Dept of Organization Strategy and leadership

Assignment - 01

Course: OSL - 101: Understanding Business

Lecturer: Muhaiminul Islam

Lecturer, Department of Organization Strategy and Leadership

Student’s name: Md Junayed Islam Mahi

Roll no: 05
Role of Business in Socio-Economic Development of Bangladesh
Remarkable progress in all socio-economic had been made and exhibited sustained
economic growth through successful business in Bangladesh. Also, business activities play a
vital role in per capita income, food production, imports and exports, a sustainable debt
GDP ratio, exchange life expectancy, etc.

Provide value service: there are many organizations and companies who provide value
service widely in Bangladesh.

Airlines provide international passenger and cargo services.Like Novoair,Biman Bangladesh

Airlines.

Hotels and Restaurants are providing 24-hour room service,suites add separate living rooms
and offer a variety of delicious foods for a low cost.Bangladesh is well suited to business
and leisure travelers.Like Radisson.

Real Estate Builders and Advocacy are trying their best to fulfill the need of residential and
commercial buildings for all classes of our society.Like RAJUK

Hospitals and Health Care Centers are providing comprehensive health care with larger
medical, surgical and diagnostic facilities. Hospitals have the vision to provide a
comprehensive, one-stop healthcare solution for the people of Bangladesh.Like Square
Hospitals LTD

Consumer Goods and Products: The Local brands seal rapidly at comparatively low prices
and have a limited self-life.
There are lots of categories among theme-
Foods and Beverage Industry includes milk and dairy products,baby foods,frozen foods
Beauty and Personal Care industry includes hair oil, toiletries
Household Care Industry includes laundry detergent, antiseptic liquids
Corporate tax investments: Bangladesh has the highest corporate tax rates. the tax
administrator collects corporate tax in eight categories.Telecom operators,banks and
financial Institutes and cigarette manufacturers-the main sources of taxes and pay the tax
at the highest rates of 40 percent to 45 percent. Revenues from the Corporate Tax Rate are
an important source of income for the government of Bangladesh.

Actual Previous Highest Lowest Dates Unit Frequency

32.50 25.00 40.00 25.00 1997-2021 Percent Yearly

Corporate tax revenues finance government activities, including public works and services
such as roads and schools, or programs such as Social Security and Medicare. As a nation
that is about to graduate to developing status, it is natural that Bangladesh would invest
public funds into mega projects that seek to reinforce our cities and towns infrastructure.

Providing Jobs: Bangladesh has created millions of new jobs over the last few years, and job
creation was the key factor to reduce poverty, improve people's lives, and reach the
Sustainable Development goals.
The government's target is to create employment for more than 15 million people by 2023
as against 11 million new additions to the labour force during the period-THE FINANCIAL
EXPRESS.

Manufacturing and Startups: Manufacturing, which has driven economic growth in the
country, is changing with new technologies and shifting patterns of globalization. While
some industries remain feasible entry points for low-skill employment, technological
innovations are causing substantial job losses in major sectors.

Service Sector: Supportive policies enable trade, transport and other services to generate a
sizeable share of all jobs including private day-care centers, nursery schools and computer
training institutes, telecommunications services, repair and transport have vast growth
potential has adopted an innovative, low-cost, self-employment strategy to expand
availability of long-distance.
Agricultural Business: Agriculture still accounts for almost 41 percent of total employment
in Bangladesh. Agricultural productivity and a shift to commercial crops which is the
dynamic engines for economic growth, job creation, higher incomes and rural purchasing
power, wider markets for produce, and the growth of downstream industries.

Strengthening the Economic Health: Success of businesses can drive the growth of a
country; help achieve overall sustainable development and create employment
opportunities.
In less than 40 years, the garment industry has emerged as one of the country's success
stories. With a GDP of more than $305 billion, Bangladesh is currently the 41st largest
economy globally. And the size of the economy could double in not too distant future.

Bangladesh achieved the lower middle-income country status in 2015 and is on track to
leave the United Nations' list of the least-developed countries. On the other hand,
according to The Business Standard, In the recent budget for the 2020-21 fiscal year, the
revised GDP growth target is 6.2%.

Foreign direct investment in the country has increased, global companies like Uber,
FoodPanda, Alibaba, and Amazon have expanded their business in Bangladesh and received
an average of $3.61 billion per year in foreign direct investment.
All these have accelerated the overall GDP growth by corporations or businesses and
assisted Bangladesh to move from being a Least Developed Country to a developing
country in the near future. Business are rising economic health and the poverty rate has
significantly decreased in the country.

MFS or Mobile Financial Services sector has shown the highest growth amid the financial
sector of Bangladesh. Bangladesh Bank, there are now more than 100 million registered
MFS users in the country and are transacting around BDT 2,000 crore daily.

Many infrastructure development projects have been undertaken in the country.

Bangladesh's exports grew at an annual rate of 8.6% from 2011 to 2019.
What are the challenges a business organization faces during
Covid-19 pandemic
Businesses are suffering challenges and this unstoppable coronavirus crisis has caused
destruction for many businesses around the globe and it is challenging to survive with
reduced or low revenue, job loss and life slowing down and weak marketing advertisements
performance difficult to keep clam also their business ongoing. Covid 19 has wasted a
substantial short term economic contraction, shuttered many firms, whether big or small,
employees lost millions of jobs, and business activities have been effected.

A Businesses faced various challenges as it was struck by COVID-19, the economic and
business development situation was challenging, evidence is showing but still the high
growth, the risk of debt distress, low levels of domestic resources mobilization, high
inflations, high unemployment, not least among youth trying to find opportunities in
business in an economy with elevated levels of informality.

If a businesses have enough cash on hand to cover 3 months of operations but after that
decreased demand is more problematic than supply factors, such as accessing materials
and goods. The loss of millions active business owners was the largest drop on record.
Although incorporated businesses are more growth and oriented and stable, they
experienced a drop. That one small business is temporarily closed, large reductions in
employees, and the business have less than 1 month of cash on hand.

A Firm had little cash on hand toward the beginning of the pandemic, which means that it
either have to dramatically cut expenses, take on additional debt or finally declare
bankruptcy. Because of that new funding might impact medium term outcomes.

Basically, Finance is concerned with the consequences of the crisis on small firms to big
corporations, namely the lack of funding and financial sources. Economic crises about
entrepreneurial culture and the knowledge diversity of a small firm argue that adequate
entrepreneurial responsiveness cannot be addressed by short-term measures and needs
consistent policies.
Crises are highly damaging for a business as it erodes trust, damage company value,
threaten business goals and objectives, and have even led to business failure. A Small
business was more vulnerable to crisis events due to lower levels of preparedness, resource
constraints, relatively weak market positions, and higher dependence on the government
and other domestic agencies. A Corporate Businesses suffer from high losses, reduced sales
volume, inability of meeting contract terms, reduction in staff numbers, and even close
down of the business during or after crises.

During these kinds of challenging times, A new startup firm did not have a high chance of
surviving during crisis periods than during the growth period, likely due to the lack of job
opportunities.

An industry and function will have to reinvent itself to achieve maximum growth and
sustainability. Procurement leader is facing one of the toughest market environments of
their careers. It has to reinvest in proven technology and process automation and rebuild
deep expertise in supply market dynamics among other fundamental changes.

The biggest challenges for a business coming out of the covid 19 are-
1.Revenue shortage
2.Inflation Cost.
3.Supply chain issues
4.Employee retention
5.Covid 19 safety protocols
6.Finding new customers
7.Keeping existing customers
8.Shortage of funds to grow the business
9.Self-doubt and fear
10.lack of automation and digitalization process
11.Instability of shift in demands
12.Decline in sales
13.Loss of upcoming contract
14.Disruption of government guidance or legislation
15.Additional debt on high bank rate

business in this COVID-19 pandemic time is very challenging and has a dangerous impact on
a business, worker life as well as the country’s overall economy.