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Road accidents can be reduced through strategic stakeholder collaborations – Road Safety Authority

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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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Road accidents can be reduced through strategic stakeholder collaborations – Road Safety Authority

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Road accidents can be reduced through strategic stakeholder collaborations – Road Safety Authority

Road accidents can be reduced through strategic stakeholder collaborations – Road Safety Authority

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The National Road Safety Authority (NRSA) has expressed worry over the increasing number of road accidents being recorded on Ghanaian roads in recent times.

According to the Public Relations Officer (PRO) of the Authority, Pearl Ayisi, these numbers would have been exponentially higher if not for their interventions and road safety educational campaigns.

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She believes interventions to reduce road accidents go beyond educational campaigns to a strategic collaboration amongst stakeholders in the transport sector.

Pearl Ayisi made this known in an interview with Samuel Eshun on the Happy Morning Show.

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Addressing statistics on increased road carnage in 2021, Pearl Ayisi noted, “The number of road accidents being recorded is alarming and if the NRSA wasn’t undertaking educational campaigns and its numerous interventions, the numbers would’ve skyrocketed. From UN statistics on Africa, Ghana is number one in promoting all road safety measures on the continent. However, promoting these measures is not enough. Education and announcements alone do not reduce road accidents but a myriad of factors have to be considered, especially the strategic coordination of all stakeholders.”

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She noted that cars on the roads increase by 10 percent annually and if the roads are not expanded or improved, road accidents will rise regardless of the efforts of the NRSA. “Policymakers must improve and widen our roads within 5 years to accommodate the increasing number of vehicles. Single lanes should be dualized or expanded. And if roads are made into single lanes, it will complement our efforts and reduce road accidents.”

With indiscipline being a major cause of road accidents, she argues enforcement should be a priority on roads and should support campaigns and standards developed. “Enforcement on our roads is weak as the police do not have people on all the roads and they sometimes compromise the enforcement of road traffic regulations.”

She charged the government to utilize modern-day technology to replace the human element on the road to ensure full respect and enforcement of road safety regulations. “With the technology put in place, the licensing authority can monitor and suspend and refuse to upgrade licenses of drivers who disregard road safety regulations, drastically reducing road indiscipline.”

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The NRSA PRO also appealed to the government to fix bad roads in the country and also advised drivers to keep their phones aware when driving, and never to drive tired or under the influence.

Over 1,927 Ghanaians, according to statistics from the Ghana Police Service, have lost their lives to road accidents from January to August 2021.

The deaths recorded on Ghana’s roads are said to exceed lives lost to the deadly Covid-19 pandemic that stands at 1,097 as of September 8, 2021.

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