Many Zim companies unprepared for economic crisis – expert

Many Zim companies unprepared for economic crisis – expert

HARARE, March 31 (The Source) – Local firms should review their business models in response to the current challenges that the country is facing and prioritize crisis management to remain afloat, an industry expert has said.

Burson-Marsteller Africa chairman and chief executive Robyn de Villiers told delegates at a crisis preparedness seminar recently that many companies remained vulnerable to external shocks as there were unprepared to deal with crisis.

“Business leaders should be prepared and focus on prevention. This would allow them to identify issues at an early stage, manage them proactively, recognize when an issue could become a crisis and take action to prevent escalation,” he said.

Finance minister, Patrick Chinamasa in the 2015 budget statement said 4,600 companies had closed shop between 2011 and October last year, with nearly 65,000 workers losing their jobs.

Industry deputy minister Chiratidzo Mabuwa told the conference that “negative image and damage to (Zimbabwe’s) reputation are among the causal factors that have exacerbated the challenges of our national condition.”

“We must never lose sight of the fact that national reputation is adversely affected by reports of companies in crisis,” she said.