Business Training - Uganda
Quick information guide
How to build the capacity of your business?
- Understand where your business is
- Adopt a growth mindset
- Invest in training
- Practice an ongoing knowledge development
- Document key processes
- Set clear goals and track the use of technology
- Connect with other business people
Risk sources in your business
- Strategic - decisions concerning your business objectives.
- Compliance - with laws, regulations, standards, and codes of practice.
- Financial - transactions, systems, and structure of your business.
- Operational - operational and administrative procedures.
- Environmental - external events you have no control over such as weather/economic conditions.
- Reputational - character/goodwill of the business
Preparing a Risk Management Plan
A well trained and efficient team is the best insulation a company has from the effect of risks. A plan that is easy to reach and apply should be available when disaster strikes.
- Identify the risk - Work with teams in each sector and ask 'what if...happened?'
- Assess the risk - What are the chances of the risk happening? What are the consequences to the company?
- Manage the risk - Develop cost-effective options for dealing with the risks. These include; avoiding, reducing, transferring or accepting the resources contributing to the risk.
How support your Risk Management Plan;
- Monitor and review - Regularly review your plan and ensure control measures are in place. Continuously train and test your staff to ensure that they know what to do should a risk occur. Your Risk management Plan should be part of your business process.
When setting up and running a business, there are many aspects to consider in getting a product/service to market profitably.
For business people to grow their companies, they always think of increasing staff to help grow the business. Since that isn’t always easy, there is a big need to find alternatives for their businesses growth. Experts suggest a number of recommendations that do not need necessarily to hire new staff and consequently spend more money for that growth. Entrepreneurs can still build the capacity of their businesses without incurring more expenses for the growth.
Recommendations to build capacity of your business
- Understand where you are - in order to build a suitable training plan for your business. What stage is your company in the Business Maturity Model? How will training benefit your company?
- Adopt a growth mindset - and share it with your staff. Is your business capable of growth and improvement?
- Invest in training for your human resources - especially for the key people who make the most difference;
- Make knowledge development and sharing an ongoing practice - how well does your team understand how your business works? Are they up to date on innovations in their areas of work?
- Flesh out and document key processes - clear, documented processes ensure that quality products/services are produced every time. Are these present in your company? Are they being used and and continuously improved?
- Set clear goals and track metrics for the use of technology - how does technology make your business more efficient? Are measuring crucial steps that affect the quality of your products/services?
- Connect with other organisations - to learn as an organisation. Is your company subscribed to the leading Associations in your sector? Are you and your employees members of professional Associations in their fields of expertise?