There are some things we take for guaranteed. We do not take time to understand them. After five days of interaction with insurers, I got to realize that the best financial strategy is to identify best insurance products and buy them. One of such products is education insurance. I do not know how you take your life, but risks are part of life. Every day you move from home to work, a series of risks could happen and impact your life for ever. Whether you travel in your own car or use public transport, there are many risks on the…
The art of Guerrilla marketing
Regardless of your business, marketing is of the most important activities you have to do. However, traditional classes like MBA and other trainings have focused on teaching marketers from a perspective of spending a lot of money to generate sales. Unfortunately, businesses do not have a lot of money. It is a constraint. Entrepreneurs have very good ideas but their biggest challenge is shortage of capital and cash flows. You need to find ways of overcoming capital challenges. This is why the concept of Guerrilla marketing comes in. How do you increase revenue with a minimal budget? Guerrilla marketing is…
Managing expectation as a Board member
For best governance practices, each business or organization must have a Board of Directors. Others may call it a Board of Governors or Trustees. The bottom line of the Board of Directors is; it is the top decision making body in the business. The main two main mandates being: risk management and on going concern. The people who appointed them to the Board have expectations they want them to deliver on. The owner of the business will appoint the Board because of these two things: risk management and going concern. How does a Board member manage these expectations? But before…
How receptionists are killing businesses
Uganda is known as the country with very friendly people. What they don’t tell is that “people are friendly because they expect something.” The British, our colonial masters, brought the English languange and so many good things. It is in our DNA that visitors bring good things. Being friendly is the best strategy to be given. Contrary to this perception or culture, most people in employment tend to be too harsh especially to their countrymen. One such group are Receptionists. In Uganda, you realize that receptionists are people who sit at the front desk to welcome customers who come to…
When and how to quit from the Board of Directors
Anything that starts comes to an end. It is important to prepare for your exit. When you get appointed as a Board member for any company, time will come when you have to exit. Below are ways or red flags that your term could come to an end and when it does, how to exit honourably. 1.Term limits If your term has ended, it is time to let go. It is difficult to add something new if you overstay. Leave the Board when your term has come to an end. For example if you are called to serve two- three…
Risk Management in practice, a case study in Uganda
The management of risk is a multi-dimensional activity that entails a range of disciplines and thought processes to ensure that resilience is created and maintained within an organization. In any given organization, risks can come from uncertainty in financial markets, project failures, legal liabilities, credit risk, time risk, human risk, accidents, natural causes and disasters as well as deliberate attacks from an adversary. Risk management’s major purpose is to; Identify possible risks. Reduce or allocate risks Provide a rational basis for better decision making in regards to all risks Plan In responding to risks, one can choose to accept, mitigate…
