Success story of Nandeep Mehta
I reflect back on 41 years of my work with great satisfaction. The success comes with your
vision and passion to explore every area of work and every industry.
Being a Chartered Accountant, one tends to see a limited career graph within the umbrella
of your direct areas of work in the field you acquired knowledge. I ventured into the
adventure of exploring new and different areas of work and industries using the strength
derived from my basic education. I went out of my comfort zone and plunged into the
different areas of work and was driven by my passion to grow and succeed.
I have the privilege of working in various industries like:
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Pharmaceuticals (Wockhardt as a Finance Manager),
Textiles (Nirfabrics-CEO),
Freight forwarding (Lemuir Group-CFO and later Corporate Director- Commercial),
CPA firm in the USA,
Diamond and jewelry marketing and distribution Company (Total back office
management)
Trade Association (FICCI- CFO).
Currently working as an Executive Director in a start up Foundation that aims to
promote Contemporary Art & Culture and another unit into Film Production.
The kind of exposure to certain important areas of work apart from the routine accounting
work,
 Set up and implement Zero base Budgeting system. Enhanced internal controls.
 Inventory Management and Control systems. Cost of inventory reduced by 20%
 Computerization of Accounts during the period when the computers had just
arrived in India.
 Setting up effective credit policy for the customers and also from the vendors.
Reduction in interest cost by 15% and reduced bad debts.
 Turn around a loss making unit
 Systems and processes for a start up company just entered into a joint venture with
the multinational company
 Costing system for each product or/and event to be able to analyze the performance
at grass root levels for the association that had 58 activities and over five hundred
events
 Automation of various processes through software like CRM, use of ERP, linking
accounts to bank transactions, vendor management and controls, event
management, dispatch department etc.
 Starting new product lines successfully.
The jobs required me to travel extensively- global and domestic travel. In the last few
years I have indulged into counseling young people and grooming them to excel.
I have been introspecting on the qualities and principles that helped me succeed. I am
reproducing a few of them and a brief note on each will possibly help the young chartered
accountants understand that these qualities are as important or even more important to
succeed than the technical knowledge of Finance, Accounts and Taxation. This is truer in
the globalized environment that has increased the competition to the new level.
1. Passion to succeed and pave the way for yourself
The energy level within you is the most critical factor that can make you succeed in
any walk of life. I would like to cite an example in my experience to demonstrate
this.
When I was given the charge to turnaround a loss making unit, I was stunned, as I
was not a technical person and did not have in depth knowledge of the processes.
However, I was determined to make a success out of this opportunity as my seniors
had so much faith in me. What was required was the leadership. I left no stone
unturned and worked really hard to grasp the basics, win over the confidence of
customers, streamlining the internal system of working, install systems that helped
timely performance to the client’s satisfaction, analyzing the performance for every
shipments, strategize on how to achieve growth, motivate the team to put in their
best and also faced union problems and overcame them. The energy derived was
from the passion and I had no holidays or vacation for two years. The unit went on
to be one of the most profitable unitsin the Company. A great team effort
contributed a lot to success.
2. Create a Niche with specialized knowledge in any areas of your work
You need to develop a trait or a knowledge base that takes you a step above the
others. If this does happen, you will develop an edge even in the midst of
competition.
I mastered the way to create small steps and control each step well. This enabled me
to ensure that the big goal is taken care of automatically. I would like to cite an
example from my experience to explain this:
“ We had a contract to transport pharmaceutical products to Russia in the charter
plane. There was no pallet loading but it was an open space in the plane where bulk
loading was to be done. It was imperative that we load at least 35 tons and that too
within the required time to avoid demurrages.
Following steps were followed:
 The internal dimensions of the plane were tabled
 Details of the measurements of every package obtained
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The packages were mapped on the plane chart. Every row was shown
separately. This was necessary as the plane is oblong and had different
dimensions at the end and the middle
 Counted the number and the weight of packages so arranged
 Ensured that we could reach at least 35 tons
 Commenced physical loading
 Controlled every row. Ensured planned number of packages was on board
for that row. Going to the next row was not permitted till this was ensured
The final target was in control from row one. The slogan was- “Control small
and achieve big”!!!
3. Application of the technical knowledge of the profession and Internal control
systems:
“Knowledge is useless unless applied effectively”
A great amount of knowledge is accumulated in the process of becoming a Chartered
Accountant. During the article period, the students get exposed to different
Companies and expand their horizon on systems and processes actually followed.
The students have to learn the art of choosing which of these can be implemented in
their jobs.
Learn continuously throughout your career in the form of on job learning or doing
some course or the other. I did CPA at the age of 61 and IFRS certification course at
the age of 62!!!!!. I still learn from every person I meet.
4. Working knowledge of technology for possible automation of processes:
Automation helps increasing productivity, less susceptible to mistakes and increases
internal controls.
In FICCI, we automated almost every aspect of the work process to be able to
effectively handle the volumes. ERP system was introduced, CRM was installed,
Dispatch was automated, Vendor control system was automated, events
management system was automated that took care of all the steps to organize the
events and also assisted in working out the profitability of each event. FICCI does
over 500 events in the year.
5. Ensure deep knowledge of the Organization where he works
It is not possible to work effectively without having a complete understanding of the
activities of the organization. This knowledge gives you a macro picture and all
actions taken can be related to he activity. The systems and processes are to
facilitate operations and ensure internal controls and not be the hindrance to the
operations. This is very important to understand.
In production wastage control system that we implemented in the pharmaceutical
company could not have been effective without successfully done if the process was
not understood and digested by us.
The industry generally follows the batch process. This batch needs a fixed amount of
raw materials for that batch. The wastage was around 4 to 5 % against the industry
norm of 2%. We created space near the manufacturing area where the total required
was issued from the store at one time with 2% provision for waste. Any additional
requisition would mean that the waste percentage is exceeding the norm. These
slips had separate serial numbers. The analysis of those batches helped identifying
the reasons and effective steps were taken. The waste percentage reduced to 1.5%!!
6. Networking within the profession and within the industry:
Networking is a must for all who are aspiring to achieve big in their career.
Networking helps you to know what is going on in the profession and/or in the
industry. This is a very useful knowledge to have. Besides, contacts can get you
business or references. Participating in some of the committees will help you
enhance your status in the industry. For that matter, you may land up in a big job
due to networking. It is always good to know people. You have to find time for this.
7. Strategic thinking for the Organization
The role of the finance function is evolving. It is important to recognize the changing
nature of finance leadership. Increasingly CFOs will have to deliver on a wide range
of fronts: driving a more competitive finance function, establishing ever more robust
risk management strategies and supporting their businesses to develop effective
strategies for growth while remaining cost competitive. More than ever before,
finance leaders and the businesses they represent will operate in a global economy
that is significantly more volatile, presenting future CFOs with new challenges, but
also new opportunities.
8. Macro- Micro approach for effective work
It is imperative to learn this approach. Your eyes should always be on the
objectives/ Goals. Break down the Goals into steps. This will ensure that the steps
will lead you to your goals. Control each step and you will be in control.
Never begin any task without grasping the objectives and ensure that tasks are in
line with the objectives. Give priorities- divide tasks into ABC Categories. Ensure
that the tasks that fall under ‘A’ category are closely followed and do not suffer. ‘B”
category needs your attention but not as intensively as ‘A’. ’C’ category may be
delegated with the checking system to ensure things are moving. Do not abdicate!!!
9. Management of people: Boss, Subordinates, Piers and the outside world
It is obvious that you cannot perform alone. All functions are inter- related and you
need to interact with seniors, colleagues and your subordinates. You have to have
effective man management skills and motivate your staff for highest category. Be
transparent and helpful to all without sacrificing controls and the objectives. Never
reprimand on personal basis. Always talk about work. This will ensure that there
are no bottlenecks on your path.
Mantras:
1. Right things must happen at the right time in the right manner
2. Remain focused and do not get into Activity Trap
3. Nothing is absolute or perfect. Everything is a perception based on experiences.
Learn to listen and understand the perception before responding to ensure that
communication is not parallel.
4. Control small and achieve big
5. Embrace challenges and never give up
6. Look for solutions and not dwell too much on problems but do learn from them
7. Never have relationships on Right and Wrong. Always rely on faith and trust
8. Remain stress free. Do your best and rely on natural forces for results. You do not
control everything or everyone.
9. Learn small things everyday. Evaluate each day what you could have done better.
You will amass wisdom over a period of time.
10. Learning never ends. Keep learning.