WOMEN-LED SMEs have been urged to unite, pool resources and scale their businesses, as experts stress that collaboration is stronger than competition.
The call came during a financial literacy and networking initiative by BancABC, aimed at equipping women entrepreneurs with tools to scale their businesses.
In celebration of Women’s Month, the bank hosted the BancABC Sip, Craft and Connect event in Harare, targeting women traders, including those from Mbare Musika Market. The programme combined financial literacy training with networking opportunities to strengthen business acumen.
Speaking during the BancABC Women-led SMEs event, financial literacy expert Shalom Govero stressed that collaboration trumps competition.
“The last thing is combined effort. Many of us are doing similar things but differently. Let’s come together, decide on a brand, master the product and processing, and create one brand,” she said.
“This is collaboration over competition. The maths of collaboration is superior: own 40% of a US$1 billion enterprise rather than 100% of a US$100 000 business.”
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Govero encouraged women to build and nurture relationships that can attract partnerships with financial institutions.
“The first point is relational circles. Money moves in relational circles. Some of us do not intentionally nurture our relationships, making it hard to expect anything from them. Relationships are built at the table and form part of our relational networks,” she said.
“Let’s leverage our existing resources so that we are big enough such that banks cannot afford to ignore us. We can come together, combine efforts, and build businesses large enough for banks to become our partners.”
She noted that 60% of all SMEs in Zimbabwe are led by women, highlighting the urgent need for action in enterprise development.
“When it comes to enterprise development, we need to act. Do not let anybody tell you otherwise. Women are producing quality products that are reaching markets across the world,” she said.
Govero also encouraged women to open business bank accounts to secure capital, safeguard savings and grow their enterprises.
“If you operate informally, it limits your business potential. Your capital is insecure because it is mixed with personal savings. You are trying to bootstrap using very limited resources and this restricts how far you can go,” she said.
She emphasised the importance of legal frameworks in protecting business relationships.
“It is important to have legal frameworks to protect each other, as disputes can arise and destroy relationships,” she said.
BancABC head of marketing, public relations and communications, Melenie Gumbo, said investing in women through mentorship multiplied collective success.
“Today, we are reminded that when we intentionally invest in women through mentorship, equal opportunities and resources, we do not just attract new investments — we multiply our collective success,” she said.
“We are not only focused on individual achievement, but on taking actions that empower women in our communities, workplaces and everyday lives.”