Nimish Khakhar, Chief Executive Advisor

Small and medium enterprises (SMEs) have always been the backbone of the Indian economy. They not only contribute 45 percent to country’s manufacturing output, but also play a critical role in generating millions of jobs, especially at the low-skill level. Although, SMEs employ 40 percent of India’s workforce, they only contribute 17 percent to the nation’s GDP. Despite the growing contribution of SMEs to the economy, SMEs are starving to identify and appoint a consulting firm for advising them on financing and corporate strategists to sustain/grow in the current economic environment and attending to their requirements of multifaceted services. On account of limited providers of these services, SMEs are going out of business. Unfortunately, today SMEs are not on the radar of many consulting firms.

Standing in sharp contrast amidst them is Mumbai-based Affluence Advisory – a boutique firm that works with the objective of guiding SMEs and meeting all their requirements in terms of transaction, corporate law, risk advisory, tax advisory & litigation, assurance and account process outsourcing services. Each of these verticals is headed by a highly qualified professional, who has enough experience to lead the respective department. “Though, we are working with large corporates/MNCs, 50 percent of our attention is always towards SME clients as we get enough recognition and rewards from them,” professes Nimish Khakhar, Chief Executive Advisor, Affluence Advisory. “Even though SMEs manufacture and deliver quality products & services and have good distribution and business network, they do not focus on standard operating processes, statutory compliances, and robust Management Information Reports for decision making. Further, in this dynamic environment, SMEs need consulting on Value Creation and ultimately unlocking the Value they have created for the stakeholders

over decades,” adds Nimish.

The multidisciplinary services and immense exposure & experience Affluence has garnered from working on different varieties of complex transactions during its stint with corporate clients not only provides end-to-end solutions to its clients, but also brings value on the table for its SME clients.

"The multidisciplinary services and immense exposure & experience Affluence has garnered not only provides end-to-end solutions to its clients, but also brings value on the table for its SME clients"

Client-Centric Firm
Affluence Advisory always takes-up the project only if it has required/enough bandwidth to deliver services that match with its clients’ expectation. Going forward, the Affluence team first understands client’s objective of any matter referred to them, gathers appropriate facts and based on inputs accumulated develops business & financial strategies to achieve their objective. Affluence Advisory has client-centric approach, where it keeps client’s interest in mind, while giving any suggestions/solutions.

The project management software (in-house) and monitoring & review mechanism enable the team to schedule the work properly and attend multiple assignments even under pressure without compromising the quality in clients delivery. In this tech-savvy venture, the partners always monitor the project/engagements before delivering it to the clients. “To ensure that our delivery matches the client expectation, we never go out of way of our key practice areas and never overcommit clients to solicit the engagement,” adds Nimish.

Trending-up with Technologies
Hiring experts to install & manage hardware/software architectures and upgrading its technologies in every 2-3 years enables Affluence Advisory to enhance efficiency in delivering engagements. Further, Affluence Advisory keeps its team (Charted Accountants & Company Secretaries & Lawyers) upgraded with the latest trend & technologies. These associates are well-trained on various updated platforms. Concentrating on data security, the firm has a system in place to monitor laws pertaining to data transmission & information related to any project is kept confidential in a bid to keep the entire data transmission process private. The firm has well placed

authority matrix and data access control system.

The company that is well positioned in corporate law, risk advisory and due diligence services keeps identifying opportunities in Indian market and overseas market. Based on the market dynamics and changes in the corporate & regulatory environment, the firm either starts a new vertical in-house or repositions its existing practices. For instance, earlier in case of risk advisory, the function based approach made way for process-based approach. Similarly, a mechanism to inspect, detect, react and correct - post mortem approach using sampling technique got changed to a mechanism to anticipate, prevent and monitor - an anticipatory approach using data mining tools. There is paradigm shift in risk advisory services. Accordingly, Affluence Advisory has repositioned its risk advisory practices which totally concentrate on risk-based practice. Crediting team’s experience and self esteem for organization’s growth, the venture is focused on bringing new services/solutions, experiences and intelligence in creating longterm growth strategy for SMEs.

The Way Ahead
Currently having clientele base in UK, U.S. and Japan, Affluence Advisory has procured a phenomenal revenue growth. It’s looking to acquire more clients from Italy & China and aims to expand its workforce from 27 to 40 by 2020. “Besides private client practice, we are also growing on the financial institutional desk which brings steady workflow for us. Whatever we have done so far and achieved, it’s purely because of the quality service that’s being delivered to our existing clients. We are growing through word-of-mouth publicity and references,” concludes Nimish.

Key Management
Nimish Khakhar, Chief Executive Advisor
This charted accountant possesses over 20 years of experience in transaction (M&A) and transaction support services (vendor & buyer side due diligence).

Offices:
Mumbai & Pune
Services:
Transactions, Corporate Law Services, Risk Advisory, Tax Advisory & Litigation Services, Assurance and Account Process Outsourcing