CEO Insights Magazine

Innovation in any field always pushes the organization to new heights. One of the major attributes of a leader is his decision-making skill which comes from a deep understanding of the situation and people. Jithin Purushothaman, CEO and Co-Founder, of Prom Business Management is one of those diligent leaders, who after a successful professional stint in many reputed organizations in Dubai, such as Damas Jewelry Group, Danube Group, and so on, decided to co-Found Prom Business Management. His innovative roadmaps to expand his business to both national and GCC levels, as well as unique service plans, have helped the organization reach new heights as one of the most preferred tax consultants.

In an exclusive interview with CEO Insights, Jithin shares his prior professional experience, his future plans for Prom Business Management, and much more:

Shed some light on your educational and professional background. What motivated you to establish Prom Business Management?
I’m a CMA USA with 12 years of experience in various fields of finance, accounts, and management accounting combined. After completing my B.Com from M G University and ICWA intermediate, I joined Damas Jewelry Group as an Officer internal audit in their Dubai Corporate office and worked there for 2.5 years. After that, I had to take up our family business for 1 year as an accident left my father bedridden. Once he recovered and joined back, I joined Danube Group as a Branch Accountant handling two of their showrooms in the Bahrain region.

After 2.5 years, I was promoted to the Asst. Manager- Finance & Accounts and handled the Bahrain operations of the organization for the next three years. After that, I got

transferred to the Danube Group Head Quarters in Dubai, where I worked in the MIS department reporting to CEO and CFO regarding companies’ performance. I continued working there till my resignation on 15th Jan 2020. We found Prom Business Management in Feb 2020 in Dubai and then started our India operation in July 2020 and so far, it’s been going well.

Define Prom Business Management as an organization and its current position in the industry?
At Prom Business Management, we help our customers in maintaining their GST and income tax records properly on time. We also help our customers improve their business and optimize their business performance, which is also one of our primary sources of revenue.

Apart from that, we also provide business optimization services that enable businesses to identify their true potential and improve their wealth. We are passionate to take such assignments which improve our skillset as well as our experience and qualifications.

What are some of the unique services provided by Prom Business Management that make it stand out from the rest in the market?
In terms of unique services, we provide the investment assistance service to prospective investors looking for investment under 20 lakhs, which is an end-toend solution. We give them the option to select their preferred or experienced field of business. Then we build the business and after 3-4 months of operation, transfer the management to them.

Being the Co-Founder, what are your future plans for Prom Business Management to take it to the next level?
We are trying to expand our management consultancy service to both the national and GCC level. We will try to solve our client's cost, finance, cash flow management, marketing and sales, operation management, inventory management, cash management, and any kind of business performance related issues within a minimum time.

We will introduce our first phase of fully managed business models similar to retail outlets by the last week of March 2022, which will be a chain of food and beverage-related outlets named Sip-inn. We are also going to build a chain of biriyani restaurants, where investment will be between 2-10 lakhs which will ensure a minimum 30 percent ROI. All crucial areas of business will be handled by PROM and important KPIs will be monitored closely and corrective action required will be taken on time. We will ensure quality, hygiene, and operation standards are properly maintained in our franchise models. We will provide high-quality marketing support, accounts, analytical support, and continuous improvement in the process to franchises.

What has been the success mantra that constantly helps you arrive at positive outcomes? Any piece of advice would you like to give to the upcoming entrepreneurs in the industry?
Efficient teamwork, empathy, being a good listener, effective management skills, strong skillsets and knowledge in finance and continuous learning are some of the factors that have helped me throughout my professional career. A piece of advice I would like to give to budding entrepreneurs is to be a good listener. Your listening skills are more important than your vocabulary and if you are into consultation, it’s the emotional quotient that always has an edge over your IQ.

Jithin Purushothaman,(CEO and Co-Founder),Prom Business Management
After working for many prestigious organizations such as Damas Jewelry Group and Danube Group, Jithin Purushothaman Co-Founded and gave roots and wings to Prom Business Management in Feb 2020 and started its India operation in June 2020. His education and experience in tax issues to make critical decisions or recommendations for the business and also being able to do so while maintaining the goal of identifying what is best for the business as a whole and not just the tax segment specifically have made the organization one of the most preferred tax consultants.

Hobbies:Travel and Food
Favorite Cuisine:Hydrabadi Biriyani
Favorite Book:90 Days to life by Rooble Chandy
Favorite Travel Destination: Salalah, Oman