With a career spanning over 30 years in the advisory services industry, Stavros Ioannou currently serves as the CEO of Grant Thornton Cyprus. He has specialized in financial due diligence connected to acquisitions, fundraising, flotations, and public company transactions, drawing from his previous experience at Grant Thornton UK. Since taking the helm in Cyprus in January 2011, he has led groundbreaking projects, especially in the banking sector, and serves as the quality reviewer and relationship partner on intricate advisory engagements. Additionally, Stavros is deeply committed to fostering an inclusive work environment, championing the company's "Leading Inclusively" mission.

In the following interview, Stavros Ioannou delves into the ambitious new partnership between Grant Thornton Cyprus, Grant Thornton UK, and Grant Thornton Ireland, revealing its transformative potential for the local advisory market. He shares insights on the evolving challenges and opportunities for dynamic organizations in Cyprus and how Grant Thornton is strategically positioned to guide clients through these complexities. Additionally, Stavros discusses the urgent measures needed to bolster Cyprus' declining competitiveness and what to expect from impending tax reforms. From organizational culture to the future of the consulting industry, Stavros offers a comprehensive view of the landscape ahead, emphasizing the role of innovation, agility, and inclusivity in driving sustainable success.

The strategic partnership with Grant Thornton UK and Grant Thornton Ireland marks a substantial investment in Cyprus, with far-reaching effects on the local advisory market, positioning Cyprus as a regional hub of excellence. By capitalizing on the collective resources and expertise of the three firms, this collaboration aims to elevate the local advisory service offerings, emphasizing quality, technical prowess, and innovative approaches to meet client needs. The partnership will offer clients a distinctively personalized, agile, and proactive experience.

As CEO of Grant Thornton Cyprus, I am thrilled by this exciting development, reflecting our commitment to continuous evolution and investment in response to the ever-changing professional services landscape. With a shared vision for growth and success, this partnership is set to redefine advisory services and propel the expansion of Grant Thornton's services in the years to come.

In the ever-evolving business landscape of Cyprus, dynamic organizations encounter a host of challenges and opportunities. Key challenges include adapting to rapid technological advancements, navigating complex regulatory changes, and staying resilient amid geopolitical uncertainties. However, these challenges are met with promising opportunities such as embracing digital transformation, expanding into global markets, and leveraging innovation for growth.

Grant Thornton Cyprus is strategically positioned to guide its clients through these transformative times. With our deep understanding of the local market and access to a global network, we provide valuable insights on emerging trends and industry best practices. Our team of experts assists businesses in harnessing technology, optimizing operations, and complying with evolving regulations. Moreover, we help clients identify and seize growth opportunities, forge international partnerships, and enhance their competitive edge.

Through our collaborative and client-centric approach, Grant Thornton Cyprus equips dynamic organizations with the tools and knowledge to thrive in the face of change, capitalize on opportunities, and achieve sustainable success in the dynamic Cypriot business landscape.

In my view, both the State and businesses must collaborate on various strategic measures that can enhance Cyprus’ competitiveness and promote export capabilities. The government can focus on creating a conducive business environment through streamlined regulations, supportive policies, and investment in infrastructure. Providing access to skill development programs and fostering innovation will strengthen the workforce and encourage product improvement. Businesses should prioritize adopting modern technologies, exploring new markets, and diversifying their product range to remain agile and relevant. By working together, the State and businesses can drive economic growth, attract investments, and establish a strong position in the global market.

In my perspective, the upcoming tax reform should align with Cyprus' evolving business model. Attracting foreign investment, fostering entrepreneurship, and maintaining a fair tax system are pivotal. To meet the goals set by Vision 2035, we must prioritize sectors like IT, ICT, and Sustainability. Tax reforms should reflect this shift, being holistic, transparent, and simplified. This approach ensures we leverage advanced human capital and technology, while encouraging high-tech industries and sustainable practices. Striking this balance will reshape Cyprus into an attractive hub for investment, innovation, and equitable growth in line with our national vision.

As a leader at Grant Thornton Cyprus, my approach to developing and supporting individuals revolves around fostering a culture of professional growth and excellence. I prioritize diversity and inclusion, recognizing the unique strengths each individual brings to the table. Our Cultural Advisory Board, representing various departments and ranks, plays a pivotal role in shaping an inclusive environment that values different perspectives.

Additionally, I prioritize emotional safety, creating a supportive atmosphere where employees feel comfortable expressing themselves and exploring new ideas. By nurturing a culture that celebrates diversity, encourages open dialogue, and embraces emotional well-being, we empower our team to thrive and achieve their fullest potential.

For me, the above mentioned approach is not something that I feel the push into doing, I do all of this as a leader because it is simply the right thing to do.

The future of Grant Thornton and the consulting industry, in general, will be shaped by several key trends and technologies. Embracing digital transformation with a focus on artificial intelligence, big data analytics, cloud computing, blockchain, and process automation will be vital for providing innovative solutions to clients. The continued importance of remote work and collaboration will drive the need for flexible work arrangements and effective virtual interactions. Data security and privacy will remain a top priority as businesses rely more on data-driven strategies. Specialization in specific industries will become more prevalent, enabling firms to offer deeper insights and solutions. Emphasizing sustainable business practices and environmental, social, and governance factors will also be crucial.

For Grant Thornton Cyprus, maintaining a competitive edge will involve strategic vision, talent investment, continuous learning, and a client-centric approach. Emphasizing specialized business units and sustainable practices will showcase the firm's expertise. Strategic partnerships and research initiatives will enhance service offerings and keep the firm at the forefront of trends. Agility and adaptability will be key in navigating the dynamic consulting landscape.

What: Grant Thornton Cyprus

Where: Nicosia, Cyprus

More Info: grantthornton.com.cy

Who: Stavros holds over 30 years of experience in advisory services, particularly in financial due diligence in connection with acquisitions and fundraising, flotations, and public company transactions, deriving from his time with Grant Thornton UK. As of January 2011, Stavros is the CEO of Grant Thornton in Cyprus. Over the years, he has successfully led significant projects relating to the banking industry in Cyprus and acts as relationship partner and quality reviewer on complex advisory engagements. Stavros actively leads the creation of an inclusive culture and along with the Senior Leadership Team, promotes all initiatives and actions which support the “Leading Inclusively” mission of the Company. His role is supported by the D&I Ambassador, the members of the D&I Committee and the People and Culture team. Stavros holds a bachelor’s degree in Business Finance and Economics from the University of East Anglia.