Expert tips entrepreneurs on modern business

Oct 13, 2010

ENTREPRENEURS have been tipped to formalise their businesses beyond registration.

By David Ssempijja

ENTREPRENEURS have been tipped to formalise their businesses beyond registration.

Charles Ocici, the head of Enterprise Uganda, a business mentoring organisation, noted that modern entrepreneurship requires formalisation of business that goes beyond the traditionally known statutory systems like registration, payment of taxes, and formation of salary structures.

He argued that the creation of structures that ensure business profitability and continuity whether the founders are present or not, are a must have.

Ocici pointed out that modern entities must also entail documentation like books of accounts that show the direction an enterprise is taking and help owners in undertaking rational decisions on how an enterprise has to be run.

“Legal systems of formalisation of business are key components of making your businesses formation, but you need to outgrow the tendency of relaxing after doing that. Modern formalisation is more than that, it must be backed by your ability to source human capital with the capacity to offer quality services that compel your customers to remain hooked and glued to your business,” he advised.

Ocici was speaking during a workshop at the Imperial Royale Hotel in Kampala.

The Monday meeting was intended to educate entrepreneurs about modern branding and practical business formalisation techniques that can help them grow and sustain their enterprises.

“Customer care systems must, however be dynamic because customers tend to need something new time and again.

“This calls for consistent innovations as you seek to maintain their interests in your business,” he added.

Ocici, a motivational speaker on enterprise development, cautioned businessmen against rushing into opening up more businesses before the current ones are well consolidated.

“You should also note that running business as an individual constrains growth. It means that your business will stop operating without your physical presence,” he warned.

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