The best freedom is an open mind. That is why outstanding leaders create an environment of frank and free communication. In today’s business environment characterized by ever-changing technology, there is nothing like ‘what I have done is the best.’ Anyone in a leadership position must focus on supporting staff to surprise themselves in terms of the quality of work done to deliver exceptionally outstanding stuff. RELATED: HABITS OF STAR PERFORMERS You must create an environment of openness to feedback. Are you open to questions and feedback from your peers, seniors, and juniors? A good manager should be. No person wants…
Is your role a striker or defender? Here is how to grow your career
Who of your staff is a striker and who is a defender? As a business leader, focus on improving the department in your team that shows weakness. If your strikers are losing the balls in front of the goals, are unable to get the ball past the keeper, consider training them more or substituting them. If your keeper is making simple mistakes even not under pressure, consider putting them under intensive training if they show talent or getting them off the team altogether. What is the essence of great leadership? Identifying the best people with talent and skills and nurturing…
Tool 43 of 104, is to be careful when lending money
Have you ever had someone approach you for a quick loan? Whether you are successful or not, you will receive a request to lend money from a friend or family member or relative. The problem with lending friends or relatives or a family member is that they take the loan as a grant and will most likely default on the loan. It is recommended that you always treat the loan as a business transaction. That will increase the likelihood that you will be paid. You are advised to first think hard whether you can afford to lend the money. The…
The rise and fall of Support Organisation for Micro-cent Development (SOMEDI) microfinance
My Dad’s best friend, Mr. Joseph Businge, used to own three shops and a restaurant in Masindi town. His wife, Beatrice, was an employee at Support Organisation for Micro-cent Development (SOMEDI) head offices in Masindi. They had five children in school who were very promising. Joseph was a successful man providing employment opportunities to other ten Ugandans working in his small businesses. He owed his success to SOMEDI Microfinance which gave him a small loan, through a group of five friends. In 2008, SOMEDI Microfinance once one of the top Microfinance institutions in Uganda with operations in over eight districts,…
Tool #40 of 104 is use the watertight principle for your life’s success
John 16:12-15: Jesus said: ‘I still have many things to say to you but they would be too much for you now… He will glorify me, since all he tells you will be taken from what is mine. Everything the Father has is mine; that is why I said: All he tells you will be taken from what is mine.” The watertight principle applies to your life just as it works for anything that holds water. Be it a jerrycan, bottle or even a boat. The principle states that “however firmly you tighten the lid, if the container has a…
Transfer Pricing: The ticking time bomb for MNCs
Uganda, like many other countries in the region and further afield introduced transfer-pricing regulations in 2011. The regulations became effective on July 1st 2011 and are based on the Organization for Economic Co-operation and Development (OECD) transfer pricing rules. The Commissioner General of the Uganda Revenue Authority (URA) issued a Practice Note guiding companies on how to deal with related party transactions. The authority for citation is S.90 and S.91 of the Income Tax Act, Cap. 340 read together with the Transfer Pricing Regulations 2011 and the Transfer Pricing Practice Note 2012. Why TP? Transfer pricing refers to the way…
