Awrosoft company
Awrosoft company, a leading provider of custom software development and IT consulting services, has emerged as a true success story in the post-COVID-19 era. As the world grappled with the challenges brought by the pandemic, Awrosoft faced significant hurdles to sustain its operations and continue its innovative work. However, with the support of a crucial funding injection from GroFin, the company was able to overcome these difficulties and regain its position as a powerhouse in the IT industry.
The timely investment provided by GroFin through support from USAID proved to be instrumental in Awrosoft’s resurgence. The funding enabled the company to weather the storm of the post-COVID-19 era by sustaining its workforce, investing in technological advancements, and adapting its services to meet the changing needs of the market.
With renewed financial stability, Awrosoft continued to deliver exceptional software solutions and IT consulting services, further solidifying its reputation for excellence and innovation.
Today, Awrosoft stands as a shining example of how strategic investments and collaborative partnerships can empower companies to navigate challenging times successfully. The company’s growth trajectory since the funding injection has been remarkable, with an expanded client base, increased market share, and a stronger presence in both local and international markets.
Thanks to the support provided by Northern Iraq Investments, Awrosoft not only overcame the difficulties of the post-COVID-19 era but emerged as a stronger, more resilient organization, poised to shape the future of information technology.
GroFin through NII aims to provide financial support to established businesses in Northern Iraq, helping them sustain employment opportunities and livelihoods.
Awrosoft company
Awrosoft company, a leading provider of custom software development and IT consulting services, has emerged as a true success story in the post-COVID-19 era. As the world grappled with the challenges brought by the pandemic, Awrosoft faced significant hurdles to sustain its operations and continue its innovative work. However, with the support of a crucial funding injection from GroFin, the company was able to overcome these difficulties and regain its position as a powerhouse in the IT industry.
The timely investment provided by GroFin through support from USAID proved to be instrumental in Awrosoft’s resurgence. The funding enabled the company to weather the storm of the post-COVID-19 era by sustaining its workforce, investing in technological advancements, and adapting its services to meet the changing needs of the market.
With renewed financial stability, Awrosoft continued to deliver exceptional software solutions and IT consulting services, further solidifying its reputation for excellence and innovation.
Today, Awrosoft stands as a shining example of how strategic investments and collaborative partnerships can empower companies to navigate challenging times successfully. The company’s growth trajectory since the funding injection has been remarkable, with an expanded client base, increased market share, and a stronger presence in both local and international markets.
Thanks to the support provided by Northern Iraq Investments, Awrosoft not only overcame the difficulties of the post-COVID-19 era but emerged as a stronger, more resilient organization, poised to shape the future of information technology.
GroFin through NII aims to provide financial support to established businesses in Northern Iraq, helping them sustain employment opportunities and livelihoods.
Tips & Tricks for Entrepreneurs
DO YOU AGREE?
Revenue is VANITY… Margin is SANITY… But CASH is KING!
Cash flow
It is the movement of funds in and out of your business. Cash flow can be either positive or negative.
That’s why it’s important to always monitor your cash flow – good or bad.
- What if you lose your biggest customer to competitors?
- What if you cannot serve your current customers?
- What if orders for your products dry up suddenly?
Three C’s to remember to better manage your cash flow:
Manage cash effectively:
- Controlling your number of employees
- Keeping tight clamps on all expenditure
- Encouraging your debtors to pay earlier
- Seeking grants and friendly loans
Manage your credit effectively:
- Explore deferred payment measures with your creditors
- Explore a sustainable credit control plan to balance cash inflows with cash outflows
- Weigh the costs of short-term credit from financial
What does communication have to do with cash flow?
- Your creditors and financiers are interested in your survival and sustainable growth.
- Sometimes an outsider’s opinion might help you see what you can’t see from the inside.
Determining the amount of working capital your business needs to operate is the first step to effectively managing your cash flow.
You need to answer questions like:
- How much inventory do I need to hold?
- How many invoices are overdue?
- How much cash is tied up in work in progress?
- How long does it take from paying our suppliers for the materials to extracting cash from the customers?
Remember: You can’t control what you don’t measure!
Subscribe to Northern Iraq Investments for more tips!
La Dolce Vita Restaurant
Shadi lived in Europe for over a decade. But when she decided to open her restaurant, she knew she had to return home to northern Iraq. “ISIS destroyed Kurdistan’s economy and increased the unemployment rate. That gave me the incentive to go back and to challenge myself, as a woman, to establish a business even though I am surrounded by men.”
Shadi is Shabak, one of the minority groups persecuted by ISIS when the group seized control of northern Iraq in 2014. After ISIS was expelled from the country in 2017, she returned to the city of Erbil to establish La Dolce Vita. Located in the city’s affluent business district, the restaurant serves high-end traditional Arabic and Kurdish food as well as western dishes. Three years later, Shadi remains the only female business owner among the 20 restaurants in the area. “I am proud to compete [with them] and to serve fine traditional Iraqi cuisine,” she says.
But when COVID-19 took hold in Iraq, Shadi faced her biggest business challenge yet. Lockdown measures imposed in Erbil in mid-March 2020 forced La Dolce Vita to close and like other bars and restaurants in the city, it could not fully reopen until September. This was a devasting blow to the business, which was left with no revenue for six months. Shadi struggled to cover costs like rent, electricity, and salaries. She was forced to retrench five employees and to cut the salaries of her remaining staff, which includes displaced Syrian nationals, by 50%.
The business was given a lifeline when it received financing through NII’s COVID-19 SME Support Programme. This loan allowed La Dolce Vita to cover salaries, rent and the cost of sales to reopen. “I received this loan at a very critical stage because most likely, I would have had to close my business. This loan brought back my business to life,” Shadi says.
The restaurant can now continue to employ 11 people, including 5 women. Kale, is a young single mother supporting her two children, aged two and four. She has been working at La Dolce Vita since 2017. “I feel fortunate to have kept my job during this pandemic when so many people have lost theirs. I hope to continue working so I can support my family and send my kids to school.”