LAW IS FUN (GAME 2)
We are back again this Friday, with our legal game LAW IS FUN (LIF) to unwind from the long week and learn something new.
LIF is our new game series that will get you thinking and learning more about the law in a fun and creative way.
So, let’s talk business. Do you know about business operations in Uganda? Take a guess at this question.
HERE WE GO!
GAME 2: TRADING/BUSINESS
Question: A sole trader can operate his/her business in Uganda through a registered company.
You can post your answer on our social media sites. Twitter: @abmAdvocates_ug https://twitter.com/abmadvocates_ug?s=09 and LinkedIn: https://www.linkedin.com/in/apio-byabazaire-musanase-and-co-advocates
In this #MondayBlues Series, we take a look at the Uganda Investment Authority (UIA) report predicting the impact of the COVID-19 Pandemic on the economy.
Highlights from the report indicate;
1. Projected growth of the country is likely to decline substantially in the year 2019/2020.
2. The Domestic Direct Investment in the country is likely to decline in the financial year 2019/2020 by almost 50% from the previous year.
3. The workforce has been severely affected and most people are likely to either lose their jobs or get a pay cut.
4. Many businesses are adopting work at home policies to cut costs.
5. 56% of businesses have temporarily closed operations or production.
1. Increased Financing for SME’s
2. Creation of development funding for direct domestic funding
3. Funding of the Agricultural sector for export and import boosting.
4. Reduction of the VAT rate from 18% to 14% to reduce cost of production
5. Reduce the price of electricity prices
While we are encouraged by some of the recommendations made by UIA, businesses need to focus on staying afloat NOW, so that they are alive to gain from the benefits and changes for tomorrow.
Below are a few tips that we have considered for business owners, whether SME’s or Large corporations
1. COST CUTTING
It is extremely important for all businesses to go back to the drawing table and identify the expenses that need to be reduced or eliminated all together. In this season, luxury and unwarranted expenses are a thing of the past. Some excessive costs such as excessive branding and marketing costs, luxurious and expensive rental spaces, unnecessary office operational costs, costs that can be reduced by implementing simple strategies such as work at home policies or shifts need to be implemented.
Survival instincts need to kick in now and businesses need to ensure that they remain afloat as the economy recovers.
It will take time, but action needs to be taken NOW.
2. REINVENT YOUR BUSINESS
There is always an opportunity to explore during a crisis. Do not be shy about re-inventing your business.This can be in the form of the way you do business. Perhaps it is time to ditch paper filing and hard copy receipts. Or perhaps, you need to become more efficient and change your working hours for both your clients and your staff. Adopting and adapting to the new normal could save your business tomorrow by giving you a competitive edge.
This may seem similar to reinvent but it is not. While reinventing your business is about becoming a better business in terms of efficiency, rebranding is about your products and services.
Identifying new products and services could offer alternative sources of income for your business.
Perhaps you are a marketing business focused on billboard designs, maybe you could now tap into creating marketing designs for online customers and go completely digital.
Or maybe you are a boda boda rider, perhaps you could start delivering food or items for companies that do not own their vehicles.
Rebranding yourself will ensure that you enhance the products or services you already have and/or offer new products and services within the same/similar business objectives. It is time to think outside the BOX.
Negotiation is probably one of the best ways of overcoming any business problem. If you are a prudent business person, identify all your business contracts that may need to be re-negotiated. Some may be financial based such as loan agreements and delivery agreements. Some may be employment or independent contractor agreement or a tenancy agreement. It is time to be assertive. Approach your business partners, landlords, employees and contractors and talk to them about workable solutions.
This pandemic has not affected only you or Africa. The entire world has been affected, one way or another. Most people are understanding and willing to discuss options. Do not miss out on these opportunities.
5. BUSINESS SAVING AND CONTINUITY PLAN
It is unfortunate that the majority of business had little to no savings and had no business continuity plan in place. The assumption that tomorrow will take care of tomorrow is an ideology of the past. We have good news for you. It is not too late. Take a look at your current savings and start tacking some away for tomorrow. This is inline with our opinion on cost cutting. If you cut costs, you will have more to save for tomorrow.
As you start to save, save with a plan and goal in mind. This means, get to work and write out a business continuity plan. It will help to guide you on what to do in various situations.
6. INSURANCE PLAN
Businesses ought to consider having appropriate insurance plans to cover and shield them from any bumps on the road. Speak to an insurance agent and identify the insurance plans that could work for you. This is the time that insurance companies should start introducing new insurance schemes to help struggling businesses. If a scheme could be made for “kwanjulas”, a scheme probably already exists for businesses struggling in the COVID-19 era.
7. INSOLVENCY PLAN
While our hope is that the above solutions and many others will help business rise above the challenges that they are facing today, we are also cognizant that it might be too late for some businesses which need to consider insolvency.
Insolvency can take on various processes such as Administration, liquidation, receivership amongst others. It is important to contact a lawyer and ensure that you are advised appropriately on the different which process of insolvency works best for your business.
We wish you all the best and pray for a better tomorrow for us all.
We remain “A Better Measure”
ANOTHER WIN FOR THE ABM TEAM
In an article dedicated to recognizing 13 Young African Lawyers who “move the lines” by African Shapers, an online new and media house providing unpublished news from actors in a changing Africa, the firm and its partners have been acknowledged as game changers.
As the first multi partner female owned and run law firm, ABM and its young Partners are recognized as African shapers in the legal world in Africa along with 12 other great lawyers all around Africa.
This recognition and many others continues to inspire and motive the firm and its team to strive for better and higher, and to always remain “A Better Measure” in everything that we do.
We are honoured and humbled to stand and be counted along other great shapers in Africa.
You can read the full article here: AFRICAN SHAPERS
We are a law firm with a voice.
Our inspirational soul Sunday’s series will feature inspirational quotes and versus that will encourage and remind us all of what matters the most in life.
We hope that this will motivate and inspire our team, our leaders, our Clients, our colleagues and our peers.
To do this, we shall be required to,
Stay Committed and;
Be Humble; In everything that we do.
At ABM, we have always stood by these principles to remain “A Better Measure”.
We hope that this inspires you.
WHO SAID LAW IS BORING AND STIFF?
Well, we have to admit. Law can be boring and stiff sometimes, especially for those who do not understand it.
At ABM, we have launched an initiative to make the law more fun while helping the public to learn and understand the main and most relevant legal issues.
Some people do not even know that lack of knowledge is not a defence in a Court of law.
So, today 12th of June, 2020, we are launching our very own simple game; “LIF” standing for “LAW IS FUN”. It is a law/legal game which will make it more interesting and exciting to learn about the legal facts and issues so that you can remain on the right side of the law.
In our pilot/first episode, we will be talking about “LIARS” or rather more precisely, Defamation and the different types of Defamation.
The public can get to understand what defamation is and the types of defamation.
In today’s world, so many people tend to make false statements without understanding the possible implications of their statements.
So take caution when uttering statements and even sharing them, BECAUSE, you just might find yourself on the wrong side of the law. And paying hefty damages for a lie is just too painful.
This is the first game
#FUNFRIDAY: LAW CAN BE FUN. LIF GAME 1
Today, we talk about LIARS.
Question: If a false statement of fact is uttered to you in public but is not published and your reputation gets hurt/tainted, what is this?
Answer the question and post it on our platforms.
We hope that this series helps you all learn the law and enjoy the process.
The National Payments Systems Act which has been passed by the Parliament of Uganda if assented to will require Operators of electronic accounts such as Mobile Money Accounts to declare accounts dormant after only nine (9) months of no activity. After a further six (6) month period of dormancy, the Operators will send the funds on the account to Bank of Uganda.
Once the funds are sent to the Central Bank, account holders or their representatives have up to seven (7) years to claim this money or it will be consumed and sent to the Consolidated fund.
This generally means that if you travel out of the country for over nine (9) months, your Mobile money account could be rendered dormant and all your funds sent to the Central Bank.
So caution to you all, if this act is passed, you’ll need to keep your account active at least every 6-9months.
Download Document Here
It has been a beginning of new and bold steps.
On the 13th day of March, 2020, the Uganda Law Society announced the nominees for the Council members for the Uganda Law Society for the year 2020 – 2021.
Delightfully, our very own Shane Gloria Musanase – Mugenga’s name was listed as a nominee for the position of Treasurer.
While the Law society and the Nation speculated on the who would be running, internally our team were walking on eggshells waiting for the announcement.
When the announcement was finally made, the firm was ecstatic. As usual, we celebrated the first milestone in the ABM way, by giving thanks to God and toasting to new beginnings.
Despite the postponement of the Elections due to the COVID 19 crisis, we remain hopeful that the future will be bright.
We wish her the very best in this very noble cause and dedication and Pray that the storm will clear and a path will be opened for us all.
To all the aspirants standing for the various positions from President, Vice President, Treasurer, Secretary and regional Council members, we as ABM wish you all the very best.
As part of our mission to transform lives and businesses by developing people and managing resources, ABM offers counselling services as a value addition to its handling family law matters. We believe in striving for the best possible solution for our clients.
ABM Advocates is fully registered and regulated by the Uganda Law Council and as such,we were honoured to take part in the Uganda Law Society ProBono Day 2019 and offer free legal services to Ugandans.
Having been founded by three pace setting and inspirational female lawyers, it is only natural that ABM is passionate about the betterment of women not only in Uganda but the world as large.
As part of our probono work, ABM partnered with Roke Telkom to give free legal advice to women in small businesses in Uganda during the week of International Women’s Day 2019.
We are humbled that we reached over 6 women with our services.
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