South-East Asia is likely to be the core of global growth for the century and Bangladesh can share the pie with all by allocating and utilizing their recourses efficiently, a particularly large number of working populations by running their business methodically through the implementation of professional management systems as multi-nationals run operations.
Since independence, Bangladesh has grown gradually and now is poised to up-grade from the LDC to DC status and if we can ensure macro-economic and micro-economic stability by removing the obstacles, creating conducive systems and environment to ensure inclusive sustainable development and growth so that economic, social and political harmony is maintained. However, in this paper, we would like to highlight how private business entities can become sustainable by running their business methodically through the implementation of professional management systems.
Product, people, process and positioning are very important for any business. However, a business consists of a team of people where leadership, system, strategy and culture play important roles and the capacity of the entrepreneur is only a part of the success. To become successful as a business right people at the right place, the right process, and the right system designed gradually through a 360-degree long-term strategy and culture are most important.
To become successful and make a correct decision it is more important to know what we don’t know and try to find out a way to know what we don’t know by taking people who know that better. And no one knows everything. That is the beauty of an organization where others can take care of one’s shortcomings and therefore it becomes easy to become successful by taking more rational choices. Eventually, this also reduces the risks without minimizing returns and eventually ensures wealth maximization.
Fortunately, only an insignificant percentage of our business entities operate methodically and just by running their business professionally can reduce lots of waste and increase return. With the increased return, they can ensure better pay, reduce working hours, provide bonuses and incentives for better jobs and create a positive working environment that ensures long-term sustainability.
Another benefit of running companies professionally is to ensure smooth transitions of responsibilities from one generation to the next and getting listed in the capital market could be a way to ensure the transfer of ownership. However, the capital market to work properly needs strong monitoring of listed companies, authentic accounts and reporting systems, regulatory tools and independent implementation of good governance to ensure the proper functioning of the capital market.
People are our biggest recourses for us. We need to focus on how to grow and develop them into productive means for inclusive development where the fruit of development can be shared by all which is the only way towards sustainability.