Zimbabwe has come through the lost decade with grave signs of business principle abuses, economic meltdown and high levels of political instability. This has all contributed to the growth of excessive entrepreneurship and informal business niches within the broad spectrum of the Zimbabwean economy. Needless to say, many have fallen victim to the “bush economics” and “casino economy” model of business and corporate leadership.
Opportunities have been created by various government policies, free market economics, and business resettlements across the country and region. The lack of opportunities is not the challenge for the Zimbabwean business person but his preparedness to turn his business venture into a lasting viable corporate legacy.
Strive Masiyiwa, has done well in building an empire that outlives his existence and his model has pretty much painted the tenants of corporate leadership and entrepreneurship success. Imbedded in his victorious lifestyle are various magnets of entrepreneurship that this article seeks to discuss.
Statutory compliance though excessive and at times monotonous in Zimbabwe, is a key pointer of business success that the Zimbabwean entrepreneur has failed to consistently adhere to. The evasive set up of failing to pay annual taxes and adherence to guidelines of local regulating authorities in business operation are the very signs of short term projects whose destiny is failure.
Business heritages are built on high values of integrity in operation and adherence to standards that are consistent with ethical business ideologies. Integrity in adhering to business operating processes as gazetted by regulators help ensures a reputation and image consistent with victory.
Compliance with the Zimbabwe Revenue Authority for taxation is of utter importance, mandatory submission of returns with the Registrar of Companies and all other forms of annual business licencing positions a business entity for a positive outlook with all its stakeholders. In essence budgetary control mechanisms should be set in order with funding for such obligations given significant priority.
The open market economy has seen the dynamics of competition propelling business success. Business positioning in terms of competitive advantage and a unique selling proposition has become the distinguishing factor for repeated sales and increased turnover. It has become imperative for organizations to focus on internal business process documentation and improvement due to fierce competition from local and foreign players penetrating the market. Service excellence, continuous product and service value addition rank higher within the customers mind. Entrepreneurs and corporate leaders are thus forced to align with the current market dynamics or risk being slowly pushed out of business.
The greatest asset an organization has its people and investing in Human Capital over the long term is a magnet for improved strategic development. Adherence to management schools of thought in handling the strategic human resources of an institution or informal organization sets in motion the base for enterprise development. It is advisable for business leaders to harness and invest in their human resource function for long term benefit and short term reduction values in the bottom line.
Brand Equity has suddenly become a standout point for building a lasting image and corporate outlook in the market place. Strategies that ensure brand visibility and corporate image maintenance is the investment need for business development. This is applicable across the broad economic spectrum of business models including those situated in the informal sector. Trivial matters that include visibility of logo’s on business infrastructure, corporate colours, business cards, website design, emails designs, and any other regalia that help fortify your market presence are good investments at these junction.
Risk management and cost containment policies in a strained liquidity economy ensure business success. The failure to analyse investment decisions and efficient management of cash flows has been the draw back for most corporate and informal sector businesses. Good business ideas have failed due to mismanagement of funds, adverse investment and poor risk management policies and processes. This has become of significant importance due to the liquidity position of the macro environment of Zimbabwe, which has seen businesses struggle to meet their recurring working capital needs. The incorporation of experts in the areas of risk management and financial management is of relative importance, as it helps management to make informed decisions.
“Rome, was not built in a day”, and building a lasting business legacy is a step by step process that needs co-option of these business principles for guaranteed success.
Evans M. Bangira
Men Living In Victory
We are about rising MEN that will redefine their walk of success, and uphold high Christian values in their day to day experiences.