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About the Zimbabwe National Chamber of Commerce

Zimbabwe National Chamber of Commerce is a non-profit making membership-based organization that provides services designed to support its members in business development.

As an independent organisation, the ZNCC has represented the interests of its members for over 100 years especially through advocacy and provides a focus on business empowerment as the engine for economic growth. ZNCC also aims to be a leader in business development in the national economy and a channel of communication between business and the various authorities in Zimbabwe.

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The Zimbabwe National Chamber of Commerce hosted the 10th Edition of the Women in Enterprise Conference and Awards on 29 September 2023. The day encompassed insightful deliberations during the day and an awards ceremony in the evening. One of the topics under discussion was on: Strengthening Policy and Institutional Frameworks, Funding, and Networks to Advance Women’s Entrepreneurship. These conversations provided a clearer understanding of the landscape of women's entrepreneurship in Zimbabwe, identified challenges and opportunities, examined policy frameworks, and defined policy actions that would position African women, leaders in global women entrepreneurship, to play a transformative role in the Zimbabwean economy.

With increasing regulatory oversight and legal obligations, geographic expansion of business operations, and the spike in employee lawsuits, it comes as no surprise that companies are finding it practically difficult to manage policy and institutional frameworks. Since policies and institutions are a dynamic body of shared knowledge that can strengthen, support, and protect a company’s success, the need of the hour is adopting a more streamlined and standardized approach to policy management and its implementation.

Creating policies and institutions that resonate with its target audience is a key responsibility for an organization. Difficulties usually arise in holding an employee accountable for a policy or institution they have never seen or cannot understand. To achieve this, it is crucial to follow a well-defined step-by-step process at every stage of the policy management lifecycle. An organization can protect its people and reputation only by ensuring a formal policy management process is in place to create, distribute, and update necessary policies and procedures.

Organizational policies are a set of guidelines, principles, and rules established by an organization to govern its operations and guide the behavior of its employees. These policies provide a road map of day-to-day operations and help to understand the organization's views and values on specific issues. They allow management to guide operations without constant intervention and aim to help businesses in many ways. Policies demonstrate that the business organization is being operated in a good and efficient manner, raising stability and ensuring consistency in decision-making and operational procedures. Institutions involve established laws or practices that are followed within the organization.

Organizational policies are general statements that provide guidance on how to perform a task step-by-step. Some policies have multiple guidelines, which are recommendations on how the policy can be implemented. Policies are generally adopted by an organization to establish boundaries, guidelines, and best practices for acceptable behavior in the organization's business. The policy cycle is used to analyze and develop a policy item evaluation, implementation, and decision-making.

Procedures are step-by-step guidelines to complete a task. They provide a detailed explanation of how to perform a specific task. For example, if anyone tries to enter the organization, the security guard will check and collect all details. Employees must have an identity card and show it to the security guard for verification. Employees inside the company must use the punching machine and identity card. The security card must be verified by the employee's identity card photo and ID number of the employee entering the company. Any person who tries to defraud the security guard and come inside the company should immediately report it to the police or top officials of the company.

Similarly, standards are mandatory actions or sets of rules that give formal policies support and direction. They specify which technologies must be used for a specific task. For example, accounting standards are a set of principles, procedures, and guidelines that define the basis of financial accounting policies and practices. They are used to systematize bookkeeping and other accounting functions across firms and over time.

To add on, accounting policies are the specific principles, bases, conventions, rules, and practices applied by an entity in preparing and presenting financial statements. They are different from accounting principles, as principles are the overarching accounting rules, whereas policies are the way a company follows the rules. The way an organization presents financial statements has repercussions when approaching financial institutions and has implications on the chances of getting finance for working capital and new projects.  

IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors is applied in selecting and applying accounting policies, accounting for changes in estimates, and reflecting corrections of prior period errors. The standard requires compliance with any specific IFRS applying to a transaction, event, or condition, and provides guidance on developing accounting policies for other items that result in relevant and reliable information. Changes in accounting policies and corrections of errors are generally retrospectively accounted for, whereas changes in accounting estimates are generally accounted for on a prospective basis.

Since employees must follow policies, it is highly recommended that they be allowed to give their feedback. This can be made possible by providing options to post questions and suggestions for every policy. Furthermore, encouraging feedback shows that employees are reading and understanding policies. A culture that does not readily accept employee comments will most likely produce a substandard set of policies that probably would not be used. It is also important that an organization has a centralized repository for all its policies so employees have direct access to all organizational policies. If the policies are difficult to access or locate, employees will be less likely to read them.

The possibilities for growing a network exist far beyond the people that are already known and in the current cycle. Many people meet new contacts through professional groups, which may come together for social hours, panels, webinars, or other events aimed at career development. The Women in Enterprise Conference and other events such as the ZNCC Annual Congress and the Business Review Conference present networking opportunities where there are high chances of meeting the next supplier or the new customer. It is of paramount importance to put much energy into keeping the existing network and clientele, but also to broadening it.

In conclusion, this topic looked at the women-owned business itself in terms of the organizational policies and strategic choices that are critical in advancing reach, networks, and the firm’s ability to get funding on the financial market. Poor policy and institutional frameworks threaten the firm’s prospects of obtaining finance and maintaining relationships with financiers, customers, and suppliers.


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