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JACCD design institute of Africa outdoors 317 designers to impact Africa and beyond

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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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JACCD design institute of Africa outdoors 317 designers to impact Africa and beyond

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JACCD design institute of Africa outdoors 317 designers to impact Africa and beyond
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JACCD Design Institute of Africa, formerly Joyce Ababio College of Creative Design, Africa’s foremost creative educational college, has had its 27th Graduation ceremony held at Cantonments, Accra, Ghana to showcase what graduates have to offer the industry.

JACCD—affiliated to highly-rated international and local universities; the Instituto Marangoni, University of East London and University of Cape Coast—offers ready programs from Certificate, Diploma to Degree Level in Fashion Design, Textile Design, Animation and Game Development, Interior Design, Architecture, Special Effects Make-up, Multimedia Productions, Graphic Design and Photography.

The ceremony saw 317 graduates from the Classes of 2019 and 2020 receiving Certificates in Fashion and Graphic Design.

As part of Vlisco’s yearly partnership with JACCD, Desmond Nhyira Amankona and Jonathan Teye Wayo emerged as the best designers in the Vlisco Competition with a total of 26 graduating students. The runners up were Kizito Ronald Jnr, Rulaya Alidu, and Anuja Bharti for the 2019 group. The 2020-year group runners up were Nana Yaa Sarkodie, Nancy Adwoa Sakyi, And Cheryl Agbana.

On the institute’s commitment to transforming and developing Africa’s artistic industry, the Founder and President of the Institute, Madam Joyce Ababio said:

“After 26 years of impacting the world through creativity designs, my mission is to influence the fast-changing world of the creative arts sector. The creative business is a multi-million-dollar industry and for a very long time, the area is largely untapped. At JACCD, we are prepared to harness opportunities by creating the required avenue for interested persons to nurture their talents”.

The president also congratulated the new graduates who have been equipped with the requisite creative skills to build industries, become entrepreneurs and drive economic conversion in Africa.

“We are really proud of our Class of 2021, and we cannot wait to see all the accomplishments in the next chapter. All of their hard work and perseverance have led them to this proud moment in their lives. Best wishes all our graduates on their next adventure!”

According to the Best Graduating Student, Nancy Adwoa Sakyi, “Fashion, to me, is an art. It is a concept that can be interpreted in various ways for each individual, which, for me makes it fascinating; everyone has a different style and to me that is what makes you unique. Thanks to Joyce Ababio College; JACCD where else would you rather be!”

Due to the Covid restrictions, the Graduation was streamed live on zoom, Facebook, for the students, family, friends and the general public.

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