Advice Market Blog

Adviser Insights with Tony Pace

April 18, 2016

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Today we take a few minutes to chat with Nunzio Anthony Pace, aka Tony Pace, Director of PRS Partners.

PRS Partners is a not-so traditional accounting firm with a difference. They love talking to their clients and continue to evolve with today’s rapidly changing business world. They provide a wide range of innovative tax, accounting, SMSF and business solutions to help clients reach their goals faster.

With over 40 years of business experience, plus 15 as a soccer coach, Tony has virtually seen it all. Tony’s invaluable and unique knowledge and insight has enabled him to continually contribute to individuals and business’ success. Over his career Tony has encountered many changes and he believes that if you don’t adapt to change you’ll definitely be left behind. As he says “In the words of Socrates; the secret of change is to focus all of your energy, not on fighting the old, but on building the new.”

Welcome Tony, tell us a little bit about what ignited your entrepreneurial spark?
Seeing how hard my migrant parents worked to establish their own business, which they successfully managed and ran for over 30 years definitely gave me the drive to start my own business. Further on, when the opportunity arose to merge my practice with one owned by a fellow Uni mate, we both jumped at the chance. And here we are 23 years later and still growing!

How do you define success?
Success can mean a lot of things to a lot of people. As a football coach success was about winning games and seeing young players achieving their lifetime ambitions such as playing at an elite level or for their country. For me as a businessman, success is defined by the balance that I have achieved between my personal life, family and business.

What motivates you?
Life and family motivates me, sure success is important, but it should never come at a cost!

What has been your most satisfying moment in business?
I don’t believe there is a particular defining moment, but when I look back and remember what it was like being a sole practitioner and then look at where the business is today, I get a sense of satisfaction – on what we have built, the staff that have progressed within the business, the opportunities, growth and success our businesses has facilitated for numerous clients and most importantly, the fun I have enjoyed along the way. This definitely is satisfying to think about.

What three pieces of advice would you give to would-be entrepreneurs?

  1. Follow your passion and make sure you enjoy what you do because you’ll spend a lot of your time doing it.
  2. Do your research and ask yourself what makes you different to your competitors.
  3. Surround yourself with the right people when you need advice and make sure you get a good accountant!

What would you say are the top three skills needed to be a successful entrepreneur?

  1. A good business plan with achievable KPI’s
  2. Be ready to get your hands dirty
  3. Have a vision for change and adaptability

How do you market your business?
Two years ago we decided we wanted to take our business to the next level and undertook an intensive rebranding initiative and implemented lots of new marketing strategies and campaigns, which has been a huge success.   Prior to this we relied on the “old word of mouth”, but this alone was not going to grow the business to the level we wanted. We’re much more involved with the local community and are enjoying the growth and connections we’re making. The key with marketing is to ensure you have a consistent presence, so for 2016, we’re looking forward to moving into the next phase of our plan.

Excluding yours, what company or business and/or businessperson do you admire the most? Why?
In the words of Richard Branson   “A business has to be involving, it has to be fun, and it has to exercise your creative instincts.” I use this inspiration when working on growing PRS Partners and the people that surround me.” Richard Branson.

Where you see yourself and your business in 10 years?
Hopefully retired! Playing more golf off a lower handicap, and maybe catch up with the young ones of PRS if they let me come in every now and again!

Want to find out more about Tony and PRS Partners? You can find him at the PRS partners':

By Spiros Christoforatosadministrator