Since the COVID-19 pandemic, businesses have been navigating a rapidly changing landscape. Traditional revenue generation methods may no longer be as effective, and companies are looking for innovative approaches to drive growth. One such powerful yet often overlooked strategy is leveraging social capital. By effectively utilizing social capital, businesses can enhance revenue generation and gain a competitive edge. Let's take a look into the concept and methods of social capital building. What is Social Capital? Social capital refers to the value embedded within the relationships and networks a company has built with various stakeholders, including employees, customers, suppliers, and the wider community. It encompasses trust, shared norms, and mutual obligations.  Social capital can manifest in various forms, such as strong customer relationships, influential industry connections, and a supportive network of partners. It represents an intangible asset that companies can leverage to gain a competitive advantage and stimulate revenue growth. Read more: How to Build a Successful Company? Significance of Social Capital in Business Social capital holds immense significance in the business realm. It enables companies to access resources, knowledge, and opportunities that might otherwise be unavailable. By fostering strong relationships with customers, companies can enhance customer loyalty, drive repeat business, and benefit from positive word-of-mouth referrals.  Additionally, social capital facilitates collaboration and knowledge-sharing among employees, leading to increased productivity and innovation. Companies with robust social capital often enjoy favorable partnerships, joint ventures, and business opportunities that arise from a strong network. Ways to Build Social Capital for the Growth of Your Business The following strategies can help you develop social capital and generate more revenues for your business or company. Building A Strong Network  Building a strong network involves actively connecting with individuals and organizations within your industry and related fields. It would be helpful if you attend conferences, industry events, and trade shows to meet potential customers, partners, and influencers. Read more: Silent Partner vs Investor in Business: Know the Difference, Pros and Cons You may engage in networking activities both online (LinkedIn can be a great option) and offline, such as joining professional associations or participating in industry-specific forums. Attempt to actively seek opportunities to establish relationships and build rapport with key individuals. Cultivating Relationships  Once you have established connections, it would be better to focus on cultivating meaningful relationships. It is essential to invest time and effort in nurturing these relationships by providing value, offering assistance, and sharing relevant insights. You can develop yourself as a resource by sharing industry knowledge, providing support, and connecting individuals who can benefit from each other. By consistently demonstrating your willingness to help and contribute, you can strengthen your social capital and increase the likelihood of receiving support and referrals. Read more: What to Consider Before Investing in a Startup or Company? Growing Strong Customer Relationships  Try to focus on building meaningful connections with your customers. Building and nurturing strong relationships with customers is essential for utilizing social capital. Companies can focus on providing exceptional customer experiences, personalized services, and addressing their needs effectively. By going the extra mile to foster trust and loyalty, businesses can benefit from positive customer testimonials, repeat business, and increased referrals.

Localisation, inclusiveness, and tolerance are necessary to create social capital, which is necessary for sustainable development in Bangladesh, speakers said at a virtual annual conference Wednesday. Social capital has to be based on four principles of Bangladesh's Liberation War of 9171 and international commitments like the Grand Bargain, Development Effectiveness, and the Charter for Change, they said at the concluding day of the Bangladesh NGO-CSO Coordination Process (BDCSO Process) annual virtual conference. Dr Atiur Rahman, former governor of the Bangladesh Bank and executive director of Unnayan Shamannay, chaired the programme. Judith Herbertson, development director of the British High Commission in Dhaka, Ignacio Packer, executive director of the International Council of Voluntary Association, and Johannes van der Klaauw, country representative of the UNHCR Bangladesh, attended the conference as chief guests. Read: Report: Bangladesh among 3 top performers in sustainable development Atiur said, "Although there are vaccine apartheid and a lot of conflicts worldwide, it is a matter of pride that Bangladesh, with its limited capacity, has given shelter to millions of Rohingyas. There is little effort from international actors and developed countries on repatriation. It is a huge pressure on our economy, but we are committed to their dignity." Johannes said they give high importance to the repatriation of Rohingyas. "UNHCR is fully with the government to contain criminal activities in the camp." Judith said, "British people are committed to assisting localisation and local civil society. There are already joint need assessment and coordination structures with local NGOs/CSOs. And the British government wants to see a vibrant civil society here." Sudhanshu Shekar Sing, executive director of Humanitarian Aid International India, Sharif Jamil, general secretary of Bangladesh Poribesh Andolon, Murshed Alam Sarker, chairman of Credit Development Forum, joined the conference as special guests. Read: Creativity must for sustainable development: Dipu Moni Murshed Alam Sarker said international actors should not focus on the capacity deficit of Bangladeshi CSOs/NGOs. "They should leave the operational leadership to the local NGOs, instead." AHM Bazlur Rahman, chief executive officer of Bangladesh NGOs Network for Radio and Communication, said: "Localisation is also necessary to gear the NGOs up to prepare them for Bangladesh's post-LDC graduation." The three-day annual meeting of the network of around 600 local and national NGOs-CSOs began on October 23 and concluded yesterday.