In recent years, companies from emerging markets have demonstrated high growth rates and strengthened their presence in the international market. However, it is worth noting that these companies’ internal financial systems often fail to keep pace with the scale of their operations. This confronts investors and partners with a new category of structural risks: the financial instability of fast-growing businesses. The consequences are decidedly negative, both for the companies themselves and for investment strategies, as well as for global supply chains.
In this sense, the issue of financial stability goes beyond the local agenda and becomes part of a broader discussion about the quality of growth in the markets of Central Asia, Eastern Europe, and other developing countries. According to Zhanara Kassymbekova, an expert in business finance, accounting, and economics from Central Asia, the most vulnerable stage is scaling. This is because financial management errors during this period lead to significant losses, even while maintaining high revenue figures.
“The main cause of instability is a distorted perception of companies’ financial metrics. Revenue is still considered the primary indicator of success. Meanwhile, cost structure, capital efficiency, and liquidity remain unsystematised and lack proper management decisions,” explains Zhanara Kassymbekova, founder and CEO of the Center for Financial Consulting and Financial Literacy “Center Profi KG” (Kyrgyz Republic).
According to Kassymbekova, growth without a structured financial system remains one of the most underestimated risks in business. And while in developed economies financial discipline is built into business processes and is mandatory, in developing economies this element is considered necessary but often remains out of focus. Entrepreneurs are primarily focused on operational activities and postpone strategic planning and reporting to a later stage. It is not uncommon for personal and corporate finances to be commingled, which further complicates the situation.
“It is important to understand that globalisation makes this gap critically important. A company can grow while simultaneously increasing its own instability. Thus, companies that lack a structured financial system face unbalanced cost growth and a lack of control over financial flows,” emphasises Kassymbekova.
With nearly 20 years of experience in public financial management and private consulting, Kassymbekova is among the practitioners shaping modern approaches to business financial management in Central Asia.
The approach developed by this finance expert is based on transforming entrepreneurs’ financial mindset from a reactive to a proactive model. It has found widespread practical application. At its core lies the implementation of budgeting, scenario analysis modeling, and systematic cash flow control.
Kassymbekova holds the prestigious international certification of Certified Senior Project Manager (IPMA Level B), which enables her to view emerging markets through the lens of global economic processes. For the past five years, she has been involved in developing practices that allow companies from emerging markets to integrate into the global economy without compromising sustainability. In particular, as part of initiatives by the international association Worldwide Business Alliance (Luxembourg), she oversees programs in development, international cooperation, and entrepreneurship, implementing projects aimed at adapting businesses from developing countries to the demands of the international environment.
A telling example from Kassymbekova’s professional experience was a case where the comprehensive approach to financial management she implemented enabled her to transform an entrepreneur’s mindset and the quality of his management decisions within a few months. The approach included budgeting, management accounting, scenario planning, cash flow control, and increased transparency of financial processes. As a result, a mid-market company from Central Asia stabilised its liquidity within three months and continued to scale up without attracting additional external financing. This is undoubtedly considered a rare achievement for a fast-growing business in an emerging market.
Kassymbekova’s professional activities extend beyond operational financial consulting. She is regularly invited to evaluate the professional competencies of specialists and companies as a jury member for international and national professional awards, including the Best in Business Awards. Her participation in international business associations such as the Global Business and Finance Association and her consulting work with companies operating in foreign markets underscore the significance of her contribution to the development of financial management practices in the region.
“The financial system is not a constraint, as many entrepreneurs believe, and we are talking about emerging markets here. The financial system is a clear and transparent tool for managing the future of a business. Therefore, the main question is not whether a company is growing, but how sustainable that growth is and whether it will allow the company to establish itself in the international market,” adds Kassymbekova.
Amid increasing volatility in the global economy and growing competition for investment, business stability is becoming a key factor in its long-term viability. For companies from developing countries, this means the need to transition from intuitive management to systematic financial solutions that meet international standards.
Kassymbekova is convinced that it is the quality of financial management that will determine a business’s ability to integrate into global supply chains, attract capital, and scale beyond local markets in the coming years.
Disclaimer: This article is for informational purposes only and does not constitute financial or legal advice. Any references to financial products, institutions, and potential outcomes are illustrative and not guaranteed. Readers should carry out their own research and seek independent professional advice before making financial decisions. If you are a successful business person or entrepreneur and would like to feature in our People in Business series, please contact [email protected]