Local organizations more optimistic than global counterparts
Some 93 % of Bangladeshi family-owned companies are optimistic about seeing growth in 2022, which is greater than what those around the globe expect, according to a study by PwC Bangladesh.
In the year, 86 % of global family companies be prepared to see growth, the record shows.
In 2021, 74 % of Bangladeshi family-owned businesses be prepared to see growth although it is 65 per cent among those all over the world.
The report on "Family group Business Study" was published online yesterday.
The survey was run among 54 Bangladeshis running family enterprises, usually as CEOs, managing directors or board chairperson. More than 2,800 family businesses were surveyed across 87 territories.
The global market survey aims to get a knowledge of what family based businesses are thinking on key issues of your day.
"Bangladesh family group businesses have observed mixed performance over the last financial yr (pre-Covid-19), with 52 % experiencing growth and 17 % seeing a sales lowering," it said.
Globally, 55 percent of family-based businesses grew while 19 % shrunk.
In Bangladesh, 84 % were experiencing growth and sole 3 % reduction when asked the same question in 2018, it added.
The key priorities for Bangladeshi family based businesses over the next 2 yrs are bettering digital capabilities, expansion into new markets, introducing new products, increasing use of new technologies and protecting the core business.
Only 39 per cent feel they have strong digital capabilities. This is like the global average, where 38 % feel they have strong digital capabilities, the record shows.
Over 60 % of Bangladeshi family organization look and feel they have a clear sense of enterprise and/or family ideals and these values have helped a very clear majority through the Covid-19 pandemic.
However, less than two in five possess their ideals and company mission in written form.
Some 33 per cent claim to have a robust, documented and communicated succession ideas in place, compared with 30 % globally.
Over 90 per cent of Bangladeshi family businesses engage in lots of form of social responsibility activities.
Around 44 % think they have a responsibility to attack climate change and its related consequences.
Only 37 per cent have a designed and communicated sustainability strategy.
Some 31 per cent expect Covid-19 to cause a reduction in product sales, somewhat more positive compared to the global picture where 46 % expect such a decrease.
