Bangladesh's Corporate World

Chittagong Port is a vital variable to Bangladesh's economy and the prospect of growth. How well it is handled and dealt has a direct relation with the emergence of new businesses and growth of the existing ones. Most Bangladeshi group of companies including the top Pran Group, Jamuna Group, Square Group, Bosundrara Group depends on the efficiency of Chittagong Port as they export a big bunch of their manufactured goods through this gateway. A random article on the Chittagong Port mentioned that the country's garments industry is largely dependent upon this port. The statement makes sense. The article further mentioned that the port not only can help Bangladeshi based businesses, it can help the country earn foreign remittance by offering the service to neighboring countries - India, Myanmar, Nepal and Bhutan. Bangladeshi businessmen and corporate houses will be benefited by miles if efficiency increases of Chittagong Port. They will be more enthusiastic in manufacturing k...

It is said that our failures teach us many things. That may or may not be true. In any case, it is better to avoid making the all-too-common mistakes regarding finances. Here are few times on how to avoid financial blunders in businesses: 1. Expanding before funding is confirmed: Too often business owners become overly optimistic about the potential of their business. That is quite natural. It is a positive thing to be excited and hopeful about the success of your enterprise. However, you must be careful of not pulling the trigger and expand things before they are ready. Many promising businesses have gone under or suffered a set back due to a lack of foresight when it came to resisting the urge to grow before roots had been firmly planted. 2. Allowing credit terms: It is quite natural that new or smaller businesses want to do whatever it takes to get a good customer base. After all, customers are what keep doors open. However, business people must also remember that customers can...

Governments of Bangladesh and Singapore have agreed to increase their air flights between themselves hoping that it will increase their bilateral trade. This will also increase people-to-people exchange. This agreement reached its conclusion early this month. Earlier this month, Mr. Masagos, the Senior Minister of State for Foreign Affairs and Home Affairs had a meeting with the Foreign Minister of Bangladesh and discussed international and regional development and cooperation in trade , investment and exchange of knowledge.

The meaning of globalization is not limited to international relationship anymore, it affects a country's other aspects such as communication, economy, modern technology, politics, sports/ recreation,culture and so many other things, not to mention the business sector. Due to globalization there are factors that count in the Human Development Index that makes Bangladesh stand out in the crowd. Here is an informative post on effect of globalization on Bangladesh's economy and social customs. 

People holding the topmost position of the top companies in Britain are being paid more and more every year. The issue is similar to Bangladesh in so many ways. Research showed that their payment is increasing five times more than that of an ordinary employee. For Instance, the annual pay of FTSE 100 CEO in 2011 was more than £3 million, which is an 8.5% rise from last year. It came to everyone as a surprise because last year was not good for the investors. The case is similar in Grameen Phone, Banglalink, Airtel and other mobile operators of Bangladesh. For the ordinary workers, the average salary rise was just 1.6% when the inflation rate is more than 3.5%. This is making growth prospects even harder. George Osborne, the Chancellor, has received several questions from the business community and the City Council to plan a new growth prospect. But who would ask the questions in Bangladesh? More bad news for the investors is that the FTSE 100 has fallen down more than 6.5% during the l...

Most people who want to start a business are confused about what the first step should be. This article will guide you through the first few steps of starting a business. Without a proper business plan your business is bound to fail horribly. Here are a few simple tips on how to start your business: A business plan is the most fundamental thing behind the success of your business. A good plan will ensure a success even before you actually start it. A bad plan will ensure a doom even if you invest a lot of money. If you cannot make the plan yourself, you can hire a professional who can right it for you. The internet can also help you with it. Run several surveys to understand the needs of the public. Always remember, information is power. No one will be able to corner you in an argument if you have all the information you need about that topic. Whether you need the surveys for your business or not, you will always know the mindset of the people you trying to serve. You w...

After 40 years of independence, Bangladesh is still facing some major problems which are creating a hindrance for the economic growth of the nation. Electricity crisis, poor transportation infrastructure, corruption, unpredictable price hike and poor maintenance of the industries are few of the problems. Among these power crisis, poor transportation system and corruption are the most major problems. Most power plants in Bangladesh use natural gas as the raw material to produce electricity. Due to the recent shortage of gas electricity production is facing problems as well. Every summer, frequent occurrence of load shedding stops the production in various industries and other business sectors. Our world is a technology based world and a constant electric supply is like its backbone. Without constant electrical supply, a country cannot grow economically. The government is taking various initiatives to solve the electricity problems in the country. They hired some foreign companies...

Blogging is like a digital journal where people can express their thoughts and emotions. Many companies make the mistake of underestimating the power of a company blog. The case is indifferent for corporate houses in Bangladesh. Here are 5 reasons why every company should have their own blog: Motivating Your Employees An employee is much more valuable to a company than the company gives him credit for. If the employees are happy and motivated, the company is bound to run smoothly. As a manager, you can always make a special mention of the hardest working employees in your company blog. Not just other employees, but also the families of those mentioned employees will be able to see this achievement on the blog. This will be a huge motivation for the employees. The one whose name is there will be really happy and others will try extra hard to get their own names there. Marketing Tool Blogging can be used as a cheap but powerful marketing tool. There are a lot of int...

According to analysts, good ideas may bring sufficient sponsors for entrepreneurs, so no worries for initiating a business as long as you have a good idea to build up on. These funds can be brought from the company’s corporate social responsibility funds. Even small amount of fund from companies may help flourish the social business. Social business events like the one held in Savar at Gonoshasthya Kendra, can bring a lot of attention both in the local public’s eyes as well as intellectuals; like the one mentioned which brought in together 700 local people and 125 foreign participants, the issue of which was to clarify the concept of social business and it being a way to resolve complicated matters. The discussion held there pulled out some outstanding facts about how CSR fund can benefit both the entrepreneurs as well as the company providing the CSR fund. They encouraged innovative ideas from the new generation, to work for the society and also to encourage others around...

To have a successful business you need some specific attributes. Being a great leader in a Bangladeshi business means that you have to be different from the average. Here are ten qualities you should have if you are thinking about having a successful business in Bangladesh: 1.       Your ambition has to be high and you need a great driving power to get you to your ambition. You need focus, energy, dedication and proper education to reach your goal. At times you will feel lost; you will not be able to find your way. But proper dedication will bring you out of it and back on your track. Iftekharul Islam, the owner of Aftab Group and Uttara bank is one such ambitious Bangladeshi businessman. He knows his goals well and is determined to achieve it. That is why he is successful in making Aftab Group a top company of the country.  2.       You have to be disciplined. Without discipline you cannot achieve anything. You must ha...

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A bunch of people without a leader is just a mob! It takes a leader to direct a group toward a common purpose to form an effective team or business. This may seem like common sense, but it is often ignored by those in charge of businesses. It is certainly worth taking a look at the qualities that are most common to effective business leaders.   Communication  These days, discussions of the importance of communication seem to pop up everywhere from marriage counselors to reality television programs. However, there is no place in which the importance of communication is more obvious than in businesses generally and in business leaders specifically.  Business leaders, specially the ones doing business in Bangladesh, must actively engage in communication in every facet of the business. Since it is not possible to be everywhere at every minute to see everything, keeping the lines of communication open is the only way in which a leader can be aware of all the fa...

A smart as the British Children looks in their school uniforms, the shirt, tie, trousers/skirt, and to add to it the blazer. Part of this very smart look is made in Bangladesh.  A garments company in Gazipur, known as the Gooryong Fashion, has been supplying such shirts to John Lewis and True Tex, the two main uniform service providers in the United Kingdom, since 1996. The business started exporting in the School Uniform sector when a US buyer placed an order of 10,000 pieces in 1996. The items were delivered in time and in a major way, and the company is where it is now after 16 years of business. The chairman of Gooryong Fashion stated that; superior quality and timely shipment are the two of the essential factors that works in drawing the buyers. He also commented on the Chinese dealers as ‘The western buyers of school uniforms are coming to Bangladesh with more orders as China has become dearer for them’. In the previous financial year the company supplied goods...

About 67% people of Bangladesh are directly or indirectly associated with farming in Bangladesh. Land being exceedingly fertile, the agricultural possibilities of Bangladesh are huge. Bangladesh is the 4th largest rice producing and the 2nd largest jute producing country in the world. Bangladesh also holds a respectable position in growing various seasonal and tropical fruits. This sector of Bangladesh can become successful if the farmers are properly trained and modern technologies are applied. Bangladesh has an ample stock of natural resources as well. The country also has quite a large amount of natural gas. Besides, Bangladesh possesses some coal, hard rock, lime stone and silicone stockpile. At present, the Electric sector of the country is being operated by natural gas and coal. But due to the heavy demand, Bangladesh will very soon have to look for renewable sources of energy. The main industries of Bangladesh are textile, readymade garments, tea processing, newsprint pape...

World Bank has highlighted four major hindrances in the economic growth of any nation. They have said that the chaotic situation in Middle-East, shortage of Euro, ever increasing price of oil in the international market and local energy crisis are the main issues behind the sloth speed economic development of a nation. The government of Bangladesh has to put their focus on these issues to attract more foreign direct investment in the country. The energy crisis of Bangladesh is now worse than ever. The already established factories in the country are suffering from production loss due to heavy load shedding. This situation is repelling new investors from establishing industries in Bangladesh. The new power plants set up by the current government are all oil run. This is also a major problem for foreign investors as the price of oil is continuously increasing in the international market. The price hike of oil is causing the production cost to go up. The prospect of a low profit ...

The textile industry of Bangladesh has a decent reputation all over the world. It is expected that within the next five to seven years, the industry will see more growth and will dominate in the world market. Here are some interesting facts about textile industry of Bangladesh : •         The first textile industry of Bangladesh was established in 1972. •         Citizens of the country own most of the textile industries of Bangladesh. There are hardly any 100% foreign owned textile industries. •         Bangladesh Textile Mills Corporation monitors and supervises everything in the industry. •         Textile industry is the largest export-earner in Bangladesh. •         There are almost 3 million people working in the textile industries as low level, mid level and top level workers. •...

Bangladesh is slowly emerging to become one of the next big economic powers in the world. And the reason behind the growth of Bangladesh’s economy is the successful corporate groups. Some big names in the business sector of Bangladesh is not just making their names known in Bangladesh, they are making their presence known throughout the world. Here are brief descriptions of five top business groups in Bangladesh: SQUARE Group - SQUARE Group is one of the oldest and most successful companies in Bangladesh. It was formed by the legendary entrepreneur Samson H Chowdhury and three of his friends. SQUARE became the largest pharmaceuticals company of the country from a tiny pharma company. The other businesses are SQUARE Toiletries, Spinning, SQUARE Knit Fabrics, Informatix and Consumer Products. SQUARE Hospital, run by the group is one of the most state-of-the-art hospitals of Bangladesh. Bashundhara Group- Bashundhara Group has achieved remarkable success in the real estate se...

Bangladesh has always offered attractive incentives to the potential investors. Profitable export items also play an important role behind the success of the country’s economy. Initially, the export items of Bangladesh were limited to few items, but recently have expanded to larger number. Tea and jute were the key export items of the country. In recent years, Bangladesh has expanded herself to a wide variety of items, such as ready-made garments, leather products and others. She has also improved herself in the agriculture sector and other non-traditional items. The population of Bangladesh is around 112 billion and the annual per capita income is approximately US $386.00. Therefore, the textile industry has become a basic need of the country. Bangladesh is well-known in the field of ready-made garments. Initially, the income from the ready-made garment sector was US $7,00 million during the year 1981-82; afterwards, it jumped to US $1,949 million during the year 1995-96. The produ...

The biggest industrial and investment sector of Bangladesh is the ready made garment industry . This sector has opened up about 1.8 million new jobs for the people of Bangladesh. And the best part is, most of these 1.8 million are women. Bangladesh is reaching new heights in ship-wrecking business . It has grown so much over the last decade that the ship-wrecking sector is providing a large chunk of the steel demand around the country. The other well established business in the country are sugar, tea, leather and leather made products, newsprint papers, pharmaceuticals and fertilizers . Nevertheless, some old and very profitable industries such as jute, shrimp and ceramics are losing profit because the country is more focused on exporting ready made garments now. The industrial sectors of Bangladesh have to go through a lot of obstacles because of often called political strikes, labor strikes, unstable infrastructure and not so reliable financial system. Overcoming all of this hind...