The Board has overall responsibility for running the business from the strategic point of view. They are responsible for oversight and risk management. The oversight role ensures long term business success and sustainability. They help ensure that the business or organization has a ‘strategic foundation’ upon which long term viability of the business is anchored. It is like having a strong foundation for the house. The stronger the foundation, the longer the house will stand. Risk management role helps ensure going concern events or incidents with potential to fail the business are proactively anticipated, identified and effective mitigation measures implemented.…
2014 : what is your resolve?
We are two days to 2014. It is the time of the year to consolidate your achievements and plan for the new-year. Many advisers [mentors and coaches] have probably told you to make resolutions for 2014. You don’t need to make resolutions. You need to resolve. Decide, act and never give up. Don’t say I want to reduce weight. Resolve to reduce weight by running at least four kilometers, twice a week; and 10 kilometers (MTN Kampala marathon) once a year. My experience is any exercise that does not involve covering some distance is very ineffective as far benefiting from…
How to conduct the business of the Board
The role of Board is to promote long term success of its stakeholders. This looks at the going concern for the fore feeble future of the business to ensure that the business does not collapse. The board’s business is to look at long term perspectives. Instead of asking how to make profits, they ask how the business will remain competive for many years to come. The board is looking at bigger picture dynamics and how to position the business for unprecedented future success. They are focusing on strategy, how to remain responsive to customer needs and ensure the company meets…
Who Moved My Cheese
This is a copyrighted book. I have found it on line and I am sharing it with you. Click here to download The Book Who Moved My Cheese. This is a powerful book about change. It is a story about three friends. They first discovered cheeze in a place and enjoyed it a lot. However, one morning they woke up and found the place where they had been enjoying cheeze was no more. And hence the title who moved my cheeze. Finding no cheeze attracted different responses from the friends. One of them, instead of waiting, decided to immediately start…
Making an impact on the Board
As a new board member in the business, how do you make an impact and contribution so that your value is more beneficial to the company you are working in? To understand the impact you make on the Board, it is important to know who is a board member, what exactly is the role of the Board and what qualifications to need to become a board member especially in the Ugandan text. Who is a board member? To understand who is a board member, we need to look at the levels of management in a typical company. Traditionally, we have…
How to avoid conflict of interest
What is conflict of interest? Conflict of interest means that you have got two interests on either side. You are going to be undecided of whom to give or which decision to take because you are conflicted. For example, if Iam working in government say in the Ministry of Finance and Economic Development and in charge of procurement, and people who have bided there is a firm of my brother, my wife or anybody whom I’m interested in. so I have two interests: one interest is with my employer which requires doing so that my employer gets value for money;…
