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Running a small business is demanding. Each day presents challenges that can affect your cash flow, your customers, and your ability to grow. Amid these demands, it is easy to lose sight of long-term financial priorities. However, businesses that last are not only those with good products or strong customer service. They are often the ones with better financial habits. This article outlines seven essential points that will help SMEs manage their finances more effectively, reduce risk, and plan for growth. 1. Start with a Clear Financial Plan A good financial plan gives direction to your business. It helps you set targets, allocate resources, and make informed decisions. Start by defining your financial goals. These should be SMART - specific, measurable, actionable, realistic, and tied to timelines. For example, you should determine how much revenue you need each month, what level of production or service delivery is required to meet that target, and how you intend to achieve it. Once your targets are clear, you will need a working budget. A good budget helps you monitor income and expenses, manage cash flow, and ensure that your business remains on track. It also provides a basis for deciding what to prioritise and what to postpone. At its best, your financial plan should help you answer key operational questions such as what resources are required to operate or grow, where those resources will come from, what they will cost, and whether your business is in a position to take them on. Planning in this way reduces uncertainty and allows you to run your business with greater clarity and confidence. 2. Maintain Accurate Financial Records Accurate financial records are essential for any business. Whether you are managing day-to-day operations, planning for future growth, or applying for funding, clear and reliable financial information allows you to make sound decisions. Many small businesses struggle in this area due to time constraints, limited expertise, or a lack of systems. However, proper record-keeping should never be overlooked. It supports internal decision-making, strengthens external credibility, and improves your ability to respond to opportunities or risks. Business owners can start by gaining basic knowledge of accounting principles and tools. Training employees in simple record-keeping practices also helps to build internal capacity. In some cases, it may be worthwhile to engage professionals who can help you put the right systems in place and prepare essential reports at a cost that makes sense for your business. 3. Choose a Banking Partner Aligned with Your Goals The right banking relationship can make a real difference to your business. A bank like Absa Bank is more than a place to keep your funds. It is a partner that can support your operations, guide your financial planning, and help you take advantage of growth opportunities. Begin by understanding your business needs. These might include working capital support, payments and collections services, or trade finance. Once your needs are clear, assess whether your bank offers the right mix of services, accessibility, and expertise. Your banking partner should make it easier to run your business, not harder. They should share your ambition to grow, be responsive to your concerns, and provide solutions that are tailored to the stage your business is in. A strong banking relationship will give you confidence and peace of mind as you build your enterprise. 4. Deploy Effective Payment Solutions Revenue is the foundation of every business and the way you go about collecting it is key. In today’s economy, customers expect fast, simple, and secure payment options. If your business only accepts cash, you may be turning away potential sales without realising it. Providing customers with flexible payment options is no longer a luxury. It is a necessity for growth and long-term relevance in a digital economy. Offer customers alternatives such as instant bank transfers, mobile money, card payments through point-of-sale devices, or more innovative solutions like Absa Mobi Tap to improve your customer experience and increase your reach. These methods reduce delays, enhance transaction security, and demonstrate professionalism. 5. Meet Statutory Obligations Promptly Every business has legal and regulatory responsibilities. These include filing and paying taxes, submitting Social Security and National Insurance Trust contributions, and meeting other sector-specific requirements. Complying with these obligations on time helps you avoid penalties and disruptions. It also builds your business’s reputation and improves your standing with financial institutions and regulators. To stay compliant, you should adopt a legal structure that suits your business model and goals. You may also wish to seek legal or tax advice at key points in your journey. Planning ahead for obligations such as annual tax payments or quarterly filings ensures that you are not caught off guard. Meeting your statutory responsibilities consistently is a mark of a well-run business. 6. Manage Your Risks Running any business involves risk. These risks may include delayed payments from customers, unexpected costs, economic downturns, or even natural disasters. For small businesses operating with limited resources, such events can be difficult to absorb. This is why risk management must be part of your financial routine. Start by identifying the main risks that could affect your business. Put in place basic measures to protect your operations. This could mean setting aside emergency reserves, purchasing insurance, or diversifying your income streams. Being proactive about risk does not eliminate uncertainty, but it helps you stay in control when challenges arise. It also signals to lenders, partners, and customers that your business is prepared and resilient. 7. Separate Business and Personal Finances It may be tempting to treat your business account as your personal wallet, especially in the early stages. However, failing to separate your business and personal finances can lead to confusion, tax problems, and credibility issues. As a business owner, you should pay yourself a fixed salary. Avoid withdrawing funds at random or covering personal expenses with business income. If you invest personal funds in the business, document it properly as a loan or equity contribution. Keeping your finances separate helps you maintain clear records, assess business performance accurately, and present your enterprise in a more professional light to partners, banks, and regulators. At Absa Bank, we believe that strong financial habits form the backbone of every successful enterprise. Our commitment is to walk with our clients and customers at each stage of their journey, providing guidance, tools, and solutions that help SMEs grow sustainably and with purpose.

Financial Habits Every SME Must Adopt: The 7-Point Check List

September 25, 2025
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CAF President Ahmad temporarily steps aside after coronavirus scare

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CAF president Ahmad facing Fifa ban after ‘breaching code of ethics’
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Ahmad has temporarily vacated his role as President of the Confederation of African Football (CAF) on “medical advice”.

The announcement came just two days after the 60-year-old was released from hospital in Cairo, where he had spent more than a week recovering from coronavirus.

CAF said Ahmad, who goes by one name and has led the organisation since 2017, had been prescribed “at least 20 days” of rest.

First vice-president Constant Omari will head CAF until the end of the month, with Ahmad asked to “limit his efforts”.

“On medical advice, the President of The Confederation of African Football Mr Ahmad Ahmad, has been prescribed a convalescence period which will last at least 20 days during which he is requested to limit his efforts to totally restore his energy,” a statement from CAF read.

“This unavailability temporarily makes it impossible to conduct the normal duties linked to a function which requires good health.

“In this situation, the first vice-president Mr Omari Constant will take the interim lead of the CAF executive until November 30 2020.”

Ahmad tested positive for coronavirus on October 30 shortly after flying back to Egypt from Morocco where he had attended the CAF Confederation Cup final.

The Madagascan said he had been experienced “mild symptoms” and spent a period in isolation at AS Salam International Hospital in Egyptian capital Cairo.

After being discharged on November 11, CAF said Ahmad was “not contagious anymore” and there was “minimal risk of complications”.

Ahmad recently confirmed he would stand for re-election in March as he seeks to extend his reign as CAF President.

But it was also reported by the BCC that Ahmad had been found guilty of ethics breaches by the investigatory chamber of FIFA’s Ethics Committee, relating to a 2017 deal with Tactical Steel.

A sanction could end Ahmad’s bid for a second term as he would be required to pass an eligibility test to remain on the FIFA Council.

The deal with the little-known company is allegedly worth four times as much as an arrangement cancelled with sportswear giant Puma.

An associate of Ahmad, who has denied wrongdoing, has alleged links to Tactical Steel.

The deal was among the findings revealed in an independent audit report earlier this year, which labelled CAF’s accounts as “unreliable and not trustworthy”.

FIFA effectively took over control of CAF in July 2019 following a series of allegations levelled at Ahmad.

FIFA Secretary general Fatma Samoura was placed in charge of a group overseeing day-to-day operations by President Gianni Infantino.

Ahmad was arrested over corruption charges in Paris last June and has also been accused of sexual harassment.

He has not been charged with any offence.

Ahmed Yahya, President of the Football Federation of the Islamic Republic of Mauritania and South African billionaire Patrice Motsepe are among those challenging Ahmad for the CAF Presidency.

Jacques Anouma, Honorary President of the Ivorian Football Federation, and Augustin Senghor, President of the Senegalese Football Federation, are also standing for the role, while Tunisian Football Federation President Wadie Jary declared his intention to stand for CAF President in October.

The CAF Presidential election is due to take place on March 12 in Rabat in Morocco.

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