Harsh Patel: Pioneering Global Accounting and Legal Expertise
Harsh Patel: Pioneering Global Accounting and Legal Expertise
Harsh, congratulations on your remarkable achievements as the Founder of Water and Shark! Founding a global accounting and Legal Firm at 19 is truly impressive. Could you share the story behind how you embarked on this entrepreneurial journey?
My journey began over a decade ago during my Chartered Accountancy internship. While on this path, I discovered my affinity for legal terms, eventually leading me to become a practising lawyer. I often say that I started on my journey as a CA but accidentally became a lawyer. I remember my professor asked the class where they wanted to go after completing their course. Almost everyone in the room answered “Big 4," referring to the four major accounting conglomerates globally. That was when I realised I wanted to go in a different direction than everyone else. Rather than settling on the existing path, I wanted to stand out and pave my way. I dreamed big and aimed to create something that could compete with the ‘Big 4'; that is how I had already established my firm ‘Water and Shark’ before qualifying as a Chartered Accountant. Today, it is a global accounting and legal firm. Fast forward five years from our foundation in 2012, on Chartered Accountants Day, Prime Minister Narendra Modi urged Indians to excel and establish a global presence. In response, I penned a letter expressing my resonance with his vision and our commitment to creating a global footprint. His congratulations were a meaningful validation of our pursuit to establish our presence worldwide.
As an advocate and professionally qualified Chartered Accountant, you bring a unique blend of skills to your role. How do you integrate legal and financial perspectives to provide comprehensive solutions for your clients?
Having started as a Chartered Accountant and later transitioning into a practising corporate and International tax lawyer, I recognised the critical need for a blended solution in today's global business landscape. Integrating legal and financial perspectives is at the core of our approach. When finance and legal aspects are harmoniously integrated, it transforms solutions into services, broadens perspectives, and offers pragmatic realism. Almost every business has financial or legal intricacies, and we provide a dual view.
A lawyer who understands finances ensures that every service, agreement, or advice covers all essential aspects. Similarly, a Chartered Accountant with legal expertise can give reliable financial guidance. In today's startup-focused world, where resources are carefully managed, clients often wonder why they should engage separate professionals for legal and financial matters. Recognising this shift, particularly within the startup ecosystem, we established an integrated firm where a legal and Chartered Accountancy practice coexist synergistically. This holistic approach provides clients a singular destination for diverse needs, seamlessly merging legal and financial expertise. This ensures that every facet is addressed in any transaction or advisory, offering a comprehensive solution under one roof.
Forbes India has recognised you as a "Top 100 People Manager and Leader by Example." What leadership principles do you prioritise in your role at Water and Shark, and how do they contribute to the success and growth of your firm?
At Water and Shark, our success is a collective effort. We believe in the power of 'we' - encompassing team members, partners, senior management, well-wishers, and mentors. This collaborative principle is fundamental to our growth.
In terms of leadership, empathy is paramount in my approach. While being bold and assertive in the business world is crucial to accomplishing our goals, empathy is equally vital. We view everyone at Water & Shark as family, not just team members. Providing the support our employees need is paramount - treating their challenges as our own and doing our best to assist them.
From the very beginning, I have always believed in cultivating an entrepreneurial spirit among our team members. It's a mindset that I strive to instil in our leaders. This approach goes beyond simply focusing on the tasks at hand; it's about considering how each action translates into a practical solution for our clients. It's about thinking as if you were running the business yourself. Every decision must be commercially sound, ultimately benefiting the firm.
This is our blueprint for nurturing future leaders. We're not just here to succeed in the present but to leave a lasting legacy. Providing ample opportunities to our team members, offering them exposure and the chance to grow, is how we shape them into the leaders of tomorrow. It's a commitment we hold dear to our mission.
Your company has expanded its footprint across the UAE, U.S., Singapore, Hong Kong and India, with a recent focus on GCC nations. What strategies have been instrumental in this global expansion, and what market insights have you gained from this diverse presence?
I firmly believe that there are other paths to success than waiting for an opportunity to come to you. If a particular region isn't presenting immediate opportunities, it's essential to take proactive steps in creating them. For instance, if I envision Water & Shark having a presence in twenty countries within the next decade, it's crucial to break down this vision into tangible, actionable goals and then set forth to achieve them. To materialise this expansion, I took a hands-on approach. I visited all the countries on my list, immersing myself as a tourist for 15 days in each location. This allowed me to gain valuable insights, learn about local business cultures, and identify growth opportunities. This proactive approach has consistently defined my way of operating. By taking decisive action and putting plans into motion, you set the stage for success and position yourself to draw in additional opportunities rather than waiting for them to knock at your door.
Having a global presence goes far beyond having an address in different countries. It provides us with a diverse narrative and a broader perspective. We engage with individuals from various nationalities through travel and expansion, gaining insights into how business operates beyond our home country. This firsthand experience is invaluable. Expansion not only allows us to build new opportunities but it also enables us to diversify our operations. By focusing on a single region or being overly concentrated, a business becomes more vulnerable to risks. On the contrary, having a diversified and well-balanced presence significantly increases our resilience during challenging times. This approach to business strategy has consistently proven its worth.
As a young entrepreneur who has achieved remarkable success, what advice would you offer to aspiring business leaders, particularly those looking to enter the accounting and legal advisory industry?
First and foremost, it's crucial to be mindful of your limits, but remember, don't be hesitant to push beyond what you initially envisioned. Never allow others to set the boundaries for you; have steadfast faith in your abilities. Strive for excellence not only within your home country but on a global scale as well. Have a clear vision and a well-defined goal, then take decisive action to turn them into tangible results. Remember, without a clear destination in mind, you'll never reach your desired endpoint. Even if your vision or goal seems audacious, remember that circumstances can change unexpectedly.
At the age of 19, I confidently stated in my book that my global accounting firm would be renowned worldwide and I would be CEO. Some may have found it amusing at the time, but now, those same individuals are sending me their CVs in hopes of joining the team. It's a testament to the fact that those who scoff today might applaud your achievements tomorrow. Don't lend an ear to things that don't contribute to your growth. Instead, be receptive to constructive criticism, as it guides you in correcting and rectifying your mistakes.
I'd like to address legal and CA professionals particularly. In my interactions with thousands of CAs, I've observed a certain degree of conservatism. Despite being the gatekeepers and bookkeepers of businesses worldwide, CAs often need to pay more attention to run them with the same business acumen when it comes to their own ventures. Having a clear vision supported by a strong human resource base integrated with the latest technology is crucial. Leverage the tools available today, such as AI and practice management software, to position your firm and manage it comprehensively.I firmly believe that strategic positioning is paramount. From the very inception of your venture, cultivate the mindset of not just establishing a business, but of striving for greatness. Prioritise innovation and foster collaboration; this transformative approach will push your enterprise into an entirely new horizon. Remember, don't settle for being merely a compliance practice. Instead, aspire to be a firm that offers value-added services, irrespective of your field of practice. This shift in perspective can make all the difference in propelling your firm towards extraordinary
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