“If you don’t have a successor, you are very poor indeed.” 1. Succession planning is a tough call in Uganda, as it is elsewhere 2. Even multinationals, they prefer to bring in a CEO from another country instead of promoting the local staff. Why? Nurturing talent requires two things: first, loyalty and second, trust. Without the two, few business owners and or CEOs are ready to invest in anyone however competent (skilled and experienced) they may be! 3. In addition to a strategy and a strong internal culture for empowering staff, succession planning thrives on integrity and good morals. 4.…
Coping in a tough economy
Mustapha met one-on-one with Charles Bwogi of NTV Uganda on the economy. Charles is in bold, below: The Uganda Economy is said to be experiencing a downtime, how would you advise people to cope? Our Economists are yet to advise us of how the economy is fairing. But going by the facts on ground, it is tough: we’ve just had four public holidays. After a highly monetized election, that saw social media and mobile money censor. Economists estimate that action could have cost a lot of money to the economy! Now Brexit has happened upon us. Being a former colony…
Kick ass insights: no bank loan is free
E2. Managing loans in a slowed down economic environment as is today -Should one/a business take a loan today? “No loan is free. The costs are in your loan somewhere. So, avoid loans, if you can!” 1. A loan is one method of financing. Before taking the loan, have you considered the other options like equity investor, partnerships and creditor financing? 2. Imagine if Uchumi had got a loan for the stock it had, with accumulated interest, the company would have been in a very bad state 3. Build your business on a strong foundation. Do not rush to sign…
Crossing the ethical line: the four, M.R.C.O, stages of fraud
‘‘Judge me, O Lord, according to my . . . integrity.’’ Psalms. 7:8 Running any organization requires a dedicated team of capable people. The minimum quality of great staff is good morals. The second one is ethics. However, it is increasingly becoming difficult to find people with high moral standards who are ethical. So; what is ethics? What are morals? Ethics are all rules and expected behaviors that govern our professional lives and practices as established – by parents at home, by the Church, the organizations we work in and the government. If you are a lawyer, for example, the…
