Eurofast: A Local Expert with Global Knowledge

Eurofast CoverStory_ExeleonMagazine

The world is moving at a rapid pace; technology is evolving constantly; competition is becoming more and more cut-throat.

Amidst this chaos, there stands out a few businesses who are leveraging these ongoing changes and disrupting the entire market landscape.

These businesses or companies are waving their magic wand to bring-forth solutions and services that echoes value. In its quest to find a company that echoes that value, Exeleon Magazine has stumbled upon the name of Eurofast.

Boasting a history of over 40 years, Eurofast has been one of the most trusted and capable business advisory firm across Europe.

The Inception

The roots of Eurofast’s beginning goes as far back as 1978, when the late Costas Damianou founded the company as a small accounting agency in Cyprus. Then named Damianou & Partners, the company faced several years of challenges but always focused on being at the forefront of the market.

“We were the first accounting firm in Cyprus with its own website when the Internet appeared,” recalls the son of Mr. Costas and the current CEO of the company – Christodoulos Damianou.

A decade removed from its inception, the company incorporated the brand Eurofast, which was the corporate arm of BKR Damianou. Moreover, Eurofast was also the company launching subsidiaries in South East Europe and the Middle East.

Today, the company stands proud with its full-fledged offices spread across 22 cities and an employee count of more than 200 people.

More than just Satisfying Clients

Most organizations believe that satisfying their customers or clients is the most important job. However, at Eurofast, there is a different belief!

“We believe that satisfying the client is simply the minimum requirement for staying in business. We do not seek merely to satisfy our clients, we seek to delight them,” mentions Chris.

The company delights its customers by creating a sense of enthusiasm by giving them dramatically more value than what they expect. Even though value is primarily measured by price, performance, quality, or service, for Eurofast, they measure this added value through repeat work, referrals, market “talk” and timely service. The company seeks to delight its ever-growing client-base by being proactive.

Much of the success of Eurofast can be attributed to its “Dream Team,” comprising local advisors from various disciplines including lawyers, tax consultants, and accountants.

According to the company, it is their dedication, support towards its clients, loyalty, knowledge and experience, and the commitment to excellence is what has given a competitive edge to the company.

Spark Amidst a Period of Uncertainty

The business world today is both incredibly complex and fast-paced. Herein, effects of financial crisis can be felt across the globe. Additionally, the ongoing pandemic, Covid-19, has further added fuel to the fire.

As noted by the company, the European Union (EU), Anti-Avoidance Directive (ATAD), the Multilateral Instrument (MLI), and others have placed significant burden on clients due to requirements related to transfer pricing and exchange of information between countries. This has prompted clients to look for alternative jurisdictions for their investments.

Chris claims that, “These changes have profoundly impacted international businesses which have traditionally been the main client base, thereby creating a critical need for professionals to stay up to date.”

The ongoing changes across international borders and new standards and methodologies have prompted an increase in costs. As a result, there is an increase in the fees to clients. Consequently, the client is on the lookout for lower fees. This is, in turn, leading to frequent and significant rotation of clients between firms.

The end result? A great deal of uncertainty in the market.

Amid this uncertainty, Eurofast has stayed true to its vision and is continually working towards serving clients across the globe to the best of their capabilities.

This disruptive attitude of the company has enabled the firm to remain at the top of the market for over 4 decades. Moreover, it has enabled it to work with some of the leading brands and institutions from around the globe across different sectors.

“Our clients are the vivid evidence that Eurofast is your trusted business advisor in the region. We are uniquely positioned as one stop shop for investors looking to enter South East Europe and Middle East, with presence in all emerging markets,” Chris claims.

Unmatched Services and Facilities

Eurofast prides itself to be the only company located across all emerging markets of South East Europe. Across every office, there exists 15-60 professionals with diverse backgrounds and experience, including payroll, accounting, audit, consulting, legal, tax, and M&A.

Chris was quick to note, “We recruit professionals from various industries including law firms, financial services, listed companies and public sector which enables us to offer our clients leading-edge solutions.”

With the help of their state-of-the-art technology and computer systems, Eurofast has ensured interconnectivity among all of its offices. The company has even implemented critical security controls and data loss prevention measures to ensure optimal security of the client data.

Additionally, telephony and video conferencing facilities are centralized. While internal server and intranet systems ensure otherwise remote locations to adhere to even the smallest of details in our client service and philosophy. This makes the company a true local expert with global knowledge.

A Recognized Market Leader

Over the years, Eurofast has experienced several organizational changes as well as challenges. The challenges have especially been multi-faceted and include issues like succession planning, staffing, banking, frequent update of the legislative systems, banking, and cybersecurity. Additionally, there are challenges related to deadlines and client demands.

However, the company has moved beyond these challenges to emerge as one of the most recognized market leaders. The wide-array of awards and accolades points out the market presence and the competitive edge the company has held over the years.

  • Cyprus Tax firm of the Year by International Tax Review
  • Transfer Pricing Advisor by Lawyer International
  • Best Payroll Outsourcing Firm of the Year by Insight Success,
  • Best Boutique of Professional Services in South East Europe by Acquisition International.
  • Tax and Transfer Pricing Award for South East Europe by International Advisory Experts.

“These awards are a true recognition of Eurofast’s high quality services and dedication to always provide the best possible solution, which is comprehensive, diligent and practical.”

The Face behind the Success

Much of the recognition and achievements of the company can be attributed to the team at Eurofast. However, it’s one man that has driven the team towards that direction – Christodoulos Damianou.

Since being appointed as the CEO of the company, Chris has brought-forward a change that has elevated the brand to new heights. When he took over the company, it was dealing on a local level with streamline professional services in Cyprus. It was the vision of Christodoulos to drive Eurofast towards becoming the number 1 reference in South East Eurofast & Middle East.

His leadership has changed the focus of the organization completely and enabled it to expand and spread its wings as a leading regional brand. Chris continues to spearhead the company and guiding the growing team of Eurofast with his immaculate vision and rich experience.

A Workplace that Echoes Improvement

At Eurofast, the company tries to encourage the sense of belonging and purpose of the employees by urging them to share their ideas for improvements.

“We frequently carry out brainstorming sessions between the employees and the management; we welcome new ideas to ensure that there is always a room for improvement,” points out a proud Christodoulos.

The company holds a highly dedicated staff who work hard every day to the best of their capabilities to ensure their personal as well as organizational growth.

“We never stop improving. Our employees often provide valuable feedback to the company both on how the organization can evolve but also ways to keep a creative environment for everyone to work at.”

It is by withstanding all the turmoil that Cyprus has faced over the course of the last 40 and more years that has given Eurofast the humility and gratefulness to provide its staff with both stability and security.

A Disruptive Perspective

According to Eurofast, A disruptive company is one that creates a new market and value network and displaces established market-leading firms, and alliances. A disruptive companies in our opinion is one that reshapes the market as we know it.“

With the world of business rapidly changing and technology continuing to evolve, it is imperative for businesses to be more proactive and remain in constant, transparent communication with their clients.

This is why the professionals at Eurofast hold a strong set of skills and meet any and every challenges head-on through their proficient technical skills, sound professional judgement, vision, and leadership abilities.

Chris adds saying,  “One must focus on the positive as well; technological advancements nowadays provide us with tools needed to continue to improve innovation and efficiency, effectiveness and quality of accounting and audit services in an increasingly complex business environment.”

Strategy Going Forward

Eurofast looks forward to the next decade, wherein new technologies, software, and applications will be available to further automate their services. “I believe that the market will require higher-value services and we will need to work on the integration of our business processes,” Christodoulos claims.

For Eurofast, the strategy going forward is primarily focused on accelerating the growth of the company across its 22 locations as well as strengthening its service lines. Additionally, the company aims to strengthen its existing team and offices.

He concludes saying “We aim to be in the top-10 professional rankings in terms of size compared to other similar organizations in our region – the preferred choice among thousands of Organizations.”

All in all, the company hopes to stand out in the market in a way that encourages its clients to say, “We work with Eurofast in this part of the world!”

Magazine Link – Read Here

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