…with call for companies to embrace adaptive strategies
BPL Africa Connect, a leading international business consultancy firm, has urged local companies to proactively adjust their strategies to remain competitive and sustainable in revolving market conditions.
“The business environment in Africa is constantly changing and challenging,” said BPL Africa Connect co-founder Lionel Marumahoko Snr.
“To succeed, Zimbabwean companies must be agile, highly adaptable, innovative, and resilient. They need to continuously monitor the changing conditions, diversify their operations, and develop robust risk management strategies.”
Marumahoko, a former C-suite executive at a renowned Fortune 500 company, was speaking ahead of an International Business Conference being held today (May 9, 2024) at Celebration Centre in Harare. The event, running under the theme “Strategic Agility in a Dynamic Environment,” hosted by BPL Africa Connect.
The call comes at a pivotal moment as Zimbabwean businesses are grappling with significant transitions, most notably the recent introduction of a new gold-backed domestic currency, the Zimbabwe Gold (ZiG). The currency change has led to a wave of adjustments across various sectors, as companies recalibrate their financial strategies and operational frameworks to align with the changing monetary landscape.
In addition to the new currency, Zimbabwean businesses are confronted with a myriad other challenges, ranging from power shortages, high production costs, low aggregate demand, and lack of long-term credit lines among others.
The cumulative impact of some of the challenges underscores the imperative for companies to remain agile and responsive to emerging trends and challenges.
Reflecting on his own experiences, Marumahoko, whose responsibilities spanned 36 countries in sub-Saharan Africa, ranging from highly developed ones to the least developed, emphasized the importance of effective partnerships, strategic planning, and a focus on building sustainable business models.
“Africa has over 1 billion people with needs to be met through the provision of goods and services. The key is to find a fit-for-purpose approach to deliver these goods and services,” he said.
Marumahoko pointed to several trends that are driving growth on the continent, including a young and capable population, significant infrastructure development, and leapfrogging in telecommunications – factors that he believes are transforming the business landscape.
“The pace of change is unprecedented,” he said.
“We’re seeing a young, capable population, significant infrastructure development in areas like roads and internet connectivity, and a leap-frogging in telecommunications, with high mobile and internet penetration, even in a country like Zimbabwe.”
Additionally, in a continental context, he highlights the improving stability and governance frameworks as positive developments that are shaping the business environment.
Meanwhile, Marumahoko said several top speakers are expected at the business summit, including Centum Investment Company PLC Group Chief Executive Officer and Managing Director James Mworia Mwirigi, CEO Coaching International Partner Ahmed Hassan, and Dukka Founder and CEO Keturah Ovio among others.
The conference, targeting local business leaders, CEOs, MDs, C-level executives, senior managers, and entrepreneurs, is covering a range of topics, including the significance of digital transformation in modern business operations.
Marumahoko said participants have the opportunity to gain insights into how emerging technologies can be leveraged, how data and analytics can be harnessed, and how digital marketing strategies can be effectively implemented to drive business growth.