In the Western and Asian worlds, networking and collaboration have long been recognized as key drivers of business success. However, in Africa, this concept has yet to gain widespread traction. As Business Network International (BNI) celebrates 10 years in Uganda, it’s an opportune moment to explore the potential of collaboration and networking in driving business growth.
Statistics show that many businesses in Uganda struggle to survive beyond their first year. According to a report by the Uganda Bureau of Statistics (UBOS), approximately 60% of small and medium-sized enterprises (SMEs) in Uganda fail within the first year of operation. Furthermore, a study by the World Bank found that only 15% of Ugandan businesses survive beyond five years.
Businesses in Uganda face numerous challenges, including; Limited access to capital: According to the World Bank, access to finance is a major constraint for 38% of Ugandan businesses, A report by the Uganda National Chamber of Commerce and Industry (UNCCI) highlights the need for capacity building and skills development in areas such as entrepreneurship, management, and technical skills, Limited access to industry best practices and benchmarks makes it difficult for businesses to measure their performance and identify areas for improvement.
BNI offers a unique platform for entrepreneurs to connect, learn, and grow. Through referrals, knowledge sharing, and capacity building, members can strengthen their businesses and expand their networks. By belonging to a like-minded group, businesses can access funding opportunities, develop necessary skills and expertise, and Benchmark against industry best practices
During the COVID-19 pandemic, BNI members in Uganda demonstrated the power of collaboration and mutual support. Despite the challenges, members continued to meet online, sharing knowledge, resources, and expertise to help each other navigate the crisis. This collective approach enabled many businesses to survive and even thrive during a time of great uncertainty.
As BNI celebrates a decade in Uganda, it’s an ideal time for startups to tap into the power of collaboration and networking. By joining the BNI community, entrepreneurs can leverage the “Givers Gain” philosophy, fostering a culture of mutual support and collective growth.
I believe by embracing networking and collaboration, African businesses can unlock their full potential, drive innovation, and achieve success. As we celebrate BNI’s milestone, let’s harness the power of collective growth and propel our businesses forward.
Congratulations, BNI Uganda, on this milestone.
