Corporate Social Responsibility An Important Consideration for Business

1. Corporate Social Responsibility: An Important Consideration for Business

2. Ever since the start of their ventures, entrepreneurs like Sohail F Rahman incorporated the concept of CSR into their operations. The co-founder of BEXIMCO Group, Mr. Rahman, considers corporate social responsibility to be fundamental. It guides the practices of the conglomerate in Bangladesh to a fine extent. Thus, it can be said that for businesses, this consideration is crucial. Modeling practices based on this concept and its aspects can help organizations to act responsibly. They can consciously carry out their measures or initiatives to positively impact the economy, whether at the domestic or international level.

3. What Is CSR or Corporate Social Responsibility? CSR can be considered an approach that is part of the business model. It directs an organization to understand its social accountability. It is required to be accountable toward itself, the public, and clients or stakeholders. As per the top Bangladeshi businessman, Sohail F Rahman. companies that focus on corporate social responsibility operate more carefully. This is because they well-comprehend their role in society. Hence, they aim to make it better and contribute positively.

4. 4 Main Aspects of Corporate Social Responsibility • There are 4 main aspects associated with CSR. These aspects, when focused on, help in developing a beneficial business approach. This approach, as Sohail F Rahman believes, is advantageous for businesses as well as the economy. • Environmental responsibility is an important aspect that revolves around the notion of sustainability. • The next facet includes ethical responsibility that guides businessmen to fairly treat those associated with the operations, ranging from suppliers to customers/clients. • Thirdly, economic responsibility helps in regulating financial measures without affecting the country or its resources. • The philanthropic aspect is inclusive of contributing to the community through various measures or projects.

5. Why Does CSR Matter for Businesses? For businesses, CSR is important to operate responsibly. They can align their measures, initiatives, actions, etc., in sync with environmentally friendly and economically beneficial approaches. The impact of this also falls on the reputation/image of companies. In the view of Sohail F Rahman, the co-founder of BEXIMCO Group, corporate social responsibility is vital for other reasons too.