FILSEP EQUIPMENT
A management team is assembled as part of the business plan-writing process, carefully considering each individual’s roles and who should fill them. As tempting as it may seem, taking the easy way out by appointing trusted acquaintances or family members to important roles is a bad idea. To hire someone for a management role, you need to consider two factors:
- Whether they have the education and experience necessary for the position.
- Do they have a history of success that attests to their abilities?
Changes in leadership structure are common. Until the company expands and can afford extra team members, you may need to have individuals on your team take on several roles. The company’s success depends on its president or chief executive officer (CEO), who will take charge, gather the necessary resources, and introduce the service or product to consumers.
To be specific, Filsep Equipments Pvt. Ltd. operates in the specialized separation and filtration technology market. The company’s products prevent the breakdown of vital machines due to aerosol ingress or contamination. Global Oil & Gas Giants and Rotating Equipment Manufacturers are among its clients. The company’s manufactured equipment meets all relevant international norms for this industry. Because of the company’s dedication to improving quality worldwide and the robust systems and processes it has put in place. As a result, every piece of equipment that leaves any of its factories has passed all of the necessary quality tests and conforms to all required protocols. Today, we share the journey of Filsep’s CEO and the company’s success.
The Establishment History
Twenty-five years ago, the company was only a small firm working on some new ideas in separation and filtration. Mr. Aalap Derasary, the company’s MD, is a driven and ambitious businessman. The company’s meteoric rise to prominence is attributed to him. Like any other new venture, the company had its share of growing pains and difficult early years. However, never did the company’s leaders give up on their dreams.
Growing conditions were less favorable than they are now. However, the company’s efforts paid off after they narrowed it down to a specific goal. Many of the company’s early clients still have stuck with it. Customers worldwide have put their faith in the company, making it a success.
CEO’s Balance of Life
Maintaining harmony between one’s work and personal life is crucial. The two are almost intertwined at certain moments in light of today’s rapid pace and technological progress. As soon as the clock strikes 7 p.m., Mr. Rakesh Patil leaves the workplace to spend time with his wife and parents. His boundless vitality is sustained by weekend visits to relatives and sometimes short vacations to neighboring vacation locations. For the sake of everyone’s health and productivity at work, he also suggests that everyone on staff take some time off from time to time.
The Struggle of a CEO
Mr. Rakesh Patil’s CEO position places him under regular scrutiny from various stake holders. The company is under intense pressure to succeed because, as the adage goes, it’s lonely at the top. Today’s customers have high standards for customer service, leaving no space for complacency. Meanwhile, the company must maintain strong morale among its workforce and suppliers. As a CEO, you have to tread a fine line.
Most CEOs can attest to those above. Mr. Rakesh has a challenging task in expanding the company’s worldwide footprint as it moves from a small to a mid-sized business. The challenge is to find effective ways to attract and retain top-tier talent while also taking good care of the people already there. Furthermore, the company’s middle size lacks the financial flexibility to pursue opportunities. Therefore, the company needs to balance its ambition for expansion and its available resources to make that happen. Mr. Rakesh thinks the difficulties they face as CEOs are part of the benefits of the job.
The Clients Served
The company’s primary focus is on the Oil & Gas, Rotating, and Power Equipment market. Its clients include global powerhouses and smaller regional players. Everyone who does business with this company is treated like royalty. Over decades, the company’s finest brand ambassadors have been satisfied customers.
The Race with Changing Market Trends
The company is constantly adapting to new technological developments. The company has been investing heavily in digitization and automation across the board. Mr. Rakesh Patil is confident that the key to the company’s continued success is the effective management of data and the use of data for strategic planning.
Filsep R&D
The company operates in a cutting-edge industry where survival depends on keeping up with technological developments and developing novel approaches to resolving customers’ problems. As a result, investments in research and development make up a large percentage of the company’s total yearly revenue (in the high single digits). Mr. Rakesh intends to increase R&D spending as the company expands. In FY 23-24, the company intends to establish a state-of-the-art laboratory and testing facility in Vadodara.
Employee Satisfaction
Keeping the team together is crucial to building on the company’s success. It will be necessary for the company to provide its staff with training and exposure to cutting-edge technology as it expands and digitalizes. Mr. Rakesh reminds his staff often that “organizational success is your success, and its failure is my failure.”
Mr. Patil’s Thoughts on CEOs’ Participation
Mr. Rakesh Patil has said that a yearly increase in GDP of 9% is required for the next five years if the nation is to reach its economic goal of $5 trillion. CEOs need to take the plunge into entrepreneurship to make this happen. As a result of their education and expertise in organization management, our country’s entrepreneurial ecosystem will flourish.
The Future Plans
The company is now working on the next 5 years growth road map, which will be submitted to the board of directors (BOD) in October ’22. They want to reach Rs. 500 Crore in the following five years. When the new facility, which is scheduled to open by the end of the year, begins producing goods, the company will have tripled its previous production capacity. In addition, the company is enhancing its worldwide footprint via acquisition and business expansion.
Filsep CSR
The company is ecologically conscious. Therefore, it plans to turn its soon-to-be-built factory into a tree-lined green space with the help of 300 fresh saplings. In addition, the company wants its office building to be certified as Platinum by the IGBC. The company also sponsors a small number of orphanages in the Vadodara area. Employees are also urged to provide food to those in need every year on the 15th and 26th of January.
A Message for New CEOs and The Readers
Mr. Rakesh Patil would advise the CEO to lead by example and implement the reforms they want to see implemented. He advises, “Nobody has it easy in life, so keep your eye on the prize and work as diligently as you can to get it.” Stay committed to your goals.
Some advice from Mr. Rakesh Patil is to have faith in your abilities and firm moral principles. His three success tenets are work hard, work harder, and work the hardest.
