In my view, the business community has a big role to play in the nation-building process. The business leaders must first instil discipline in their organisations. The words ‘bribery & corruption’ should be made taboo. The business entities should build a committed and productive workforce in their organisations by employing the right people at the right price, thereby achieving growth and creating job opportunities.
We could minimise our imports and maximise our exports, which will help increase our foreign exchange reserves and thus achieve growth in the economic development of our country. The business community can reach out to the masses through the SME sector with the assistance of the banking and finance sector, which will empower the lives of the rural community.
The untapped resources, like the marine and agriculture sectors, can be utilised by the private sector with modern-day technology and skills available to develop these industries and bring in the much needed revenue. On the other hand, the government should also encourage the business community to enter into PPAs by offering incentives which will facilitate the advancement of our country.
It is said that the government has provided incentives to the commercial sector but then again the commercial sector claims that the tax regulations are too high. BOI agreements used to allow tax holidays for a specified period but all these are separate bows that shoot its arrows. And who knows where they fall? They perhaps miss the target. If not, parties will own it and contribute to its importance.
Moreover, constituents or representatives should be from both – the government and the business sector. It is commendable if the government prepares a national plan (similar to the budget) along with the business sector which can be updated, reviewed and followed up, and works out a mutual plan for the country.
Synchronising locally available resources with opportunities and benefits is a strategy worth exploring. There are local industries that can help save our import expenses and also provide a solution to rural and urban unemployment, providing employees with the chance to improve their abilities and hone their talents.
Slow-paced sectors like agriculture – which are normally not perceived as lucrative – can be taken on an advanced version, creating value added products to the market. This can also cut the need for import substitutes, thus creating a reasonable value within the country itself. Some of our valuable exports, such as cinnamon, need perception-driven product market improvements and the backing of strong branding as a ‘product of Sri Lanka’.
The business community can join hands with the government and its authorities to work together on a common shared vision. You need two hands to clap and it is the same for nation building.
The mantra is ‘plan and review’. Planning supports preparedness and reviewing indicates the progress achieved so far and the continued progress as well. Planning and review call for a good amount of time and energy. It requires expertise, pooling of know-how, testing and reinvesting with the learning possibilities that have been identified from each scenario. The management of an organization should be intelligent enough to synthesize the opportunities of profit making to the needs of a nation. Therefore, it is a matter of rearranging an organization’s resources, objectives and priorities, and redefining competitive advantage too. The outcome would be mutual growth of the business sector and the nation.
Rather than the usual ticking off the list of making profits which have been assigned in the official capacity, the business community should look for improvements. There may be subtle improvements which may have been overlooked or not grasped yet that can result in major improvements for the business and nation at large. Very often, there appears to be a lack of new practices or methods which can provide better services, higher GDP output and result in the development of the country. But as the business sector pays attention to making profits and gets lost in that routine cumbersome approach, the productivity and qualitative aspects may not have been considered.
The situation is not satisfactory at the senior management level. There are many of them who lack the strategic outlook. Performing through sheer experience is not adequate if a nation is to reach greater heights. Therefore, the approach to corporate practices, the thinking criteria, and outlook need to change in order to contribute to nation building.
In other words, there needs to be a shift in ‘corporate culture’ – a mutual shift that’s aligned with the requirements and gap analysis of the nation – to join hands in nation building.
The business community must first and foremost get involved in sorting out the political issue though that is easier said than done! The problem is that many business people have links to politicians so how can they be the go-between? I think that unless they change and take on an independent role this country is doomed because I don’t expect the politicians to change.
Running a business ethically among other things is the easiest! One practical scenario is the evasion of tax by many businesses, big or small, including registered ones. Tax income is a major source of revenue for any government. Effective collection of taxes would ease the strain on state coffers and be allocated for development tasks. If the tax dues are declared (without deliberate misinterpretation) and duly paid, these organisations will eventually be silent contributors with a mammoth role in the growth of a nation.
The government tax collectors and watchdogs should join hands with the business community for this very purpose instead of giving lame excuses that a significant amount of tax dues cannot be collected and creating loopholes to escape. The Inland Revenue Department can perhaps give a rating to the responsible taxpaying businesses and display this on their website in a transparent and fair manner.
Fully agree that everyone should work together and not make excuses after excuses – they have become like a national passion! The inland revenue department must do better and stop harassing people who pay their taxes and go after the tax evaders instead.
In my view, the business community has a big role to play in the nation-building process. The business leaders must first instil discipline in their organisations. The words ‘bribery & corruption’ should be made taboo. The business entities should build a committed and productive workforce in their organisations by employing the right people at the right price, thereby achieving growth and creating job opportunities.
We could minimise our imports and maximise our exports, which will help increase our foreign exchange reserves and thus achieve growth in the economic development of our country. The business community can reach out to the masses through the SME sector with the assistance of the banking and finance sector, which will empower the lives of the rural community.
The untapped resources, like the marine and agriculture sectors, can be utilised by the private sector with modern-day technology and skills available to develop these industries and bring in the much needed revenue. On the other hand, the government should also encourage the business community to enter into PPAs by offering incentives which will facilitate the advancement of our country.
It is said that the government has provided incentives to the commercial sector but then again the commercial sector claims that the tax regulations are too high. BOI agreements used to allow tax holidays for a specified period but all these are separate bows that shoot its arrows. And who knows where they fall? They perhaps miss the target. If not, parties will own it and contribute to its importance.
Moreover, constituents or representatives should be from both – the government and the business sector. It is commendable if the government prepares a national plan (similar to the budget) along with the business sector which can be updated, reviewed and followed up, and works out a mutual plan for the country.
Synchronising locally available resources with opportunities and benefits is a strategy worth exploring. There are local industries that can help save our import expenses and also provide a solution to rural and urban unemployment, providing employees with the chance to improve their abilities and hone their talents.
Slow-paced sectors like agriculture – which are normally not perceived as lucrative – can be taken on an advanced version, creating value added products to the market. This can also cut the need for import substitutes, thus creating a reasonable value within the country itself. Some of our valuable exports, such as cinnamon, need perception-driven product market improvements and the backing of strong branding as a ‘product of Sri Lanka’.
The business community can join hands with the government and its authorities to work together on a common shared vision. You need two hands to clap and it is the same for nation building.
The mantra is ‘plan and review’. Planning supports preparedness and reviewing indicates the progress achieved so far and the continued progress as well. Planning and review call for a good amount of time and energy. It requires expertise, pooling of know-how, testing and reinvesting with the learning possibilities that have been identified from each scenario. The management of an organization should be intelligent enough to synthesize the opportunities of profit making to the needs of a nation. Therefore, it is a matter of rearranging an organization’s resources, objectives and priorities, and redefining competitive advantage too. The outcome would be mutual growth of the business sector and the nation.
Rather than the usual ticking off the list of making profits which have been assigned in the official capacity, the business community should look for improvements. There may be subtle improvements which may have been overlooked or not grasped yet that can result in major improvements for the business and nation at large. Very often, there appears to be a lack of new practices or methods which can provide better services, higher GDP output and result in the development of the country. But as the business sector pays attention to making profits and gets lost in that routine cumbersome approach, the productivity and qualitative aspects may not have been considered.
The situation is not satisfactory at the senior management level. There are many of them who lack the strategic outlook. Performing through sheer experience is not adequate if a nation is to reach greater heights. Therefore, the approach to corporate practices, the thinking criteria, and outlook need to change in order to contribute to nation building.
In other words, there needs to be a shift in ‘corporate culture’ – a mutual shift that’s aligned with the requirements and gap analysis of the nation – to join hands in nation building.
The business community must first and foremost get involved in sorting out the political issue though that is easier said than done! The problem is that many business people have links to politicians so how can they be the go-between? I think that unless they change and take on an independent role this country is doomed because I don’t expect the politicians to change.
Running a business ethically among other things is the easiest! One practical scenario is the evasion of tax by many businesses, big or small, including registered ones. Tax income is a major source of revenue for any government. Effective collection of taxes would ease the strain on state coffers and be allocated for development tasks. If the tax dues are declared (without deliberate misinterpretation) and duly paid, these organisations will eventually be silent contributors with a mammoth role in the growth of a nation.
The government tax collectors and watchdogs should join hands with the business community for this very purpose instead of giving lame excuses that a significant amount of tax dues cannot be collected and creating loopholes to escape. The Inland Revenue Department can perhaps give a rating to the responsible taxpaying businesses and display this on their website in a transparent and fair manner.
Fully agree that everyone should work together and not make excuses after excuses – they have become like a national passion! The inland revenue department must do better and stop harassing people who pay their taxes and go after the tax evaders instead.
Why should we pay taxes when they pocket it?