Some 93 per cent of Bangladeshi family-owned businesses are optimistic about seeing growth in 2022, which is higher than what those around the globe hope for, according to a survey by PwC Bangladesh.
In the year, 86 per cent of global family firms expect to see growth, the report shows.
In 2021, 74 per cent of Bangladeshi family-owned businesses expect to see growth while it is 65 per cent among those around the world.
The report on “Family Business Survey” was published online yesterday.
The survey was run among 54 Bangladeshis running family enterprises, mostly as CEOs, managing directors or board chairperson. Over 2,800 family firms were surveyed across 87 territories.
The global market survey aims to get an understanding of what family businesses are thinking on key issues of the day.
“Bangladesh family businesses have seen mixed performance over the last financial year (pre-Covid-19), with 52 per cent experiencing growth and 17 per cent seeing a sales reduction,” it said.
Globally, 55 per cent of family businesses grew while 19 per cent shrunk.
In Bangladesh, 84 per cent were experiencing growth and only 3 per cent reduction when asked the same question in 2018, it added.
The key priorities for Bangladeshi family businesses over the next two years are improving 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 similar to the global average, where 38 per cent feel they have strong digital capabilities, the report shows.
Over 60 per cent of Bangladeshi family business feel they have a clear sense of company and/or family values and these values have helped a clear majority during the Covid-19 pandemic.
However, fewer than two in five have their values and company mission in written form.
Some 33 per cent claim to have a robust, documented and communicated succession plans in place, compared with 30 per cent globally.
Over 90 per cent of Bangladeshi family businesses engage in some form of social responsibility activities.
Around 44 per cent feel they have a responsibility to fight climate change and its related consequences.
Only 37 per cent have a developed and communicated sustainability strategy.
Some 31 per cent expect Covid-19 to lead to a reduction in sales, somewhat more positive than the global picture where 46 per cent expect such a reduction.
