COMMENT: Lessons to everyone in business, big or small

WE are living in a fast-changing world where everything is anchored on technological advancements. This means that everyone has to up their game and keep checking the latest trends to remain in business or to excel in whatever field they are in.

Even the informal sector, which consumes most of the town dwellers, has to be innovative to remain in business. Business model innovation involves creating new ways of delivering value to customers by making fundamental changes to a business’s structure and components. Key aspects of business model innovation include: Rethinking revenue streams, modifying cost structures, changing distribution channels, redefining customer relationships, and creating new value propositions to gain a competitive edge, among others, according to an online blogger.

Last week, Edgars group chief executive officer Sevious Mushosho said the retail businesses should be innovative for them to compete in the global markets. Speaking during the Zimbabwe National Chamber of Commerce Business (ZNCC) luncheon at the Zimbabwe International Trade Fair (ZITF), Mushosho said there is a need for retail companies to be innovative to survive in the industry.

“In a world marked by rapid change and competition, innovation stands out as a cornerstone for change, driving economic growth and shaping the future of nations. In the retail sector, particularly the clothing industry, we have seen the influx of second-hand clothes and boutiques and this has seen a number of clothing retailers closing shops. This has shown us as a sector that we need to be innovative to survive the new competition in the business environment,” he said.

Mushosho said innovation has seen the growth of Edgars Stores.

“As a company, we evaluated the needs of the market and we changed the whole supply chain and we started producing our products based on the international standards. This has seen the growth of our production tenfold, so there is a need to find ways of industrialising and creating employment. We always hear our competitors complaining about challenges but we urge people in the retail industry to be innovative to survive,” he said.

While Mushosho was speaking from the experiences of big-time players, his sentiments are also related to informal business of any form. Those in small businesses should learn from the mistakes and successes of big businesses, and the buzzword now is “innovation and use of technology”. That is a lesson for everyone in business, big or small.