THE government’s mantra, “Zimbabwe is open for business”, should take root and set the trajectory towards local economic development (LED), which is pivotal in developing policies that local authorities can implement to spearhead local entrepreneurs’ involvement in various business projects.
Hence, we need to relook, adjust, and construct as we look forward to a prosperous Zimbabwe guided by Vision 2030.
The question that remains in everyone’s mind, even when thinking aloud but without the right channel to convey it, is, “Will this be achievable given the dotted lines that are modelling and structuring our entrepreneurial value chains?”
This question should be answered through a pragmatic and synergistic drive amongst all the stakeholders, from the general populace to the policymakers and vice versa.
Let us not be fragmented in this LED but develop a cohesive mechanism to achieve a common goal.
At present, the term “communal entrepreneur” is associated with failure, yet these are the drivers of our local economies.
The agenda for LED should redefine and categorise entrepreneurs by specialisation to support a localised buyer-seller approach that looks no further than the province, city, or district of activity, as a devolution strategy for economic empowerment.
This helps avoid conflicting policies, strategies and evaluations.
- Mavhunga puts DeMbare into Chibuku quarterfinals
- Bulls to charge into Zimbabwe gold stocks
- Ndiraya concerned as goals dry up
- Letters: How solar power is transforming African farms
Keep Reading
Every sector has its own thorns and roses, including manufacturing, tourism, logistics, agriculture, mining, and more.
As a focus of this paper, local authorities play a key role in this trajectory, and results are emerging in some provinces where LED is being implemented to benefit all local suppliers.
Slowly and surely, we will get there, provided policies, by-laws and strategies remain intact, inclusive, pro-poor and consultative.
Then we say the sky is the limit. Our thrust should be on the fair distribution of scarce resources (land, capital, labour, and entrepreneurship) without favour, corruption, discrimination, or division.
That is why corporate governance is key in LED for entrepreneurship.
Based on research and our own experience in the same domain as entrepreneurs, it is concerning that most of our micro-businesses and small and medium enterprises (SMEs) lack governance, indicating a lack of good faith, trustworthiness, accountability, responsibility, and sustainability.
These are key pillars of good corporate governance across all sectors of our global economy.
Most of our promising entrepreneurs view these as elite and not applicable to small operators.
Even home operators need good governance too. Yet the government and other pro-devolution stakeholders are working to support those who have registered their small operations as a first step toward real governance.
It takes two to tango, so our entrepreneurs around the country should treat compliance as a basic requirement for participation in various LED initiatives.
Here we can talk of various compliance matters, but just to mention a few, such as tax remittance, licensing, meeting established standards, professionalism and structuring, will help in fruitful LED engagement at any level of doing business in our local operations.
For instance, to participate in affirmative procurement initiatives, an entrepreneur should be registered with the Procurement Regulatory Authority of Zimbabwe (Praz), as many are not registered but want to participate in bids by local authorities and the government.
Structure then becomes an overall setting for any entrepreneurial business that is well prepared to participate in LED initiatives.
When a local opportunity opens, those bringing funds, expertise, advice, training and other assistance want to see an effective supporting structure in place.
One that shows accountability, responsibility, roles and co-ordination.
Most of our entrepreneurial businesses, as discussed in some previous editions, have remained small forever, with some in extinction, as the owners could not share responsibilities with anyone else.
The LED agenda is looking for progressive, structured co-ordination, and that starts with you. It will also be easy to track assisted funding for capital, since the structure will show who is responsible for that area and the returning methods.
Even some government-assisted wavers favour those with a structure that can be traced and agreed on the extent of wavering.
Sustainability is another critical matter for a symbiotic LED, as recognised by our local authorities and entrepreneurs. It is closely related to business continuity and attracts investment for entrepreneurial growth.
Sustainability issues are top of mind in today’s business environment, and our entrepreneurs should embrace them.
The structure itself speaks to generational business, including succession planning and alignment with the Sustainable Development Goals (SDGs). Issues related to green practices in operations, energy, waste management, and corporate responsibility should be part of the entrepreneurial philosophy across all trades and sectors.
Here, we advise as practicing researchers and entrepreneurs, reflecting on the key matters that our business operators may consider for a balanced LED that speaks business.
Also, policymakers should encourage local microbusinesses and SMEs through supportive mechanisms and by-laws that target specific provinces, districts and cities rather than treating them all the same.
They are waivers that are required for specific groups, such as those run by people living with disabilities, women and youths, as defined in various sections within the constitution of Zimbabwe.
In my view, regular training for compliance should be conducted in all grassroots around the country.
There should be provisional databases for all potential entrepreneurs by specialisation, low tax fees favouring entrepreneurs, assistance to participate in national biddings for procurement (especially waiving bidding fees) and allowing group funding for microbusinesses across all sectors.
Slowly but surely, as the adage goes, we are moving towards the achievement of Vision 2030, spearheaded by National Development Strategy (NDS) 1 and 2 for sustainable growth. Our local suppliers have the potential to grow through LED policies.
This is not only about supporting local entrepreneurs but also about nurturing small businesses so they can fully participate in all economic development activities.
As said earlier, “it takes two to tango”, and the LED agenda for entrepreneurship is achievable.
