Business Mentor Series: NexGen

Niran and Vinay Iswar wanted to do things differently.

Looking around at the services other accountants offered, they noticed how outdated the traditional accounting models had become. They thought the time was perfect for a business focused more on customers, one that could provide a more personal service. In 2012, the pair started NexGen to do just that.

“We have always been passionate about entrepreneurship and the growth of Kiwi businesses. We believe good accounting is the foundation of any successful business; the two go hand in hand."

“Our goal was to provide customers with tailored services that resulted in them having time, mind and financial freedom, bespoke packages and regular catch-ups to check they were on track with their business goals."

“Other companies only let customers talk to the partners, in our business we prefer our accountants take the lead and chat to the customer as much as possible. It removes bottlenecks and builds the experience of our team much quicker."

“We become a part of your team, your external finance team.”

In order to achieve their goals, the pair knew they had to be looking for solutions in places traditional accounting firms may have ignored. Thinking digital first became a no-brainer.

“We are young directors born in the digital age. Ensuring we’re up to date with the latest digital solutions comes naturally to us. One of the core values here at NexGen is innovation, so it’s important to us we are always at the forefront of this. We read, we attend seminars and conferences and we network. We also align ourselves with the best in the market, if we don’t know, we’re not afraid to ask.”

Starting any business isn’t easy though, and Niran remembers just how difficult the initial process was.

“There are psychological challenges and literal challenges when starting a business. Having the confidence to quit our day jobs was a big one. We knew we were selling our services at a much lower rate than their value, but we knew we had to grow our customer base so just let it go for a while. This wasn’t the best idea for cash flow or take home profit, but when we look back we can say we’ve learned a lot from it – mainly who our ideal client is.”

Thankfully, early on a customer introduced Niran to Business Mentors New Zealand, a not-for-profit organisation dedicated to the success and growth of small business through volunteer mentors. Seeing the opportunity for some unbiased feedback and a helping hand, NexGen jumped at the opportunity to work with a mentor.

“The process was easy, we enquired and were quickly put in touch with our mentor [Chris] who asked us to prepare some documents, including a financial forecast.”

“The benefit of having someone who has been in business a lot longer than you is huge. A mentor gives you the confidence boost you need to make some big decisions and does so from an objective perspective.”

Now, six years later, the business has quadrupled in size.

Services have expanded from tailored accounting to a multitude of business advisory services that focus on growth solutions for business owners. A third Director was also added to the team, bringing invaluable international experience.

“The pace in which we grew was frightening to some degree. The benefit is that from experiencing these challenges directly ourselves, we know what our customers are going through and can speak to them from an experience level that other businesses may not have.”

As NexGen has grown, so too has their relationship with Chris, who has supported their journey by challenging their every move.

“None of this would have happened without out the help of our mentor… The accountability and straight up attitude from Chris is what we need now and for the future.”

“We believe he always speaks honestly to us, with NexGen’s best interests genuinely at heart. Our relationship is built on trust as he has no agenda but to help us.  He has been really good in terms of understanding our business and making sure we focus on one key metric to increase our value and bottom line.”

Today, Niran sees no slowing down for NexGen.

“We’re on a mission to partner with as many Kiwi businesses as possible to strategize and guide them on their journey to business growth and profitable success. Our presence is very quickly expanding, and we aim to be at the forefront of the minds of customers when it comes to financial and growth solutions. “

“Every day we get the opportunity to help someone’s business grow to success, that’s a massive driver for us.  Partnering with businesses, drilling down on the analysis of their financials and then creating a business plan and strategy to set them off in the direction of success is what drives us.”

To learn more about NexGen, visit their website here.

For more information on Business Mentors, visit their website.