In 2016, my wife and I committed to exploring a new country every year for vacation. This decision has been consistently upheld since then. In 2018, we chose Bangkok, Thailand as our holiday destination. At the time, I held a position as a board member at an international NGO in Uganda. Curious about the NGO’s presence in Thailand, I conducted online research and discovered their extensive operations there. With the chairman’s approval, I planned to visit their office during my trip. Before departure, I gathered information about key personnel, including the executive director and other directors. I reached out to…
Is your spouse fulfilling their roles at home?
In a successful family, the roles of each partner are crucial for maintaining harmony and well-being. The husband takes on the role of the Chairman. He presides over family meetings and discussions. His focus lies in the bigger picture—family development. This includes defining the sources of income, financial planning, and strategies to enhance and sustain the family’s lifestyle. The wife acts as the secretary during family meetings. She —keeps records of all meetings. Updates the chairman on key resolutions and matters arising. Safeguards the meeting minutes, which may cover various topics, including intimate matters like bedroom performance indicators and areas…
Ugandans can learn valuable lessons from Kenyans when it comes to business success
While there are undoubtedly accomplished Ugandans, the tendency to falter in cohesive collaboration often impedes progress which keeps success at a distance. In contrast, many Kenyan professionals excel in strategic global collaborations, networking, and teamwork, positioning Kenya as East Africa’s commercial capital and a regional tech hub. Frequently, Ugandans opt to work as employees in Nairobi, while Kenyans actively engage in entrepreneurial roles in Kampala, serving as founders or key executives. This discrepancy highlights the difference in approach between the two nations. In 2015, during my tenure as an active ethical hacker practitioner and certified EC-Council Instructor (C|EI), I was…
The EFC Crisis offers Lessons in Corporate Governance and Risk Management
The saga of Entrepreneurs Financial Centre Uganda Limited (EFC Uganda Ltd), a microfinance deposit-taking institution (MDI), serves as a stark reminder of the imperative to fortify board structures and overall governance. In 2020, EFC defied expectations, delivering an impressive 19.6% return on equity, a surge of 2.3 times over 12 months despite the global economic downturn in Uganda. The institution also boasted a remarkable 55.1% year-on-year growth in assets, surging from Ugx. 56 billion in 2019 to Ugx. 87 billion in 2020, primarily driven by expanded lending to the informal private sector driven by the group lending credit model. Beneath…
The Strategic Imperative of Compensation for Board Members
The presence of a well-structured board of directors is synonymous with organizational excellence. However, the effectiveness of a board hinges on the caliber of its members, necessitating a judicious approach to their recruitment and compensation. A truly impactful board comprises individuals with diverse skills, varied exposure, and extensive experience, aligned with both current and future business needs. As the saying goes, “If you need a board member, recruit a board member. If you need a volunteer, recruit a volunteer,” the importance of strategically acquiring talent cannot be overstated. Despite the universal desire for proficient directors, some companies aspire to secure…
Assume you are ABFS’s CEO, which of the following strategy proposal cover letters would interest you most?
Strategy Proposal Cover Letter A Dear Sir, I am writing to express our eagerness to provide strategy formulation services for AB Financial Services (ABFS). With a proven track record in the financial services sector, Summit Consulting Ltd is well-equipped to contribute valuable insights and innovative strategies to enhance ABFS’s competitive position. Our approach involves a meticulous analysis of market dynamics, competitor landscapes, and internal capabilities, ensuring a tailored strategy aligned with ABFS’s vision and objectives. We prioritize transparency, open communication, and a results-oriented mindset to foster a collaborative partnership. We would appreciate the opportunity to discuss our strategy formulation services…
