“The most important factor is our purpose of innovation, where we strive to bring new products at affordable prices to the people of Bangladesh.”
What are the key components of the success of your business?
At Haque, we believe that success consists of multiple components that include ethics, the upholding of heritage, ensuring the livelihood for thousands of people and growing in a versatile manner. We firmly abide by these principals and believe that they are the key components to success. Our first pillar is goodwill, which we have inherited and had upheld with high esteem. Next, we have our products, which are simply the best in their class. Then, we have our people who strive to excel and exceed in all areas and finally, our distribution, which caters all of Bangladesh and a growing number of other countries which include India, Nepal, Bhutan and Saudi Arabia. The most important factor is our purpose of innovation, where we strive to bring new products at affordable prices to the people of Bangladesh. All these synergize into the creation of a successful model that we are taking forward.
What new ideas have you introduced for your business so far? How do you generate new ideas?
At Haque, innovation is a way of life. We have been the pioneers in Bangladesh when it comes to biscuits, batteries, and soaps, and we still create products that are in demand.
We believe in elevating quality such as the HAAS Cook Lines from Denmark, which were outside the reach of a majority of customers. As a non-MNC company, we invested heavily in technological upgrades to create immense value for our stakeholders, local industries, clients, and patrons. Our growth of over the last five year is a testament to our intention to being a food safety compliant organization. The next big idea can come for anywhere; in this context, we encourage a free flow of ideas and exchange of opinions. Our free-culture environment encourages innovative ideas through logical presentation and pitches. Furthermore, we reward those who consistently brainstorm to encourage them to come up with new ideas that enhance business performance.
How do you define success? What is the best way to achieve long-term success?
For us, success is something that is imperative if we want to satisfy millions of people while upholding a company’s legacy that is revered, respected and financially triumphant. This is evident in the international recognition of our products; Mr.Cookie has been awarded the prestigious Monde Selection Award. We have also received the Best Enterprise Award from the Europe Business Assembly. I had witnessed exponential growth from when I started my time as Managing Director. I began working as a director at age 18 with practical experience since 2002, commencing with the dry cell and soap businesses; during 2011, I began my involvement in the biscuit production as the Managing Director. Success is not an overnight habit; it involves dedication, sacrifice, and hard work. Long-term success requires the power of apprehension and the swift capability to react to situations. Time management is integral when making use of opportunities that may not return.
What are your thoughts on the business climate in Bangladesh?
Bangladesh is one of the fastest growing economies, and the vast population of 16 crore creates a lucrative market for both local and MNC companies. Moreover, as the per capita income is improving and we are moving to a middle-income country status, I foresee more disposable income in the hands of the masses which should promote consumption and foster growth. Bangladesh has lately attracted foreign manufacturing businesses in the country. However, we have scope for improvement when we speak of the ease of doing business. Bureaucracy, red tape, and delay in officialdom are serious impedances. Moreover, whereas the MNCs have access to cheap loans, the cost of capital for local companies is quite high. Incentivizing of exports will improve the competitiveness of Bangladeshi products. Leveling the playing field will be essential in ensuring our competitive stance in the global market.
What is your vision regarding the expansion of your business?
We believe that expansion is a continuous process. Our investments in modern lines will allow us to be the largest capacity biscuit line in the South Asian field. By 2020, we aspire to become the primary producer of biscuits and baked goods in Bangladesh. We are pioneers that strive to be leaders in the times to come.
What was the best advice you ever got?
My father, Barrister Tamizul Haque, The Honorable Chairman of the company told me when I took over, “never compromise on your faith and values, and things will fall to your feet.” This piece of advice has always stuck with me.
WHICH BUSINESS ICON(S) DO YOU FOLLOW?
Sir Richard Branson, Warren Buffet and Munib Ali Masri.
WHAT ARE YOUR FAVORITE BOOKS?
Always with reverence, the HOLY QURAN.
I love spending time with my daughter and experimenting with new gadgets. Other than that, I also love driving my yacht; sailing and swimming in the seas.
WHEN WAS YOUR COMPANY ESTABLISHED?
My grandfather founded Haque Brothers Ltd. in 1947 in Chittagong. Haque Brothers Industries started its journey under my father, barrister Tamizul Haque, in 1952.
WHICH SECTORS ARE BEING COVERED THROUGH YOUR BUSINESS?
Our business areas entail food processing, battery manufacturing, and soap manufacturing.