Africa-Press – Uganda. Corporate companies in Uganda have been tipped on best practices for implementing their strategic plans for better growth and success.
The managing director of Centenary Bank, Mr Fabian Kasi, on Tuesday said although some of the companies have been transformed financially, majority of them have failed to adapt to the emerging challenges and market demands to satisfy their customers.
“Once you understand who your customers are, you need to understand the environment under which you operate. That will inform the kind of strategy that you will come up with,” Mr Kasi said, adding, “You need to understand your capacity as well and know whether it is adequate to serve the needs of those customers. If there are gaps, ensure that you put in place systems in designing strategies.”
Mr Kasi, who was speaking during the Evening of Inspiration hosted by Motivation Hub Limited at Kampala Serena Hotel, said human resource is critical in designing and implementing strategies.
He added that companies need to first know the kind of people they are working with to come up with a working strategic plan.
The event that was held under the theme; Getting things done in 2023, attracted participants from various private and public companies. Mr Kasi explained that to be in position to deliver what the strategic plan requires, the issues of monitoring and evaluation are very critical in executing the strategic plan.
“The teams we have in the field are very important, they need to be rallied to ensure they are on the same page for them to do what the strategy is meant to achieve. The issue of communication is very critical and communicating to them on a regular basis is a must,” he said.
The acting managing director of National Social Security Fund, Mr Patrick Ayota, said companies need to make their strategic plans clear, simple and must have the courage to execute it.
“We tend to default what we know to what we are comfortable with, instead of changing to go to the future,” Mr Ayota said.
The chief executive officer of Uganda National Oil Company, Ms Proscovia Nabbanja, said companies should desist from the bandwagon of competing with other companies but instead focus on their strategic plans.
Evaluate
The acting managing director of NSSF, Mr Patrick Ayota, urged companies to always evaluate themselves by putting scorecards on how they are performing as related to their strategic plan
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