Business Incubator and Mentor
The research undertaken by Business Friends Africa indicate a deep lack of the step-by-step application of company documentation to the day-to-day business. This disturbs the application of good corporate governance practices. The concepts of share capital, paid-up, un-paid capital and share certificates remain abstract. These aspects are underplayed by lawyers and auditing firms for the young small companies due to the lack of a developed financial market which would underpin the declaration and maintenance of company documents as records of financial and fixed assets. These companies are therefore run as sole proprietorships which may explain the high birth rate and death rate of enterprises in Uganda.
The Business Incubator and Mentor (BIM) takes these issues seriously in a bid to help establish strong ongoing business concerns. The Business Mentor is an experienced entrepreneur who helps start-up and young small businesses to observe subtle details which shall lead to business stability and success. In this effort the BIM is supported by services of a shared company secretary, company auditor and company lawyer. The shared services become accessible due to reduced cost enabled by a group of clients who are sensitized about their needs. The BIM runs shared office space, shared working space, shared equipment and shared warehousing facilities which strengthen the capitalization of clients due to reduced cost of the shared services.