By Patrick Okino
The Chief Executive Officer of St Gracious Group of Companies, Dr Patrick Olet, has emphasized the critical role research plays in establishing and growing businesses for profit maximization.
Dr Olet said research is not only essential in academia for attaining professionalism, but is also a powerful tool in business for mitigating risks and making informed decisions.
He made the remarks during the second Research Dissemination Conference at Lira University, held at the Faculty of Education from May 6 to 7.
“For us in the business world, we focus on profit maximization and visibility because research helps us make the right decisions before investing money in any enterprise,” Dr Olet said.
He explained that before establishing a school in Lira City, he spent one and a half years conducting extensive research on similar institutions in both Kampala and Lira City.
“I took one and a half years to understand what these institutions were doing differently before making my final decision,” he said.
According to Dr Olet, research helps business owners assess customer needs, identify risk factors, and avoid losses that could lead to business failure.
He cited his experience after acquiring Leo Atubo College in Ngetta, Lira City, two years ago.
When he took over the institution, Dr Olet found that despite sitting on 45 acres of land with adequate infrastructure and sanitation facilities, the school had only about 200 students and lacked proper administrative systems.
“We conducted research to find out what had gone wrong and discovered there was no proper system in place. Students were left on their own, and indiscipline was rampant,” he said.
He noted that many students were skipping classes, loitering around, and consuming alcohol.
Following the findings, the new management dismissed the head teacher, director of studies, and 30 teachers, retaining only eight members of the teaching staff.
“In any institution, everything depends on systems. In this case, there was no system in place. Within one week, we established a functioning system,” Dr Olet said.
As part of the restructuring, the school reduced its student population from 200 to 120, dismissing 80 learners.
Although academic performance had previously been poor, Dr Olet said the turnaround was swift.
“In our first year after taking over the school, one student earned admission to university on government sponsorship,” he said.
Dr Olet concluded by urging students, researchers, and entrepreneurs to embrace research as a foundation for innovation, strategic planning, and long-term success.
Dr Bernard Omac, the Director of Research and Graduate Training at Lira University, commended Dr Patrick Olet for sharing practical insights on the importance of research in business and institutional management.
Dr Omac said there is a need for researchers to scale down their studies and focus on pressing challenges affecting local communities.
He noted that research should not remain theoretical, but should address real-life problems and generate solutions that can improve livelihoods and guide policy formulation.
Prof. Marcus Eton also urged researchers to investigate why many people borrow money from Savings and Credit Cooperative Organizations (SACCOs) and fail to repay their loans.
According to Prof. Eton, the growing trend of loan defaults in SACCOs is a major concern that requires evidence-based research to identify the underlying causes and recommend practical interventions.
He said the sector should not be left to struggle on its own, but rather supported through research that can inform better policies, strengthen management systems, and improve decision-making.