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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. 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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.

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Dr Kwaku Sabah throws more light on epilepsy

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Dr Kwaku Sabah throws more light on epilepsy

Dr Kwaku Sabah throws more light on epilepsy

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Traditional doctor and founder of Sabash Herbal Center, Dr Kwaku Sabah has disclosed some possible ways for one to become an epileptic.

He noted that although there may be medical reasons to the condition, the irresponsibility of some parents lead to their children becoming epileptic.

READ MORE:ECG warns media against misleading headlines on ‘dumsor’ timetable

“Doctors will always say their part and what they think but people hardly want to hear the truth and spiritual side of such condition”, he said.

Epilepsy Can Impact Everyday Life; Needs Support And Acceptance

In an interview with Rev Nyansa Boakwa on Happy 98.9 FM’s NsemPii he said, “Most people who suffer epilepsy are likely to have been fed by their parents in public as babies. It’s different if the child is old but if he or she is still a baby then, chances of evil spirits contaminating the food with the disease is very high”.

According to him, Ghanaian mothers see the act of passing food to their children as normal but it is not as if it can lead to the child becoming epileptic.

Another way one can become epileptic is through the burning of used diapers.

“Before we knew of diapers, mothers used napkins as their altenative but today, we have polished it and we claim to use diapers. Burning the used diaper of a child is also another way a child can become epileptic”.

Dr Sabah shared that there is a cure for epilepsy but doctors and herbalists shy away from it for the fear of contracting it.

READ MORE:Child beggars are a threat to national security – Expert cautions

“Herbalists and doctors refuse to cure this particular condition because it takes one who is very strong in the spirit to cure it. If you’re not spiritually strong and firm, you or any member of your family might end up with the condition”.

He mentioned that it takes one who is strong and knows what he is doing to cure such conditions, else he or she might end up with the condition.

He ended by saying, “Anyone who says there’s no cure for epilepsy is a liar. They are just afraid of its consequences”.

By: Gyamfuah Owusu-Ackom

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