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Michael Tome Business Reporter
STANBIC Bank Zimbabwe yesterday implored local companies and entrepreneurs to adopt the shared value initiative that seeks to grow sustainable businesses, balancing between profits and curing social needs.

This was revealed at a meeting held by the bank in collaboration with Shared Value initiative Africa, a non-profit making organisation in Harare.

Held under the theme profit, purpose, social impact and entrepreneurship, the event attracted participants from Rwanda, International Labour Organisation and some local entrepreneurs.

Shared Value Initiative is a concept that advocates for company policies and operating practices that enhance company competitiveness, while simultaneously enhancing social conditions in the communities in which they operate.

The occasion intended to create organisations that are able to create economic value, while at the same time focusing on solving societal problems all envisioned at building connections that create a more sustainable business environment in Zimbabwe.

Addressing participants at the event, Stanbic Zimbabwe head of enterprise banking Auxilia Kambasha, indicated that local entrepreneurs should focus on creating businesses that are a panacea to social ills besides chasing profits.

“In our economies there are so many social challenges that can be turned into opportunities or to new markets.

“Shared value creation focuses on identifying and expanding the connections between societal and economic progress,” said Mrs Kambasha.

International Labour Organisation (ILO) country director for Zimbabwe and Namibia, Hopolang Phororo, highlighted that there was a need to teach sustainability in business considering that countries like Zimbabwe will in the near future be on a greater scale of venturing into entrepreneurship given the growing disparity between graduating population and job offers by the industry.

“We are looking at more SME growth in the little time to come, there has been a little bit of mismatch between what is coming out of school and what the industry has to offer. We want to reduce that aspect and to start the new course.  We are looking at more training on vocational skills  going forward,’’ she said.

The Shared Value Initiative has been working with purpose-led companies for two decades now and nine years ago helped to bring a business discipline where companies use their businesses to drive societal change in the world.

It is an approach that links business success with social progress, advancing the notion that it is possible and preferable for a business to focus on creating both economic value for its shareholders and for society coined alike.

With an enabling environment and support, entrepreneurship has the potential to drive the prosperity of the African continent.

In 2019 Stanbic Bank opened Innovation Hub to support young Zimbabwean entrepreneurs taking their businesses from conception to financing and beyond.