The recent MTN Business training sponsored by MTN Uganda for entrepreneurs in Eastern Uganda was a huge success. The training attracted 152 entrepreneurs way beyond the intended 100 – indicating too much desire for knowledge by the business community in Eastern Uganda. The one day training covered critical topics of internal controls, cash flow management, value creation and preservation, taxation and using the Internet to grow your business. It took place at Mbale Resort Hotel. During his closing remarks, Mazen Mroue, the MTN U top honcho explained the following three insights for your success in career and business: Successful at…
How to succeed in 2016?
Make priorities, not resolutions, because change is a fact of life! a) First, do not make resolutions. They are abstract. Make a list of 2-4 priorities. Then write an action plan to attain the priorities. You need an action plan to make it happen. If you want to get a new job, go visit the company. Speak to a staff already there! b) Form a support group of peers and keep them close. You need 2-3 people whom you trust who can hold your feet down on the fire. c) Pay yourself first. For any income you make, remove 10-20%…
Succession planning: easy to say, tough to do
“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.…
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…
Budgeting insights?
E1. Lessons households and businesses can pick from government’s budgeting process. If you don’t budget, you cannot monitor your incomes. If you don’t monitor. You cannot improve. Do you have too much money to spend without anyhow? Then why spend your way to poverty? Have a strategy, plan and a budget. A budget is simply a statement of expected incomes and expenditure over a period of time – a day, week, month, year – the shorter the more accurate. The government’s budgeting process is very elaborate. Involving all key stakeholders in planning for this country’s 35 million people. It is…
Crossing the Ethical Boundary: The Four Steps Model, M.R.C.O
