The Sunday Mail
THE future of local industry lies in the ability of local business leaders to adapt to prevailing global changes, an international business and marketing consultant Mr Micheal Potter has said.
Mr Potter, who is renowned for writing marketing and business management texts, said although there was no homogeneous answer to the problems facing industry, managers should adapt to change.
“Business leaders should make sure they adapt to the ever-changing environment. Everything depends on the market you are in, that is look at the demand for your product or service.
“If demand is falling, then there is a problem that can be at national level or a global crisis affecting your business,” said Mr Potter in an interview at a recent TelOne workshop in Harare on successful change and transformation management.
In the past decade, many Zimbabwean companies have struggled to stay afloat due to a myriad of economic challenges.
Some companies have been forced to scale down operations, while others closed shop.
Many firms are stuck with idle workers they cannot retrench due to the unsustainable costs and protective labour laws.
Mr Potter maintains that understanding the companies’ operating environment is key.
“Look at your product, how reputable is that brand and is it sustainable to produce such in a particular economic environment. During a recession, consumers may be forced to switch brands to suite their pockets and business leaders need to be cognisant of that,” he said.
Finance and Economic Development Minister Patrick Chinamasa has chided business leaders for failing to adapt to changing economic circumstances.
He noted that some leaders were stuck in the past and were failing to realise the changing economic dynamics by enjoying lavish lifestyles while businesses were going down.
TelOne MD Mrs Chipo Mtasa said it was imperative for companies to adjust to changing conditions.
“This demands the continuous evolution of strategies and perpetual business transformation. The need for successful management of these changes and transformations are ominous,” said Mrs Mtasa.
