Collaboration key to building successful enterprises: Experts

A greater level of collaboration among entrepreneurs and regulatory bodies can help businesses take decisive steps toward becoming successful enterprises, capable of harnessing technology and the best practices to stay ahead of their competition.

Collaboration among stakeholders can also aid businesses get closer to their customers, and thrive as ethics-focused enterprises, speakers said at a virtual webinar on Saturday organised by the institute of Chartered Accountants of Bangladesh (ICAB).

Addressing the event as the chief guest, commerce ministry Secretary Tapan Kanti Ghosh said, “The government is very pragmatic in formulating rules and regulations, and it thinks about how the best business practices can be ensured to harness maximum benefits.

“Due to the government’s policies, all economic development indicators are pointing upward. Bangladesh’s economy is showing nascent signs of recovery backed by a rebound in exports, strong remittance inflows, and the ongoing vaccination programme.”

Tapan continued, “In FY21, growth will be supported by a recovery in manufacturing as export demand strengthens, a rebound in construction supported by accelerating public investment, and a robust service sector growth as the vaccination campaign progresses.”

A responsible business practice is crucial for this recovery process, he said, adding that improving logistics performance could help accelerate the recovery, and improve Bangladesh’s competitiveness in global markets too.

He then underscored the need to modernise the logistics system to ensure business continuity and build resilience.

Tapan further said, “In our country, entrepreneurs in economic transition, however, face numerous challenges that limit our potential to be engaged in productive activities, and contribute to inclusive development.”

Delivering the welcome speech, ICAB President Mahmudul Hasan Khusru said, “Corporations cannot survive by thinking only of profit, as the society, environment and people are critical influential actors on the entire operational process of business.

Emphasising on the need for an inclusive business model, he said, “The benefits for businesses should go beyond immediate profits and higher incomes. Implementing the best practice of responsible business, we can create and enhance enterprise value ensuring sustainability.

“The businesses are rebuilding after a period of immense unpredictability, and chartered accountants are playing advisory roles in this revival process. They are using their skills with data and insight to create more ethics-driven organisations.”

Khusru continued, “By introducing new performance metrics, reallocating investments, and working more closely with teams across businesses, we CAs create lasting accountability and encourage a groundswell of ethical action that transforms the enterprise.”