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2020 Election petition: Tsatsu clashes with judges; case returns Jan. 26

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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. 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2020 Election petition: Tsatsu clashes with judges; case returns Jan. 26

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2020 Election petition: Tsatsu clashes with judges; case returns Jan. 26

2020 Election petition: Tsatsu clashes with judges; case returns Jan. 26

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The Supreme Court has set 26 January 2021 to begin hearing of the 2020 election petition after a showdown in court on Tuesday.

The seven-member panel has set out five issues for determination in the 2020 presidential election petition filed by the presidential candidate of the National Democratic Congress (NDC), Mr John Dramani Mahama.

A determination of the five issues by the court will enable the court come to a conclusion as to whether or not the petition has any merit.

However, prior to announcing the five issues, the lead counsel for Mahama, Tsatsu Tsikata, clashed with the judges, concerning timelines to file witness statements.

“Justice cannot be sacrificed for expedition,” Tsikata declared when the judges insisted they are working with timelines hence he needs to comply with the order to file his witness statement by close of 21 January 2021.

Mode of trial

The Apex court has also set timelines and mode of trial for it to hear the petition.

The five issues include:

  • whether or not the petition discloses any cause of action – that is if there is any legal grounds for the petition,
  • whether or not the second respondent [Nana Addo Dankwa Akufo-Addo] met the Article 63 (3) threshold of the 1992 Constitution – this constitutional provision states that a presidential candidate must obtain more than 50 per cent of the total valid votes cast to be declared as President-elect,
  • whether or not the 2nd respondent [Nana Akufo-Addo] still met the Article 63(3) of the 1992 threshold by the exclusion or inclusion of the Techiman South constituency presidential election results.

Other issues are:

  • whether or not the declaration by the first respondent (EC) on December 9 of the presidential election conducted on December 7 was in violation of Article 63(3) of the 1992 Constitution,
  • whether or not the alleged vote padding and other errors complained of by the petitioner affected the outcome of the presidential election results of 2020.

Meanwhile, the return date for the review filed by lead counsel for the petitioner is January 28, 2020.

Timelines

The timelines outlines and enumerated by the panel are as follows;

The petitioner and witness shall file witnesses statements with exhibits if any by the noon of Thursday, January 21, 2020.
The witness statement shall be served on the counsel the for the respondent by the close of Thursday January 21.
The respondents and the witnesses if any shall file their witness statement with exhibits if any by the close of the day on Friday “, January 22, 2020
a. The first and second respondents shall file submissions on the preliminary objections raised to the petition by 12 noon of January, 22.
b. The registrar shall ensure service of submission by close of Friday, January 22.

c. The petitioner shall file any response to the submission of the preliminary objection by Monday, Jan 25.

d. The registrar shall ensure service of the petitioner’s response by close of Monday, January 25

e. Ruling on he preliminary objection will be incorporated in the final judgement of the court.

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