NovoFin

PETROS ARCHONITIDES Founder and Owner of NovoFin

Petros Archonitides Founder and Owner of NovoFin

Q Lets start at the beginning, how did you get into this industry. Why did you become an accountant?

I started studying accountancy and finance what seems like a long time ago, back in 2004 where I went on to study and work in Greece. I returned to Cyprus in 2008, where I took a job in an international firm where I continued to study for several years, becoming a certified auditor after several years of study. One thing I have always liked doing is continually working on both my personal and professional growth, whether it would be extra examinations and networking events, or on a personal level working on myself where I can become a more rounded human being.

Q Why did you start NovoFin?

It was really a natural progression for me professionally, as I am always looking to grow and improve myself, so I felt this was the best test possible.

Strangely enough, one of the hardest parts in the days before you start is choosing a name. Now this may sound very odd, however a name is a very personal thing to a brands image, and thought of many different names. I woke up at 5am with the name NovoFin.

I felt that the name encapsulates the business well, with novo being Latin for new, where we will do things different than say the traditional approach that has happened in consultancy, and the fin part of the title to cover the financial area that we specialise in.

Currently everyone says they are embracing fintech, however our industry has not really used it to its full capabilities. Whether this is due to cost, fear of something new or the amount of time, we categorically believe that the latest financial technology can give us the best picture of a client’s current situation, and more importantly how we can improve it.

Now we live in the age of data, and on a personal level I feel that the industry really has not embraced it to offer a complete picture for their clients. This is becoming absolutely critical for clients, as it can really give them a forensic look at their business or personal finances so they can plan ahead.

One thing I have always prided myself on, is giving that extra to a client where they have the complete picture, as any successful business needs to know what is ahead of them financially.

Q For those out there looking to go out on their own, whats it like on day one of when you start a business?

I was tremendously excited about the opening as I really felt that it was professionally the natural thing for me to do. Moreover, I have the confidence to believe in myself that this will be a success, so where there are no doubts or second thoughts, you feel that is the right thing to do.

I think that my confidence came from having that huge amount of experience, which naturally gives you that self confidence to bring your vision to life. An important part to this is the team that I work with, also gives me a huge amount of confidence and self assurance, knowing that we can make NovoFin to become one of the established names in this country within the next several years.

Q We do have a lot of aspiring entrepreneurs reading Game Changers Magazine. What advice would you give them for their start up?

The absolute key before you begin your startup is to check if you are physically and mentally strong. These are two factors that are always looked over when you look to start a new venture. This may seem weird why i say this, but let me explain with an example. You are going to have to work incredibly hard to get your project off the ground. This means putting in long days and there will be times when you are sleep deprived, so you have to be physically strong to push through on the days when you feel like having that extra 30 minutes sleep.

Your mentality also plays an equal part in this, as I can guarantee you that you could have the greatest plan in the world, however events will not always follow this. You have to be strong mentally knowing how to adapt to this, and the days where you get some bad news, make sure it does not ruin your day so you can keep pressing ahead.

Moreover, understand that everything goes in a cycle. There will be times where you are at the top and you are enjoying the benefits of this, always remember what got you there, and never settle, so hopefully you can stay there longer. Also there will be times when things do go slightly sideways, again just remember the focus and work ethic that got you to the top before.

I think that having very strong personal targets also ensures that you will have success. Just because you are your own boss, you have to push yourself harder than any line manager you have had before. By having the utmost discipline will keep you ahead of the game.

You may also hear that successful people are lucky or they have had help from others, this may be true in a very small percentage, however the vast majority of people who invest in themselves will also increase the chances of success. If you can work hard, keep the positive momentum up and keep moving onwards In addition you should ensure that you are surrounded with reliable people and invest in them, listen to what they have to say and be open to explore new ideas.

Q What makes NovoFin different? If I am looking for a new service provider / audit firm, why, should I choose you?

I would like to think that the core strength of NovoFin, is the team that we have here really makes a difference, and our values which are embedded in the corporate character of NovoFin. Each is very strong in their field and compliments each department very well. Although it is often said as just a cliche, I have always liked to make sure my clients get the personal touch, and hopefully I have instilled this in my colleagues. A client will always remember how you made them feel with regards to service, let’s give them a good experience!

As we discussed before, the way we use cutting edge technology to give us a high level of quantitative and qualitative data for our clients will also help them in their future. By making sure that not only did we have this groundbreaking technology, our team members were also very well trained in how to use it, and more importantly when to use it, to give the bespoke service we are looking to offer.

I don’t see NovoFin as a competitor of other firms, we are focusing on what we do, and look to build on it.

Q Is there a specific type of client at NovoFin?

Our clients are people we share a common vision and core values on a way of conducting business and human relationships. We have a mixture from all types of backgrounds. NovoFin reflects the cosmopolitan background of clients similar to what Cyprus has become. We have everyone from owners of shipping companies, High Net worth clients, Forex, international clients along with local business owners.

Over the past 20 years Cyprus as a financial centre has become incredibly diverse in the profile of people who have come to live here, open a business here, or run their international business here. I have been very fortunate to develop a network which reflects this very well.

We have specific specialists who deal with industry specific clients, so we can ensure the most relevant service is applied to the client. If you take a broad brush approach to your clients you become a generalist, which is not something I had in mind when I began NovoFin.

Q What do you think the next 5 years have instore for Cyprus?

It is hard to make predictions for the future especially now that there is such uncertainty around Covid-19, as well as the pressure in the business environment of Cyprus. In relation to Covid-19 it is fair to say that there will be a tough couple of years ahead for those that are in the hospitality industry, as a country we were very well prepared for it compared to other countries, however we cannot deny that the Cyprus economy has been affected by this.

At the same time there is a pressure on the business environment of Cyprus. However, I remain positive since the foundations are strong, we have had many hard situations in the past that we have managed to overcome. Cyprus despite the difficulties remains an attractive destination with significant tax benefits as well as financial infrastructure..

From an investment perspective, there are going to be some great opportunities out there for those who are liquid, nevertheless investors should be patient and careful so they will choose the most suitable investment that will maximise their return based of course on their risk appetite.As a firm we are ready to discuss and assist businesses on their current and future steps.

Email: petros@novofin.com.cy Website: www.novofin.com.cy