The former Finance Minister, Maria Kiwanuka has cautioned entrepreneurs to stop entrusting their incompetent relatives in their businesses, a thing she says will frustrate and bring their business to collapse.
Kiwanuka was the guest speaker at the Institute of Certified Public Accountants of Uganda (ICPAU) Women Entrepreneurs Mentorship seminar held on November 9 at UMA Exhibition hall in Lugogo.
She focused mainly on guiding and educating women in business on how to approach challenges related to financial management, resource allocation and mobilization of funds and sustainability among others.
CPA Ronald Mukasa urged entrepreneurs to always pay much attention to Values, People and Net cash flow (VPN).
“To be able to manage your business, one has to closely observe VPN. You must be able to adapt new ideas and change, be willing to learn, undermining change is one of the worst mistakes you will ever make. Treat your staff carefully because they will treat your customers the way you treat them. If one pays attention to VPN, chances are high that one will achieve his or her business goals,” said Mukasa.
Mukasa also encouraged all business entrepreneurs not to fear demanding money from their debtors.
Kiwanuka called upon Women Entrepreneurs to always be objective in family businesses and avoid imbalances by hiring suitable people and not incompetent relatives who will fail to stir the business to the desired level.
“Always focus on hiring the right talent and not simply feeding the ego of your family members by promoting them to hire places in the business. Please also endeavor to keep accurate business records that are transparent,” Kiwanuka advised.
Kiwanuka also advised business holders to involve every member in their business in the planning process and try as much as possible to keep family matters out of business.
“Keep out family matters in business, for any business to thrive, you must involve your employees or team members in a strategic planning process that will promote and strengthen your business at the end of the day.”
The program was focused on highly boosting women entrepreneurship, recognizing and supporting the distinctive nature of women business startups ensuring that newly-established women entrepreneurs can sustain their businesses.
Since its establishment in 1992 by an act of Parliament, ICPA Uganda has registered tremendous achievements towards the economic growth of the Country such as; the growth of accountancy professionalism in Uganda and beyond, improvement in the standard of financial reporting, submission of the policy recommendations to Government focusing on matters of financial management, taxation and of recent has introduced mentorship programs to target mainly youth and women interested in business.