Uganda’s up-and-coming entrepreneurs need to take the time to get counsel from those that are skilled and knowledgeable in the workings of the sector. For instance, they might need to learn a lot of things related to operating a business. They need to know how to hire the best talent in the market; how to train them effectively and opt for ways to improve learners’ engagement; how to keep them invested in the organization for a long time; and how to avoid employee turnover.
Additionally, it is important that business owners get a grip on their finances. They should keep in mind that they cannot break the bank while hiring the best talent available on the market. They should have a clear idea of how much can be spent on the recruitment project. For that, they would first need to have a budget plan, which they can create using business business budgeting software on the market. Once they have a fair idea of how much money can be used, they would be able to hire people accordingly, without jeopardizing the business finances.
Besides this, they also need to gain knowledge regarding managing their workflow efficiently. While it is true that manual labour is important for any budding enterprise, too much work pressure on workers can often lead to burnout, which can hinder the growth of the firm. That is why entrepreneurs need to learn about various technological solutions like job management software that could be used in order to streamline their work and reduce over-pressuring workers.
However, this is not all! There are a few more aspects of businesses that owners must learn about. Marketing is one such topic, which happens to be crucial for any brand that wants to grow constantly. Business owners need to know the different types of marketing methods, especially social media marketing and the latest trends associated with it. Once they gain the knowledge, entrepreneurs should create an effective social media management plan that can help them to grab the attention of potential customers.
These pieces of advice were supposedly given by Patricia Ojangole, the Chief Executive Officer of Uganda Development Bank, as she delivered a keynote address at the 9th National Competitiveness Forum (NCF) held at Mestil Hotel in Nsambya, Kampala.
‘Uganda’s budding entrepreneurs need to readily seek guidance and take advice from recognised professionals. Entrepreneurs need to adopt a culture of sustainability,’ Ojangole stressed.
Drawing on her experience as a professional accountant with over a dozen years of service to some of Africa’s largest multi-national financial institutions, with knowledge built in internal audit, risk management and governance, Patricia’s branching into development banking over the past half-decade has given her unique insights on what it takes for businesspersons to progress.
She illustrated the flaws in the current Business Development Service (BDS) in Uganda, and in an open discussion with other participants, also addressed implications for sustainable enterprises drawing from practical experiences. Patricia further elaborated on the need to regulate the sector, assuring that this will enable the delivery of tailor-made BDS initiatives that shall support local enterprises, making them attractive to partners, bankers and investors.
The National Competiveness Forum (NCF) is an annual event, organised by the Directorate of Economic Affairs (DEA) in the Ministry of Finance, Planning and Economic Development (MoFPED). Since 2006 NCF events have helped shape policy interventions in Uganda’s development agenda, acting as a platform where the ministry, and other stakeholders, including the private sector, civil society, development partners and academics gather and engage on matters affecting the business environment, drivers, growth and competitiveness.
This year’s theme was ‘Creating an enabling environment for enterprise growth and competitiveness’. Amongst its intended resolutions was to provide opportunities for participants to forge linkages in the business environment and to identify critical policy actions that shall help improve it. This will boost enterprise growth and competitiveness, acting as a basis for advances in job creation, exports and household incomes.
Other speakers included Allon Raiz (CEO, Raiz Corp, South Africa), Prof. Waswa Balunywa (Principal-Makerere University Business School) and Charles Ocici (Executive Director, Enterprise Uganda).
