

The Developer is further obligated to replace or repair any defective fixtures in the individual units within a period of one year from the date of delivering the unit to the owner.

*The new law is effective within 60 days of its publication in the Official Gazette.

Affiniax Partners joins Allinial Global

Affiniax Partners is very pleased to announce it has joined Allinial Global (formerly PKF North America), a member-based association that has dedicated itself to the success of independent accounting and consulting firms since its founding in 1969. Allinial Global is based in North America but offers international support by connecting its firms to providers and global networks of accounting firms worldwide, fostering the independence, profitability, and continuous improvement of its members. Affiniax Partners has 4 partners and a total of 60+ employees.

“We joined Allinial Global because of our strong commitment to our clients,” said Sumeet Nayyar, CEO & Partner. “Through this global association, we will have access to cutting edge skill-building and niche information designed to bring greater profitability to the business owners we serve. We will enjoy all the advantages of national firm resources while still maintaining our independent status.”

Allinial Global firms continually seek new ways to better meet the needs of their clients. In this cooperative environment, firms share ideas, training programs, and technical expertise. “We look forward to being active participants in the Allinial Global association, working closely with other successful firms nationwide,” commented Sumeet Nayyar.

TRANSFORMING HR AND STRATEGIZING CHANGE MANAGEMENT

We were recently honored with “Mark of Excellence” for “Best HR Transformation & Change Management Strategy” at the Future Workplace Awards on November 13, 2018 at Park Hyatt, Dubai.

The initiative to transform the HR practices at our workplace was rolled in the last quarter of 2017 by our leadership team with the goals of improving productivity and performance management, automating HR, developing people- friendly policies and redesigning HR processes.

Therefore, the focus was on ‘the big picture’ for successful transformation.

“We intended to boldly pursue today’s inevitable journey to transform the traditional HR operating model via fully integrated change management strategies and strategically managed HR transformation.”

Sumeet Nayyar-CEO& Partner

“We aimed to develop and execute on the right plan by focusing on the people first.”

Nihar Kothari –Partner

“We encouraged curiosity across all facets of the organization which opened people’s minds allowing them to try new things differently.”

Abeer Syed – Partner

” We created a vision for change which helped us to direct, align and inspire employees.”

Tanmay Saxena – Senior Manager, Tax and Compliance Advisory
ACTION PLAN:

Our leaders recognized the huge trends that are emerging very rapidly and started working proactively to respond strategically every step of the way. The following action-plan was laid down.

GoalAction
Transform HR practicesHire a dedicated HR personnel
HR Audit
  • Audit policies according to UAE Labor Law
Establish retention strategies that promote the Firm as a great place to work/live.
  • Develop people friendly policies and procedures
  • Employee engagement activities
Employee HandbookComprehensive development of handbook including updated policies
HR Automation by ensuring process simplification and retaining the “human touch” and avoid creating a feeling that the HR function has been depersonalized
  • Employee self service
  • Automating leave management
Revamping Performance ManagementDevelopment of a PM model that aligns with business objectives
IMPLEMENTATION

“We adopted a realistic approach towards change management as it concentrated on reinforcing the people side of equation combined with effort to manage and execute the change.”

Affiniax Management

“Our most senior leadership believed in and supported the idea of revamping the Performance Management Framework — a framework focused on fueling performance in the future rather than assessing it in the past.”

Sheeba Mirza, HR Executive

We introduced the KPI and MSC model to develop our employees by weighting the KPIs and competencies so that there is a clarity of goals and competencies among the employees to deliver business outcomes.

Challenge: The challenge was just around change. We were sort of used to the rhythms of the old system

KICKOFF: There were phased roll-outs:

  • Mid-2018: May- We chose two departments with a pilot approach – Consulting and Corporate.
  • Training session was held by the HR Executive for the line managers and their direct reports to make them understand the model.
  • July 2018- We added the other departments – Audit, Accounts, Administration and Taxation later in the year.
  • Formation of steering groups consisting of HR Executive, Director and the Line Manager of each department.
  • And by the end of August 2018 we have covered all the departments.
RESULTS
CONNECTING CHANGE TO BUSINESS RESULTS
ProjectPurpose
Revamping Performance Management Framework – MSCs and KPIsEmployees are clear in understanding “how” to deliver on the expectations of “what” is expected. 70% weightage: KPIs and 30% weightage: Competencies
Free HR softwareAutomating HRMS thereby saving time, cost and increasing employees’ productivity.
  • Online Leave application system
  • Employee self service
People friendly workplace
  • Work from Home – 10 working days in a year.
  • Employee Referral Program
  • Complimentary Paid Leave – 2 festival leaves and a Birthday Leave every year.
  • Harassment Policy & Procedure
  • Team building activities such as monthly birthday celebrations, IWD 2018.
L&D Programs – YLP, FLP and Management Development ProgramDevelopment of employees at the entry, mid and senior level through customized learning programs.

THE VALUE OF BUSINESS CONSULTING IN THE UAE?

Determining the value you can derive from business consulting is one of those things that often comes with hindsight and, on occasion is overlooked or missed entirely. Having expert specialist advise or guidance often leads to the right decisions being made on a day to day basis and that can be mistaken for ‘business as usual’ rather than seeing it’s true benefit.

One way to highlight the real value of business consulting is to think of it terms of dentistry (let’s think way outside the box here).

Some people are methodical and make regular appointments to visit their dentist for a checkup. During that checkup, they will look at the health and vitality of the teeth and gums and look for any hidden problems or potential future issues that can be resolved and removed before they happen. When bigger problems are present, remedial action can be taken and they leave in the knowledge and comfort that they are likely to be incident free in the period until their next visit (and even if that is not the case, they know exactly where to go if something does happen)

At the other end of the scale are those who will only visit the dentist once the pain of a problem has reached the point that they can’t continue to operate without remedial action right now. This is often painful, disruptive and, more often than not, extremely costly as the actions required to get back on track are far more extensive and potentially difficult to administer.

This principle fits well with business consultancy. Having highly skilled business professionals giving your business a check up on a regular basis helps anticipate and tackle problems of all shapes and sizes on the go. If you consider the cost of remedial action at the dentist being high, compare that to having to perform a root canal to your corporate finances or poor due diligence and you start to appreciate the real value of consultancy as a regular input rather than an emergency procedure.

Business consultancy from Affinax covers a broad spectrum of key aspects that absolutely must be delivered with the utmost accuracy and professionalism. Whether you are valuing your business or a potential investment through to drafting commercial agreements or even winding up an organisation, make sure you are best placed to make effective and correct decisions. Few of us are lucky enough to have experience in every aspect of business and commerce and even larger corporations don’t always have the core competencies on their staff full time.

Why not speak to the professionals at Affinax and explore their scope of services and what benefits they can deliver to help you maintain a vibrant healthy smile in your business.

The Trends changing the Business Landscape and the Role of the Board

I recently had an opportunity to attend a seminar by the Australian Institute of Company Directors (AICD) on how the business landscape is changing and the vital role of the Board in ensuring that their respective organizations are ready to embrace such change.

I was pleasantly surprised to observe that the discussion on the “Role of the Board” went beyond its traditional boundaries. Whether it is the new “Technological Revolution”, Cyber Risks or even a matter of “Trust”, the disruption to businesses is forcing the role of the Board (and for a good reason) to go beyond the usual realm, such as, providing continuity and direction for the organization, selecting c-level executives, governing organization based on broad agreed objectives and policies and fiduciary duties.

The fast changing and uncertain business climate, in my opinion, have pushed the Board members, to evaluate their role and forced them to make some radical changes to have a Board Composition which necessarily does not reflect the traditional Board cohort. The challenges of “today” faced by organizations have resulted in the Board to have diversity in their “functions”, “thoughts”, “experience”, “gender” and “culture”.

The role of the Board is evolving and is more proactive than reactive. The burden, of risks to organization’s reputation, of commitment to their stakeholders, and to the larger society is vital in shaping the new role of the Board. The extended role shouldn’t just take into consideration what’s disrupting the business today but also how businesses and larger industry sector will be in 5, 10 or even 20 years. The role needs to include more strategic responsibilities, focusing on future transformations and not just current changing trends.

The Board needs to be hands on and be involved throughout the strategy formation process and hence the responsibilities of the Board need to go beyond the board meetings and should be more collaborative in nature with the management of their organizations. This will help the Board to be more responsive to current threats to the organizations from various factors such as Cyber Risks and data thefts.

Furthermore, uncertainty in the businesses caused due to increase in continuously changing global regulatory and compliance requirements and keeping up with the demands of investors is forcing the Boards to come out of their protective shell, be more accountable, and to embrace the shift in their role from just awareness to governance.