Tuesday, September 25 - October 1, 2012
CAPITAL BUSINESS REGIONAL NEWS
REAL PEOPLE. REAL STORIES
23
The Mentor’s
EAC SECRETARY GENERAL VOICE DEMANDS OPEN AIR SPACE Balance your cash flow
ABOVE: Rwanda’s national carrier, Rwandair. It has successful become the face of regional air transport.
THE OFFICIAL East African Legislative opening of the Assembly, Uganda’s headquarters of Margaret Zziwa, CASSOA, the Civil also added her voice Aviation Safety and during the function to Security Oversight bringing the cost of air Agency of the East transport down, when African Community comparing the charges member states in between Nairobi and Entebbe last weekend Mombasa with those provided a platform for between Entebbe and EAC Secretary General Nairobi, almost the to spell out a few same distance. Perhaps truths, which some of unbeknown to her the countries within the though, is the sad community did not like fact that the current to hear. set of airfares in place Dr. Richard Sezibera between the member reminded member states of the EAC is in EAC Secretary General, Dr. Richard Sezibera and EALA countries that their main Speaker, Rt.Hon. Margarette Zziwa fact quite reasonable, competition was not while it is taxes and fees within the East African levied on flights by the The same source also claimed that Community but with regulators and airport fees charged, which should be the countries beyond the EAC, when he managers which often are totaling to same as for domestic airlines in called for the swift removal of non twice of what the base fare is, then Tanzania, still are charged as if we tariff barriers, many of which treat giving the impression that it is the were foreign based airlines and access airlines which profiteer. It is here that EAC registered airlines like foreign to the national parks, where most airlines when it comes to flying the inflated national regulatory set of our clients would want to go, within the EAC. Aviators from for up should also give way to a regional remains impossible. The entire talk instance Uganda claim that in order integrated civil aviation body, to of integrating the region, as far as air to get clearance to fly into Tanzania save on overheads, share human and transport is concerned, is a big farce. it often takes up to 72 hours, other resources in a more efficient defeating the principal purpose of air If one country consistently refuses to way and in the process eliminate live up to treaty obligations, it should the often duplicated or triplicated transport being the fastest means of decide once and for all if it wants to getting from one point to the next, processes of applications, permit and be an EAC member. as swimming across the lake would licensing, currently needed to satisfy If yes, lift the restrictions, if not be faster, well almost as one regular the demands by each regulator should source from the aviation fraternity in get out was the angry feedback to a an airline registered in one member follow up question. Kajjansi put it to this correspondent country seek permission to operate in Meanwhile, the Speaker of the when discussing the situation. another.
WHEN YOU are told you are going to meet someone very important for the first time, you are not sure of what is expected of you. But as you get to meet that person, somehow the right words begin to show up. I am meeting The Kigali Sun readers through this column for the first time and I am very excited. I will be sharing with you my thoughts in the areas of entrepreneurship. I want all of us, readers of this column, to always aspire to get inspired and to inspire others before we retire and expire. Let me launch this column with an inspiration about money. Like many Africans I used claim money disappears through my fingers. I would leave home with a certain amount, only to be surprised that in a few hours nothing is left in my pocket. I would try to figure out how I spent the money to no avail. So I would assume that maybe some of it got lost. One day I met Patrick Bitature, a leading Ugandan businessman who later became my mentor. Part of what I learnt from him was the importance of a good cash flow. I discovered that to have financial freedom, my daily cash inflow (income) must be greater than my daily cash outflow (expenditure), if I am. By then I was the kind of person who would receive big money once a month, yet spending everyday. Thus, I would be rich for a few days, but very poor for the rest of the days in the month. So I made a major decision – to cut down my daily expenditure and increase my daily income. It required a lot of discipline but I had to either do it or do it. I started by taking 2 weeks of recording all my expenditures, making sure to account for every coin. When I glanced at the list of what had been consuming my money, I felt ashamed. Some of the items were outright unnecessary because I could have lived without them, while others could have been postponed. Delaying gratification and investing for better results in the future is timeless wisdom. The next step was to train myself to always make a daily budget and stick to it. Somehow money will always find an excuse to make you spend it; you must be courageous enough to stand on your two legs and say ‘NO’. It beats logic to find young people who are earning very little taking big salary loans to buy cars just to drive to work and park. These cars are not assets but liabilities; they will continue to increase expenditure instead of income. A wiser person gets that loan and invests it in something that brings money, such as constructing rental houses. Dear reader, whether you are employed, self-employed or in business, the question I leave you with this week is: “On a daily basis, are you earning more than you spend?” That’s where we shall start from next week. Bake is the Managing Director of WORLD OF INSPIRATION & Founder of the AUTHORS’ FORUM in Uganda – bakerobert@yahoo. com / 0704666851
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