Rethinking approaches to business

In the development matrix of any country, business growth is very important for the growth of the economy. It is through business, that employment is created, production is increased and nations earn incomes for development. While the potential for business growth is high in Zambia, some approaches that have been taken by both established and potential business people have had impediments to their growth and hence the need to have a rethink and restrategize in order to maximise the benefits for all.

Source of capital

Capital is an important element of either starting or expanding a business because it is used to purchase the necessary materials and services needed to get the business going. The lack of this capital has led to some brilliant business ideas to never be actualized and existing businesses to fail be sustained for longer periods of time. It not always easy to access capital from financial institutions without collateral and at times personal money may not be available. However, there is a source of capital that has been mainly neglected and that is available property. A person would have two expensive phones whose value is more than the needed capital to do their business. Some people have so much property in their homes than they really need and may not even be using. Others may have so many pieces of land that they are not developing. It is time to think of such property as capital and convert it to liquid cash for use as capital in the business.

It is surprising that someone would want to sustain business through credit when they can simply convert some property into capital, grow their business and be able to buy more than what they had previously.

In an event that the business faces challenges, the impact will be less if one used their own property as opposed to borrowing from financial institutions which would require interest and collateral. Before you borrow, evaluate your options wisely and make the best decision from an informed position. Do not let your business plans to fail when some solutions are within your reach.

Business operating hours

Small and medium enterprises play a significant role in the provision of goods and services to various member of the society. Through these businesses, employment has been created and economic activities have been taking place. However, the issue of concern is the operating hours that most businesses follow. For businesses in the markets and town centres, they would operate from 08:00 to 17:00 and these are the same hours as those in formal employment. They would further be closed during weekends and holiday but one wonders when these businesses carter for the working class. Formal workers are usually free from work after the 17:00hrs which is standard in most places and on weekends and holidays and this could be an opportunity to carter for them but that is the time that most local businesses would close. It is common to find that businesses that are open after the aforementioned work hours are those that are foreign owed while the local businesses would even turn down a customer because the knocking off time has been reached.

Consider hos difficult it is to get food or emergency items at night simply because shops closed early. We need to introduce night markets like it is in other countries. Introduction of work shifts that would enable businesses to open for longer hours and economic activities not to be limited to day hours will maximise benefits for the country. ?

Collaborate for investment

If there is one thing that foreign businesses have been praised for, it is the ability to support each other and collaborate as they carry out their businesses. However, for the local businesses, it is not usual to find people wishing for the downfall of other business so that their can succeed. For some businesses, they have remained stagnant for years because the owner is not willing to get advice from a business doing well or combining efforts with others in a bid to expand their business. However, there is need to have a rethink of business expansion and the need to work together for the common goal.

The quote “alone you can go fast but together you can go far” is one that needs application in the way investments should be considered.

A number of people are saving money to start a certain business project but this process can be shortened when one searches for like-minded people they can work with to develop the projects.

Just consider how the collaboration in village banking has advanced the businesses of many people and this serves as an example that must be replicated in investment. For the youths, it would be important that conferences are called for networking and ideas are shared so that collaboration. For businesses, it is not always wise to be competing but sometimes, consider combining efforts. For example, it is common to find a line of mobile money booths but all the operators do not have sufficient money to give a client. Why not put up capital together and be able to serve a greater number of clients than having to chase them away?

As the country gets ready to do business under the umbrella of African Continental Free Trade Area, we need to increase the production capacity of our companies.

To do this, collaborate efforts really need to be emphasized because through them, more will be produced, employment created, ideas and innovation increased and be able to withstand the competition from other countries.

The world is fast evolving and the status quo cannot be maintained if we are to be a force to reckon with as a country. Now more than ever is the time to rethink, reorganize and change our approaches to business and be competitive for our success.