An Armenian woman who set up a construction firm in Armenia six years ago has seen the firm’s turnover more than double thanks to help from the European Bank for Reconstruction and Development.
With funding from EU4Business and Sweden, the EBRD’s Women in Business programme helped Smart Construction Ltd. to computerise the operational and financial practices so the company could manage its business better.
Introducing smart management tools
Established in 2011, Smart Construction started life as the official representative of the world’s largest manufacturer of pre-engineered steel buildings (PEB) for Armenia, Georgia and Central Asia.
Now the company provides complete turnkey engineering and construction services and handles all phases of project investment ensuring project package preparation, implementation and quality control, leading to the professional upkeep of buildings.
By standardising business processes and introducing a comprehensive management information system, the EBRD helped Smart Construction increase turnover by 123%.
The Bank put Smart Construction in touch with a local consultant who implemented a comprehensive Enterprise Resource Planning (ERP) system to manage trade and customer relationships.
Local consultant provided expert know-how
- Conducted a detailed business diagnosis, gathering data on the company’s business, mapping processes and performing “gap” analysis of projected and real outcomes
- Designed proper business procedures covering the gap
- Customised software to respond to the company’s needs
- Installed the software on the company’s work stations and prepared the relevant manuals
- Trained the company’s users
- Provided post-implementation user and technical support.
As well as more than doubling turnover, Smart Construction now employs twice as many staff as before the project and has 27% more customers. All for a project costing less than €8,500, of which the company contributed just over €3,600.
Embarking on a longer-term project
Satisfied with the success of the project, the chief executive continues to work with the EBRD, hiring an international consultant on a longer-term project.
She has also received assistance under the Women in Business Initiative from the Cherie Blair Mentorship Programme.
Find out more
EBRD Advice for Small Businesses
EBRD finance and advice for women in business