The Uganda Revenue Authority (URA) has emphasized the importance of quality and compliance at the Pakasa Forum 2024, an event dedicated to fostering business growth and mentorship across Uganda.
The forum brings together entrepreneurs, industry leaders, and stakeholders from various sectors to exchange ideas and discuss the future of business in the country.
As part of its involvement, URA is offering tax advisory services to guide businesses on compliance, best practices, and optimizing their tax strategies. This initiative seeks to equip entrepreneurs with the knowledge to operate within the legal framework while fostering sustainable growth.
The forum was officially opened by the Permanent Secretary to the Treasury, Ramathan Ggoobi, who delivered a keynote address urging entrepreneurs to prioritize quality over profits in their business ventures.
“Don’t do business only to make profits; aim at quality,” Ggoobi said.
He explained that businesses focusing solely on profits often resort to high pricing, which undermines their competitiveness, whereas those prioritizing quality build customer loyalty and can remain competitive even with reasonable pricing.
Ggoobi also outlined principles for long-term business success, advising entrepreneurs to choose products or services with limited substitutes, avoid activities that attract regulatory scrutiny, and focus on maximizing sales revenue rather than profits.
He encouraged business growth, the separation of ownership from control as companies expand, and the satisfaction of all stakeholders involved.
He emphasized the importance of product standardization in attracting a broader customer base, stating that certified products appeal to customers who value consistency and reliability.
“When you standardize your products, you attract a huge clientele,” he said, reinforcing the role of quality and certification in distinguishing businesses in competitive markets.
The Pakasa Forum 2024 continues to provide a platform for entrepreneurs to gain insights and strategies to advance their ventures while promoting innovation, compliance, and quality-driven practices.
