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1. Discipline and Integrity: The Cornerstones of Leadership
Major Katanaka’s military background underscores the importance of discipline and integrity in financial leadership. He argues that these principles are universally applicable and essential for managing finances responsibly.
“In the military, discipline is our first priority. Even in this profession, discipline and integrity are key. If you have discipline and integrity and are transparent and accountable, you will succeed,” he said, emphasising the shared values between the military and finance professions.
2. Strategic Thinking: Beyond Number Crunching
The role of a CFO has evolved from traditional bookkeeping to strategic oversight. Major Katanaka believes modern financial leaders must align organisational goals with operational realities.
“Finance officers are no longer just number crunchers. They have become strategic thinkers, planning for the organisation, focusing on goals, and collaborating with other departments like marketing and operations to achieve strategic objectives.”
3. Adaptability to Technological Change
Technology is reshaping the financial landscape, requiring leaders to stay ahead of the curve. Major Katanaka recognises the technological gap in Uganda compared to developed nations but maintains an optimistic outlook.
“In South Africa, I realised how far behind we are in technology. They’re already using artificial intelligence and advanced analytics, while we are just adopting technology. But it’s not too late; the operating environment is forcing us to adapt.”
He also pointed out the challenges of cybersecurity, stating,
“The more you automate, the more exposed you are. We always upgrade our systems to ensure we are not vulnerable to hackers.”
4. Balancing Work and Life
Major Katanaka advocates for a balance between professional demands and personal well-being. He sees work-life balance as essential for long-term success and family stability.
“You cannot finish the work. The day you die, they will appoint someone else. I always ensure I perform to expectations but also spend quality time with my family, especially on weekends.”
5. Sustainability and Governance
A 2019 Sustainability Award winner, Major Katanaka integrates environmental, social, and governance (ESG) principles into Wazalendo SACCO’s operations. He champions sustainability as vital for long-term organisational success.
“For any business to thrive for future generations, it must be sustainable. We’ve adopted renewable energy, installed solar systems, and implemented a buyback program for electronic waste. Sustainability is part of our strategic objectives.”
6. Exposure and Networking
Major Katanaka credits exposure through professional awards and events as instrumental to his growth. These opportunities provide learning and benchmarking that enrich his leadership.
“When you expose yourself, you’re exposed to both opportunities and challenges. It makes you composed and forces you to walk in the right direction.”
He also acknowledged the value of participating in the Uganda CFO Awards:
“The awards motivated me and gave me exposure to the best brains in the country. I learned how other organisations operate, which was a form of benchmarking.”
7. Transformational Leadership and Team Building
Fostering teamwork and encouraging professional growth within his team are central to Major Katanaka’s leadership style. He describes his approach as transformational.
“I involve everyone and delegate duties to my juniors. I nurture and mentor them, giving them opportunities to contribute and bring forward their best ideas.”
8. Patience and Growth Mindset
Major Katanaka advises aspiring financial leaders to practice patience and continuous learning.
“People these days are impatient. They want to join today and be the CFO tomorrow. Be patient and grow with the organisation. Learn something new every day that aligns with your profession.”
9. Communication and Stakeholder Management
Effective financial leadership also demands strong communication skills and the ability to manage diverse stakeholders.
“Previously, we didn’t focus on stakeholder management. Now, we must package financial statements in ways the board can understand, without technical jargon.”
10. Managing Gen Z Employees: Bridging the Generational Gap
Managing younger employees, especially Gen Z, requires a tailored approach. Major Katanaka observes that Gen Z employees often approach work with different expectations and priorities than older generations. His solution is to mentor them and adapt them to the organisational environment.
“Young people today view work differently. They see it as a task to be done and move on, while we tend to focus on working late and ensuring results. The best way to manage them is through training, mentorship, and continuous guidance.”
He stresses the importance of addressing Gen Z’s values, such as flexibility and purpose in their work, while instilling accountability and discipline.
“We try to help them develop responsibility and adjust to our environment. Training and nurturing are key to aligning their mindset with the organisation’s expectations.”
A Vision for the Future
Reflecting on his journey, Major Katanaka emphasises integrity, learning, and patience as the foundation for successful financial leadership. His vision for Wazalendo SACCO includes sustainable growth, robust governance, and adapting to technological innovations.
“Integrity is the key driver for being a CFO. If your integrity is doubted, no one will trust you with the organisation’s resources.”
As the conversation wrapped up, Major Katanaka left a parting message for young professionals:
“Be patient. Develop yourself. Uphold integrity. And always seek to learn something new.”