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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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Samsung announces a wide range of smart home technology

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Samsung announces a wide range of smart home technology
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Committed to endless innovation, designed for every need, Samsung believes in the power of technology to make life better throughout the home. Inspired by a time when homes have become multifunctional, the makers of world class smart home appliances seek to help create a new kind of home in which appliances are beautifully designed and fit for every lifestyle. On this note, Samsung Ghana unveiled it’s 2021 Premium product line-up designed to bring new experiences to homes in Ghana. The products unveiled are the Neo QLED 8K TV, the Frame TV, the Serif TV, the Premiere, WindFree air-conditioner, AddWash washing machine and the FlexZone.

Greatness Never Ends, But Evolves
The Neo QLED 8K TV range ushers in a new era in TV technology. It delivers amazingly innovative display technology designed for a world where the TV has become more than a viewing experience. Neo QLED clearly rises to the challenge of our new world in a big way. Complementing its vivid picture quality, Neo QLED features a premium Infinity One Design and Object Tracking Sound Pro that ensure that the TVs look and sound incredible from every angle – with cinema-like viewing experiences – in breath-taking 8K.
TV When On, Art When Off
The Frame TV is a one-of-kind innovation – pioneering visual technology that seamlessly transforms between a TV and a gallery-like display. It’s an uber-stylish TV that combines innovative design and stunning 4K QLED picture quality with incredible Smart TV capabilities.
Unconditionally Beautiful in Every Place, at Every Moment, from Every Angle
Through its versatile design, including a detachable metal floor stand as well as its iconic I-shape profile you can enjoy the view of your TV from all angles with The Serif TV’s harmonious design. The sublime TV seamlessly integrates into your personal style and interior décor.
Enjoy Theater-like Entertainment in your Home
The Premiere, Samsung’s new 4K Ultra Short Throw laser projector, which is now available in Ghana. The new 4K laser projector provides a big picture cinematic experience in the comfort of one’s home. The Premiere is a new anchor product in Samsung’s award-winning Lifestyle product portfolio that is set to transcend the display experience – without the display.
Comfortably Cool Without Feeling Cold
Samsung’s pioneering WindFree™️ air conditioner creates a gentle and mild air flow, evenly distributed through tens of thousands of micro holes, so people in the room feel almost no wind – just comfortable cool air. The pioneering technology includes a specialised Tri-Care filter to keep the air in your home clean and hygienic. Another bonus is the Good Sleep mode, an innovation that automatically manages the temperature of your room while you are sleeping to optimise the various stages of your sleep cycle. It also operates with less noise and is designed to be energy efficient.
Intelligent Washing
Samsung knows how frustrating it is to discover a few items of clothing left behind after you have already started a laundry cycle. With the Samsung AddWash™️ washing machine this is no longer a problem as you can simply open the hatch and add forgotten clothes after a cycle has already started. This energy efficient innovation also lets you pop in hand-washed clothes that you just want to rinse or spin dry. You can even add a special softener anytime you want.
More Fresh Space Inside, More Seamless Style Outside
Samsung’s ingenious FlexZone innovation available in selected fridges offer flexibility and convenience for large families and those that love to cook and entertain. This drawer offers separate temperature settings, to meet your ever-changing needs; Meat/Fish, Cold Drinks, Deli/Snacks, and Wine/Party Dishes. Plus, the customisable Smart Divider allows easy, personalised organisation within the drawer.

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