Several challenges share a relationship with business establishment/growth. The nature of these varies according to the industry and business type. Salman F Rahman, the Vice Chairman of BEXIMCO Group, and advisor to the country’s prime minister, opines that though challenges vary, some of the difficulties they pose can remain common. Therefore, when founders plan to establish the growth of their ventures, they should be aware of these complexities. With prior knowledge, they can comprehend some of the common difficulties they may face while establishing their ventures. Also, Mr. Rahman, the country’s leading businessman, through his experiences, unfolds that uncertainties regarding workforce reliability, planning, etc., may be very common. However, even their effects can limit the success of a business when clear knowledge and quick control are lacking. He is also a parliament member.
Setting up a Reliable Workforce
A business is represented by a group of people working under visionary leadership. Identifying this set of people is one of the challenges to face not only while planning a business but also for growing it further. Additionally, it is important to note that this challenge can arise, irrespective of the operational scale.
When such a challenge is faced, it is crucial to realize that having a vast workforce is essential. However, the skillfulness of each member should not be overlooked.
Considering this, the country’s leading businessman and PM’s advisor Salman F Rahman believes in hand-picking employees to set up and run a business. Further, the founding figure behind BEXIMCO Group is supportive of growing the workforce gradually. Observing the same, the multinational conglomerate now employs around 70,000 employees worldwide.
Tending to Diverse Consumer Requirements
As businesses attempt to expand, they implement varying measures. One of these measures comprises extending their product or service range. In the view of Salman F Rahman, this measure brings along the challenge of completing the vast requirements of consumers. This demands an adequate supply of products, quality assurance, and constant ease of access.
It is crucial to expand business. Along with this, measures should be taken, considering the ability and possibility to complete them. Even so, when the product/service range is extended, rigorous efforts should be the key to fulfilling them.
Rapid Decline or Failure in Business
Considering the year or period, businesses can undergo a decline. They can rapidly face failures, resulting in consequences like low revenues and even shutting down.
It is put forth by the Vice Chairman of BEXIMCO Group and advisor to the country’s prime minister that as time changes, businesses require transforming themselves. This is among the impactful ways to respond to rapid decline or failure. To bring that transformation, adapting to technological upgrades is important.
In light of the success of the top Bangladeshi conglomerate BEXIMCO Group, the adoption of technology and its fruitful results showcase a brilliant example to follow. This adoption has enabled the company to remarkably expand its business across textile, LPG, pharmaceuticals, DTH, and additional sectors.
Emergence of Competitors
Business growth can come along with higher competition. The country’s leading businessman Salman F Rahman puts forth that the emergence of new competitors or the enhancement of old ones is a usual occurrence. Though it heightens the challenging atmosphere, it should not deter businesses or ventures from growing.
To grow amidst competition, the founding figure of the Bangladeshi company BEXIMCO Group says that it is vital to hold onto the right values. There should be consistency in operations. Further, a strong focus on business goals can yield better results than expected.
Unexpected Challenges and a Lack of Planning
For new ventures, in particular, challenges can arise unexpectedly. In terms of the period of their occurrence and nature, businesses may not always anticipate the same correctly.
Facing such challenges is tougher when a lack of planning prevails, in the opinion of Mr. Rahman. On the other hand, planning regarding cash flow, business measures, etc., can considerably help deal with unexpected scenarios in a marketing landscape.
To Conclude the Above
Growing a business is a move toward extending its operations, as the country’s leading businessman Salman F Rahman explains. However, this invites certain challenges as well, adds the Vice Chairman of BEXIMCO Group. Assuming that businesses prepare and plan well for these complexities, they can attain growth irrespective of anything and flourish consistently.
