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Businesspeople encouraged to invest wisely

By Juliet Waiswa, Stella Naigino

Added 4th January 2020 02:59 PM

Negativity is bad and usually drags people into poverty. Have people who think positively around you and you will move forward.

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Invest your money wisely to better your financial status

Negativity is bad and usually drags people into poverty. Have people who think positively around you and you will move forward.

INVESTMENT
 
With the coming of the New Year, many people, especially businesspeople, are reflecting on what went wrong last year and devising means of bettering their financial status.
 
However, many are bound to fail if they do not meet the right people to advise them on how, where and when to invest. It is on such grounds that business experts felt it wise to guide people, especially the youth, on how to invest wisely. 
 
James Mbatya, a financial business expert, recalls investing without any knowledge of what he was dealing with and incurring losses. He lent money to people, who ran away with it. However, when he reflected on the mistakes he had made, he came up with different strategies, which turned his challenges into opportunities to grow his business. 
 
Below are the tips that investors were given to grow their businesses in the New Year.
 
Have the right people around you
Mbatya said the reason people fail to develop even when they have enough resources around them, is having negative people around them.
 
“Negativity is bad and usually drags people into poverty. Have people who think positively around you and you will move forward. Such people will notice your passion, your strengths and weaknesses and will advise you accordingly,” he said.
 
Have financial literacy
According to Charles Lambert, the director of Development Channel, having financial literacy is key for any investment to grow. 
 
“This helps you manage your finances and also guides you on how to invest. You will be able to make checks and balances in your investments, hence business development,” he said.
 
Follow up to get accountability
Lambert noted that accountability in any business is very important. Follow up on every business that you invest in to know how things are done.
 
He said this helps one know how much one earns and how much one spends on salaries and taxes, and in case there are challenges, one can devise means to turn them into opportunities.
 
Mbatya said people are still poor because they rely a lot on manpower. They just sit back and wait for others to work for them.
 
“Get out of your comfort zone and engage yourself in your business. Do it yourself and you will know what it takes to succeed as an investor,” he advised.
 
According to Lambert, having money is very important, but, it is more important that one invests wisely to grow the money.
 
He made the remarks during the Development Channel investors and beneficiaries convention at Hotel African in Kampala last week. 
 

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