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Judith Phiri, Business Reporter
ENTREPRENEURS have been urged to adapt to changing market and industry trends as this has a bearing on the identification of opportunities to aid the growth of their businesses.
Experts have said changing market conditions require careful planning and preventive actions in order to mitigate potential negative impacts.
Although it is impossible to predict the future, there are numerous actions the entrepreneur can take to adapt to changes in the business environment.
In an interview, Mist Corporate Services business consultant, Mr Macdonald Siriza said changing market conditions did not only affect businesses only but the entire economy.
“Changing market conditions can also affect the economy and you witness a recession or economic downturn or they might only affect a specific industry or sector. As businesses and entrepreneurs, it is important to be alert to possible changes and amend your forecasts and plans to compensate for them in order to avoid potential cash flow problems,” he said.
Mr Siriza said among some of the ways to deal with changing markets was to take it slowly, stay flexible, know the trends and identify the target market among other things. He said it would be easier to deal with changing markets if a businesses or entrepreneurs are equipped with the right knowledge and skills.
“To make this possible, take advantage of the available learning opportunities. Taking an accelerated management programme or administrative programme, for instance, can be beneficial. This will help you become more effective and efficient in dealing with today’s changing business landscape.”
Meanwhile, following a recent development that saw about 350 traders in Bulawayo left stranded after their wares were reduced to ashes by a raging inferno, which engulfed Mutize Flea Market on Tuesday night, there has been growing calls for small to medium enterprises (SMEs) to get insurance.
The flea market is one of the busiest in Bulawayo, offering both wholesale and individual purchases to different buyers from across the city and beyond. Situated along Lobengula Street opposite Egodini terminus, the facility has more than 200 members, employing at least one worker while dozens more traders operate on open spaces around it and keep their wares at the same flea market.
According to the City of Bulawayo’s Fire and Ambulance department the preliminary investigations showed that the fire could have been caused by an unattended electric gadget, with the estimated total value of damaged property being pegged at $80 million while property worth $20 million was salvaged.
Mr Siriza said small businesses were vital to economic development and account for two thirds of all jobs and a majority of new jobs worldwide, while they face a wide range of risks, ranging from theft of assets to illness of a key worker to natural disasters.
They are said to also struggle more than larger businesses to cope with these risks.
“This recent incident highlights how insurance represents an important tool to help businesses better manage risks. It provides them with financial protection for many risks, while also helping to boost productivity and increasing access to finance.
Still, small businesses tend to be under-insured or have no insurance at all. In emerging economies, only a very small percentage of small businesses have ever bought any insurance policy,” he added.
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