Kampala. For the last 10 years the Top 100 Mid-sized company survey has been a fixture on the annual business calendar.
It is a routine that many are accustomed to, to reflect on the true progress of Uganda’s business journey.
The annual gala, which is an initiative of Monitor Publications Limited (MPL) and KPMG ranks the progress of mid-sized companies based on their revenue and ability to use their working capital to grow profits.
Participation is only limited to companies that earn between Shs360m and Shs25b annually and must not be listed on the stock exchange.
Last Friday, the survey, a process that started on July 3, was climaxed with a gala which not only ranked best progressive companies, but also reflected on business diversity and innovation.
However, during the survey, several challenges such as limited access to credit, competition, exorbitant taxes and low risk management, were highlighted during different workshops organised by MPL and KPMG supported by other partners such as dfcu Bank and Uganda Investment Authority.
According to Tony Glencross, the Nation Media Group Uganda managing director, the initiative has been key in training more than 1,500 small and medium-sized enterprises in areas such as taxation, marketing, stock exchange and financing, among other things.
For instance, it has built on SME relationships with financial institutions such as dfcu Bank.
It has also helped to build networks, a key aspect that has worked in SMEs’ favour to improve and widen their scope of operation.
The initiative, he says, has also linked SMEs to key government agencies such as Uganda Investment Authority that in a way have offered assistance where necessary.
In the last 10 years, 16 companies that have participated in previous surveys, have grown beyond the Shs25b annual turnover.
Assad Lukwago, from KPMG, says participating companies have had several improvements, especially in the area of corporate governance where they use certified auditors and instituted boards to improve on planning and accountability.
A number of companies, he says, have as a result, reported various benefits such as edging competition and accessing financing because their rating has improved in the process.