Market research: a guide to good business

Proper dissemination of research-based information is absent in the market. Both the business community and government are in the dark about the real shenanigans of the market.
“A lack of business-friendly policies, fluctuation in foreign currencies rate, a shortage of information on trading and many other issues are disturbing the local market,” said Abul Bashar Chowdhury, chairman of BSM Group.
“For a business friendly atmosphere, more research should be conducted on the market, which will help both traders and the government,” he added.
Chowdhury said actual figures for the demand and supply of food items in the country are unknown to the government as well as traders.
Due to an absence of proper guidelines from the government, traders feel insecure, Chowdhury said, who is also a director of the Chittagong Metropolitan Chamber of Commerce and Industry.
He expressed frustration over the government's failure to give decisions on different issues in time and said this inefficiency is creating havoc for businesses.
He said sometimes the market demands quick decisions where most of the time the government fails to do so. This creates confusion and hampers the natural trends in the market.
He also accused the central bank of the same. Traders want quick and appropriate guidelines from the central bank, he said.
When the prices of food items were increased, everyone blamed traders on it, but no one was here to find out the facts behind the incident, he added.
Issues like fluctuations in the foreign currency and a price hike of food items in the international market raised prices in the local market, he said.
Traders here are not responsible for this, said Chowdhury, a proprietor of Masud and Brothers that is involved in imports and trading.
Starting his business in 1986, he used to buy different food items from importers and sell in the local markets. In 1988, he directly began importing food items like wheat, rice and sugar. He later expanded his business into hatchery, fibre, real estate, insurance and shipping sectors, he said.
On his contribution to the national economy, he said: “BSM group has been giving Tk 4-5 crore every year in taxes and Tk 60-70 crore in duties a year.” The group employs about 2,500 workers.
“We have a family business in textiles, which influenced me to come into this sector,” he said, believing that every businessman has the scope to do something for this country.
He said the business community plays a vital role in running the wheels of the national economy; if a business friendly atmosphere is present, the national economy would benefit more.
Expressing dissatisfaction over the political and law and order situation, he said political stability is a prerequisite to keeping economic conditions normal.
When an investor in Chittagong wants to set up an industrial unit, he has to pay money as extortion, he said, adding that the local police cannot do anything due to the political power of the activists.
He said the situation needs to be changed promptly, or else it would hamper investment in Chittagong. He urged the government to be more attentive in this regard.
The BSM Group chairman also requested the government to take quick initiatives to fix the energy situation that is hampering industrial growth. The government should focus on alternative energy sources, he suggested.
Chowdhury also urged the government to formulate business-friendly policies, like clear policies on banking. As the interest on bank loans increased, traders are in a dilemma. He requested the government to keep bank loan interest rates under two digits.
He said the government needs to build infrastructure to attract foreign investors to the port city. Without this, it is very tough to draw the attention of the foreign investors, he said.
Chowdhury is not satisfied with the role of the business associations. He said they need to take on a more active role by informing the government about the facts of the markets.
"It would help the government if it knows the problems before tackling them."
He said the associations cannot make policies for the business community, but they should assist the government in formulating them.
As a business personality of the port city, he asked the government to ensure smooth services for investors and traders.
He stressed the need for setting up different offices in Chittagong to reduce bureaucratic tangles.
On readymade garments sector, he said: “It is an important sector for the country and there should be a positive atmosphere for it.”
On pollution and environment, he pointed at the developed countries. The ratio of pollution from the developed countries was more than that of the third world counties, he said.
However, he asked the government to raise awareness in this regard at grassroots level.
He called for joint efforts of the government, traders as well as their associations and the general mass to create a business friendly atmosphere in Chittagong to make it a regional economic hub.