SME Foundation empowers entrepreneurs with ‘Kaizen’ implementation

Published : 31 Jul 2023 08:59 PM

The SME Foundation celebrated a momentous event where they highlighted their remarkable support for 62 organizations and nearly 400 entrepreneurs in implementing 'Kaizen' to enhance productivity and product quality on Monday. 

Moreover, the foundation successfully raised awareness among about 1200 entrepreneurs on the significance of ‘Kaizen’ implementation.

The event, chaired by Managing Director of SME Foundation Md. Mofizur Rahman, saw the esteemed presence of Professor Dr. Md. Masudur Rahman, the chairperson of the foundation, as the chief guest. Accompanying them as a special guest was a distinguished professor from Bangladesh University of Engineering and Technology.

Professor Dr. Md. Masudur Rahman, the chairperson of SME Foundation, expressed the foundation's commitment to ensuring equal opportunities for both big entrepreneurs and SME entrepreneurs in accessing services from public and private institutions. Additionally, the foundation plans to seek assistance from Bangladesh Bank to simplify the process of opening credit letters or LCs for SME entrepreneurs.

The highlight of the ceremony was the recognition of SMEs that completed the ‘Kaizen Small Development Project’ during the financial year 2022-23. 

The event also marked the inauguration of the ‘Kaizen in SMEs’ program for the financial year 2023-24, emphasizing the critical role of continuous improvement in boosting competitiveness, product quality, and overall productivity.

Kaizen, derived from the combination of two Japanese words 'Kai' (meaning 'change') and 'Zen' (meaning 'good'), represents the concept of 'change for the better.' As a universal technique for enhancing productivity, it focuses on continuous improvement of activities at minimal cost. 

Kaizen finds application in various fields, such as industry, commerce, banking, healthcare, administration, and daily life, and contributes to increased productivity, improved work environments, and waste reduction.

The discussions during the event focused on the need for productivity development, global productivity trends, and the various initiatives and activities undertaken by the SME Foundation.

Muhammad Morshed Alam, Assistant General Manager at the SME Foundation, expressed his appreciation for the event's success and the foundation's dedication to empowering entrepreneurs through the implementation of 'Kaizen.'

The event concluded on an optimistic note, emphasizing the transformative role of 'Kaizen' in driving sustainable growth and fostering innovation among SMEs. As the SME Foundation continues its mission to support and uplift entrepreneurs, the future holds promising prospects for the development of the SME sector in Bangladesh.