BUSINESS DEVELOPMENT SERVICES: AN ENGINE OF GROWTH FOR BUSINESSES

 In the national media yesterday(28th August 2024) the GROW project aimed at empowering women led businesses was launched. It emphasizes lending to women entrepreneurs at an affordable interest rate. I believe with the right execution it will leave a positive trajectory on women businesses.

The emphasis of this article is to highlight the importance of business development services. The invisible forces that drive business growth seem to be under rated yet they are very critical. A business may have all the funds but without a clear strategic direction it may not see its first birth day. Uganda has been credited as one of the most entrepreneurial countries in the world. Despite this good news most of these businesses do not see their first birth day. So the question is what is the missing link? Apart from a tough economy what else can explain the reasons why Ugandan businesses struggle to break even. Why is subsistence agriculture prevalent in a generation of modern technology? Why do so many investment clubs and Saccos collapse?

All the above show that apart from the financial support required for business growth, non financial services such as business advisory services, ICT, team building and business formalization are very instrumental in empowering businesses to scale to the next level. If other businesses can scale, why not yours?

Phillip Kiryowa

Finance and Leadership Coach(PCC)

+256752615916

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