Published: 27 September 2017

THE prevailing economic challenges require company executives to draft and implement short-term business strategies that would ensure stability and survival of firms beyond the liquidity tide, business administrator, Dr Paradza Paradza, has said.

Officiating at the just ended annual Institute of Chartered Secretaries and Administrators in Zimbabwe (ICSAZ) here last Thursday, he said short-term models were bound to consolidate business in the face of challenges as opposed to long term strategies.

"There is need for strategic flexibility during times of turbulence and uncertainty. Instead of creating a five-year plan, organisations are encouraged to settle for emergent strategies, which are short term and therefore flexible," said Dr Paradza, who leads the ICSAZ.

He also challenged employers to embrace corporate governance ethics and lead by example in promoting economic growth and influencing their workers to be productive.

"Ethics is central to leadership because of the nature of the relationship between leaders and followers.

"Leaders influence followers, this means they affect followers' lives ceither negatively or positively," said Dr Paradza.

"Ethical leaders, therefore, embrace such concepts as respect for others, service to others, justice for others, honesty towards others and building communities with others."

He said leaders should maintain a culture of trust, respect and integrity adding that these should buttress companies' core values.

The conference ran under the theme 'Surviving in a turbulent environment.'

In an interview, Dr Paradza said the move by the Government to enact regulations dealing with corporate governance was very progressive.

"As an institute we are happy the Government is going to pass the Public Sector Corporate Governance Bill that will serve as a prescription on how CEOs should behave in terms of corporate governance. It should be in place by the end of the year," said Dr Paradza.

He said over the years they have noticed that there was little of good governance within parastatals and hoped the law would serve to promote good governance.
- zimpapers