One of the top private sector companies in Bangladesh, BEXIMCO, has its roots in various industries and is successfully leading them. Salman F Rahman, the vice chairman of the company, says that the success of his business is due to certain things that he has always valued. For him, they form the foundation of his company. Even today, he cherishes their significance and owes his entrepreneurial success to them. Getting inspired from the same can benefit several other business owners as well.
4 Pillars that are Crucial for a Business
The things that matter the most for your company are also its pillars. Hence, they should be thoughtfully defined. Successful entrepreneurs like Salman F Rahman regard customers, employees, goals, etc., to be among the key pillars. When they are rightly focused on, your business can be on the right track.
1. The People Associated with Your Business
Those who support your business are important and should be given the significance they deserve. These people can include your customers, employees, vendors, and even competitors.
According to Salman F Rahman the vice chairman of Beximco Group, customers are the ones who help you lift up your sales graph. More or less, they are investors who help in the development of your company.
To satisfy the concerns and demands of your customers, it is important to set up your team. Your employees will, hence, be very crucial in this regard, says Salman F Rahman.
Surprisingly, vendors contribute to your revenue by providing you with crucial things required to run your venture. Through them, the processes of your company are ensured.
It is more surprising that Mr. Rahman gives the same level of importance to competitors too. Without them, identifying your venture’s unique abilities is difficult. Also, your competitors’ success can give you the push to do even better than them.
2. Nurture Excellence in Every Way
Excellence in business is important since it improves the caliber to do better. According to the Bangladeshi entrepreneur, it should be remembered that excellence can exist in more than one form.
It is true that a businessman should embody this trait. But his/her team should also comprise it. Therefore, Mr. Rahman believes that when you build your team, you should be careful in selecting every member.
While these handpicked people carry out their tasks, you should continue to enhance your skills. Thus, excellence in all forms will be nurtured.
3. Long-Term Goals as Opposed to Shorter Ones
Short-term goals seem to provide quick satisfaction. They can be achieved in lesser duration. But as opposed to these, lasting results may be seen more in the case of long-term goals.
In the opinion of Salman F Rahman, who is also an advisor to the Prime Minister of Bangladesh, a reputed businessman and a member of the Jatiya Sangsad, such goals may take a long time to be fulfilled. However, success comes gradually. In this regard, when you set more complex goals that require additional time, you need to be patient to pursue them.
As you complete them, they will give you the clarity to see a better future for your business as well as lasting success.
4. The Definition of Progress
How you define progress can matter to your business. For some owners, the ratio of profits to loss can be crucial. But looking beyond financial growth, the businessman in Bangladesh opines that the overall development is what he calls progress.
Thus, for Salman F Rahman, progress in business means:
- Improvement in the lives of customers through his products/services
- The growth of his team
- Attainment of business objectives
- The zeal to set new goals and the urge to achieve them
However, the idea of progress can vary from one entrepreneur to another. In the suggestion of Mr. Rahman, it should not only cater to yielding revenues. The overall development of your venture will matter more.
Taking Everything into Account Every business stands on certain pillars. The stronger these pillars are, the greater the strength of the entire foundation will be. Considering this, it is vital to understand what matters the most to your business. When you have determined the pillars guiding the progress of your company, you will be able to have a strong hold over them. By rightly nurturing these, you can move ahead in your entrepreneurial journey.