Business leaders in Uganda have been advised to form strategic partnerships locally and internationally to grow their businesses in a sustainable manner which is cost effective.
Partnership is an association of two or more persons to carry on as co-owners of a business for profit. It usually involves selling shares to another strategic partner.
Giving a keynote address to more than one hundred enterprises in a Top 100 business conference held yesterday in Kampala, the executive chairman Quality Chemical Industries Limited, Mr Emmanuel Katongole, said:
“Partnership is a cheap way of rising capital for expansion and it leads to well-structured boards which provide strategic directions in company management.”
He advised business leaders to stop the habit of being sole owners of their enterprises because it is risky and expensive to run a business when one is the manager of everything.
“Businesses are not your own shirt. In business you share. It is better to own 5 per cent shares in a big company than owning 50 per cent shares in a small company,” he said.
He said the time of the military and political revolution has past and it time to revolutionise entrepreneurship in Uganda and Africa at large.
“Time is now. It is our time for entrepreneurship to push Uganda from extreme poverty to extreme wealth,” he said.
The Insurance Company of East Africa chief executive officer, Mr Jackson Muli, advised business leaders to ensure that they insure their businesses.
“Businesses should be safe. You should safe guard what you have put in place through insurance. Insure your businesses today not tomorrow,” he said.
Presenting the findings of the survey for the Top 100 2016, the manager audit KPMG, Mr Richard Walusimbi, said 286 enterprises were surveyed and business leaders complained of high interest rates, among others.
“When starting a business you first look at the prevailing inflation rate, interest rates and exchange rate to minimizes high risks,” he advised.
This year 286 Small Medium Enterprises are taking part in the Top 100 mid-size companies award competition compared to last year’s 250.
According to Ms Sarah Nalule, the marketing manager at Monitor Publications Limited, the awards that started in 2009 by Daily Monitor and KPMG audit firm, seek to create accountability and exposure for SMEs to gain the necessary skills in order to succeed.
Source: Daily Monitor