Corporate Social Responsibility in Bangladesh– An Economic Perspective
In this modern era, business entities are not only responsible for their own development. They are equally responsible for the country’s economic condition. If corporate houses understood its responsibility towards the society and gave constant effort towards building a stronger economy, the country would have been developed more.
Corporate social responsibility is the process where the self regulations are treated as an integral part of the corporate business model. Corporate citizenship, sustainable responsible business, social performance and corporate conscience – all refer to corporate social responsibility.
In the process of self regulation, corporate policies are adopted. These policies help the business to be monitored. Apart from this, self regulation also aims to bear the responsibility of the company’s actions, as well as highlight the positive impacts on the community, consumers, employees, environment, and other associated people and stakeholders.
In Bangladesh, corporate social responsibility’s evaluation refers to the cultural norms of the business, whereby it had brought positive impacts to the society, community, culture and the environment. Most big companies of Bangladesh set up a CSR team. This team is responsible for planning the goals, strategies and formulating policies for the CSR program. It also set funds and budgets for the program. The social philosophy of the business with a clear objective and working towards a positive direction are the determinants of these programs. CSR programs, taken by these companies generally cover issues such as community and education development, healthcare and environment.
Comprehensive CSR methods have been developed by several Bangladeshi top corporate houses including Navana Group, Pran Group, Beximco Group. Under the program, companies provide prominent facilities such as villager empowerment, building public schools, medical and sanitation facilities to the underprivileged communities. Additionally, in a bid to make villagers more self reliant and assist in knowledge about business operation, vocational programs are organized. For instance many local pharmaceutical companies focus on the health aspect at community levels and provide treatment and up to date medical checkup facility.
Apart from these, most of the NGOs work on organizing awareness programs related to education and health in the distant and remote villages. Many big companies organize programs jointly with the NGOs.
In order to bring the socio-economic development on fast tract, the government should extend its supports to the joint efforts undertaken by the corporate houses and NGOs. Doing so would help improving the strategic thinking, expertise and manpower skill.
Simple attractive marketing tips
The cliché marketing plans have worked in the past. But in this competitive world, the best way to attract customers is to do something new, something creative. To grab the attention of the younger generation, you have to make a marketing plan which is new and fresh and goes with the current world.
The basic theory of attraction marketing is to remove the confusions a customer faces while they are making a decision. Your goal is not just to attract them but to gain their trust at the same time. Focus on the problems people face when they are buying something. Here are some few tips to attract new customers:
The first thing you should keep in mind is that learning is a continuous process. As you gain more experience in your business life you will learn more and more. Every mistake will lead you to a new lesson. Spread this knowledge you have to your customers. But make sure that this information is relevant and important for the customers to know. By helping out your customers when they are in a tight spot about their decision, they will automatically start trusting you.
Use the internet to your advantage. Set up a webpage for your company and offer your customers free services like manuals, training videos, updates, newsletters and other free stuff they can use. In return you can get their email address or any sort of contact information. This way, your customers get to know about your product and you get to know who is interested in your products.
Finally, put up a page on your website with your personal information. This way, people interested in your products will feel more connected to you. They will know who you are, your business goals and how you operate. This will make it easier for the customers to trust you.
These tips may seem very simple and obvious to you but once you actually use them practically, you will feel the magic very soon. This will boost up your clients and sales list and your customer list will keep growing every day.
Bangladesh to sign an ‘Open Skies’ deal with US soon
A primary agreement has been signed between governments of Bangladesh and the US on signing a full-fledged ‘open skies’ pact.
According to the statement of the U.S. State Department, the agreement makes opportunities for strengthening the economic partnership between the United States and Bangladesh through closer links in transport and trade.
The aviation officials of the two countries signed this agreement in Washington. It happened following a long negotiation. The U.S. government invited to sign this agreement last month while Dhaka asked the U.S. to allow it on resuming Dhaka-New York flights of Biman Bangladesh Airlines.
The United States has signed such kinds of agreements with more than 100 partners around the world. According to the agreement, airlines of the two countries will be allowed to operate between and beyond each others' territories. The pact is likely to strengthen two countries’ trade and tourism. According to the signed agreement, defense or military aircraft will not be allowed.
The ambassador of Bangladesh to the US said that the chairman of the Civil Aviation Authority of Bangladesh signed the agreement on behalf of the country.
Bangladesh Bank allows online purchases with credit cards
The Bangladesh Bank has finally approved a regulation that would allow international credit card holders to use it to make purchases online. This is a big step forward.
Under the existing regulations of the central bank, a traveler is allowed to spend upto $5,000 in non-Saarc countries and $2,000 in Saarc countries a year. With the new approval in place, a cardholder would be allowed to spend an additional $1,000 for online purchases along with the allowed travel allowance. However, for online purchases, a single deal cannot exceed $100.
Mr. Atiur Rahman, Governor of Bangladesh Bank, commented that the bank has taken this initiative for the ease of international credit card uses in the country, particularly keeping the young generation in mind. He also added that professional including online activists and journalists would also be benefited from this financial transaction digitalization. Initially, the bank plans to observe the users activities and reactions over the next three months, after which the bank will take steps accordingly.
Prominent bankers of the country appreciated this move by Bangladesh Bank. They have also said that this would grossly benefit the card users.
The recent approval would benefit international card uses to buy books, software, games and other products. It would also allow them to make hotel bookings.
At present there are about 700 thousand credit cards in Bangladesh. These cards are mostly from Standard Chartered Bank, Eastern Bank and BRAC Bank. Since November 2009, credit card holders were only allowed to make online payment domestically, such as paying utility bills and facilitating fund transfers. Now that international purchases are allowed, card holders would have greater ease and comfort in purchasing goods and services online.