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Sithandazile Moyo Business Reporter
THE Zimbabwe National Chamber of Commerce (ZNCC) has urged businesses to legitimise their operations in order to attract the much needed investors into the country.In an interview, ZNCC Bulawayo chairperson Crispen Mugova said it was important for businesses to be legitimate in their operations and increase their standard of operation as a strategy of attracting investors.
The country seriously needs investors to turn-around economic fortunes through the revival of industries.
“There are different issues that our local businesses should sort out before they can expect any investors and these include corporate governance and marketing strategies,” he said.
He said small and medium businesses should develop the culture of employing professional auditors to audit their books to enhance authenticity of their businesses.
“Many businesses run accounts that are not audited but we encourage them to employ professional auditors to audit their books and increase the authenticity of their business, which is a good strategy of attracting investors,” he said.
He said employing international auditors becomes an advantage, since the business will have the credibility of internationally recognised auditors.
Mugova said the most critical thing that businesses should do was to become members of different business organisations and this was important in marketing the business.
“All businesses should be members or part of business organisations to make marketing easier, provide records and prove authenticity of the business to potential investors,” he said.
Mugova said businesses should come out and market their businesses through the different methods to lure investors.
“Business operators should come out into the open to market and make their business known to potential investors because there is no investor who is willing to invest in a backyard business,” he said.
Mugova encouraged local businesses to participate in domestic and regional trade fairs because such fora provide a platform to display products and market the business to potential investors who would be scouting for businesses to invest in.
“Our local businesses should sacrifice and take part in the Zimbabwe International Trade Fair and other regional trade fairs because these provide them with the opportunity to meet potential investors, exhibit their products and fully market their businesses,” he said.
Mugova said it was through such events that business synergies and partnerships were forged. He said if local business operators deal with these issues, it would be easy to lure investors and this in turn would bring growth in the economy.
“When investors come, they want to invest in legitimate, credible and authentic businesses because at the end of the day they also want to benefit from the investments,” said Mugova.
Online Reporter