An Excerpt from the Interview:
When was your Business Established?
The business of providing quality financial and tax advisory service to NRIs was established in 2010.
What was your Key Motivation in starting your Business?
We visited a number of banks, financial institutions and other advisory firms to inquire about their knowledge and experience of servicing NRIs and we were surprised to notice that none actually knew or understood the requirements or met expectations of the NRIs or provided holistic advice that included their Investments, Indian taxes or foreign taxes. We identified it as a key niche area. Also, my knowledge and experience of 9 years in United States of America and working with a lot of NRIs, was instrumental in starting the service.
What was the break through moment for your business?
The breakthrough moment came when a multi-millionaire client entrusted usfor advising him related to his investments and taxation. It was a big jump for us as our quality customer centric service was being recognized and even big clients came looking for us as they considered our advice truly value add.
How do you Measure Success in Your Business?
Our Clients are central to our business. We measure the success through the client feedback, ability for us to retain the clients and number of referrals.
What is your business model?
To reckon as a One Stop NRI solution by providing the low risk, cost effective solution for Investment and Taxation aspects of NRIs and by keeping them updated with the latest laws & regulations. We truly believe in knowledge sharing and informed decision making. We continuously update and educate our clients or prospects, who in turn, after judging the knowledge and experience, refer to their friends or consult us for their requirements. This will resultin increasing satisfied client base and thereby consultancy revenue.
Have you benefited from the use of any specific technology for your regular operations?
We have benefited immensely by writing Blog online. We started writing blogs giving in-depth analysis of RBI/FEMA/Taxation rules and requirements, with procedures and steps in a simple language so that it can be easily understood and applied. We are proud to say that our blogs on NRI Investments and taxation at www.nareshco.com/blog have been hugely referred by NRI all over the world. NRIs from over 80 countries have visited our blog. And, we were able to convert the NRI blog users to our clients, who are also doing our world of mouth publicity. We have also organized online webinars to explain the rules and regulations relating to NRI investments and taxation. The NRIs from over 10 countries have attended our webinars.
Innovation is the Key to Survival in any Business. How do you continue to Innovate?
Our main insight for the innovation comes from 2 sources – Our experience of working with NRIs and understanding their requirements: We try to innovate with a sole mission of how to make the information or our services easier, faster and better. Our second source and most important source of innovation come from our clients itself. Actually, they have come up with the ideas of writing blogs as well as scheduling webinars and few more. And, we were able to successfully implement those ideas. We are in continuous process of analyzing comments, feedback or ideas given by our client as well as observing the market trends and innovate accordingly.
What are the Trends you’re paying attention to for 2014?
We are paying very close attention to information exchange among various countries and how it affects NRIs; more specifically the implementation of FATCA (Foreign Account Tax Compliance Act) of USA, which is expected to be implemented from July 1, 2014. There is a HUGE potential for us as NRIs from USA are not aware or not able to fully apprehend its implications. In addition, NRIs can’t keep up with the changes in RBI/FEMA rules and requirements. As we are updated and keep a close watch on FATCA, we have the perfect opportunity to be the forerunner in educating NRIs with the laws as well as making them understand implications and increase compliance.
Where do you see your business in 5 years?
As our business that mainly strives on word of mouth publicity as well as ability to innovate for the ultimate goal of “Quality & 100% Client Satisfaction”, we see humongous potential for our business. We see that NRI Advisory would play a key role in providing complete range of financial services with a holistic view that combines NRI investments, Indian taxation and International taxation requirements.
As more and more countries take initiative to become one world in financial information sharing, our client centric service would see no bound. We expect to serve NRIs from 100 countries in 5 years. Also, as Indian financial system is beginning to open up or relax norms for investment by QFI (Qualified Foreign Individuals), we also see immense opportunity to tap that segment – Advising Foreign nationals of non-Indian origin and helping them for their investments in India, taxation in India as well as taxation of their home countries.
What, according to you, are the top 3 skills needed to be a successful entrepreneur?
The top 3 skills needed to be successful entrepreneur in current and future are: Ability to Innovate and Change, Ability to deliver quality service for Total Customer Satisfaction and Working hard towards achieving a definite long term goal. If you work hard with a focus to help your clients or customers and keep their interest before yours or any others, your service and hard work will be recognized; may not be in short term but definitely in long term.
What does it mean for you being a recipient of the QuickBooks Excellence Awards?
No words can describe the feelings of receiving the QuickBooks Excellence Awards. We feel so much proud, honored and blessed to have received the award. We are truly grateful that Intuit and Bloomberg have identified our strength and selected us for the award. We feel our hard work is paid off and the award is a proof that we are on the right track. We are confident that their support will go a long way and will motivate us to innovate, to further improve our client centric philosophy and to do better and better.
We thank, from bottom of our heart, to Intuit, QuickBooks, Bloomberg TV India, Jury and anyone who has been associated with the awards. We are fortunate to have a dedicated team of professionals and we are indebted to our clients for their support, trust and confidence in us as well as word of mouth publicity.
Visit their Website: http://www.njpadvisors.com Read their Blog: http://nareshco.com/blog/