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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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Today In Sports History: Ghana beat East Germany 3-0 in friendly

in Sports
Today In Sports History: Ghana beat East Germany 3-0 in friendly
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On this day 23 February 1964 (Exactly 58 years ago today) The Black Stars of Ghana beat the German Democratic Republic (East Germany) 3-0 in a friendly match in Accra.

In majesty came the famous maestros of Central Europe, the national team of German Democratic Republic. They had conquered Czechoslovakia, 1962 Fifa world cup silver medalists.

But the Black Stars of Ghana, the official soccer emperors of Africa excelled themselves and outshone the visitors in every department of the game in their international match at the Accra sports stadium.

The goal scorers were centre forward Wilberforce Mfum (brace) and Aggrey Fynn.

In a colourful 45 minutes first half, the Black Stars combined speed with dexterity and compelled the visitors to acknowledge the fact that they were up against real exponents of the game.

In the first three minutes, the visitors desperately survived a well directed onslaught by the Black Stars. Both sides soon settled down.

But the brilliant story of the Stars was yet to be written. After uneventful 25 minutes, the Black Stars sethemed devastating moves which completely confused the visitors.

With the visitors’ defence totally panicky, bulldozer Wilberforce Mfum sent a pile- driver from Adarkwa’s through pass and before goalkeeper Heinsch could see the ball, Ghana had taken the lead.

The goalkeeper’s astonishment could better be imagined than described. While the visitors were still meditating over this shock experience, Mfum again gave an arrow shot from 30 yards for Ghana’s goal number two in the 34th minute.

Ghana continued to show brilliance for the rest of the first half but no more goals were scored.

Ghana’s Eleven had to take on G.D.R.’s eighteen in the second half of the game. Mesmerised, the visitors made no fewer than five changes within the first 15 minutes of the second half.

But this could not provide the magic balm for soothing their soccer wounds opened by the “super” brilliance of the Black Stars.

Five minutes after the last change, Aggrey Fynn decided to dish out a soccer lesson to the visitors.

With precision and absolute confidence, he dribbled four men in the G.D.R. defence and thoughtfully shot past on rushing goalkeeper Heinsch for Ghana’s third goal.

Ghana settled down to delightful football for the rest of the period during which the visitors were obliged to appreciate and absorb reluctantly good soccer lessons from the champions of Africa.

Ghana Line-up: Dodoo Ankrah; Crentsil, Anum; Ben Simmons, Addo Odamety, Aggrey Fynn; Kwame Adarkwa, Agyemang Gyau, Wilberforce Mfum, Edward Acquah, Mohammed Salisu

GDR Line-up: Heinsch; Urbanczyk (C), Heine, Krampe; Kaiser (46. Pankau), Körner (46. Seehaus); Stöcker, Erler (46. Fräßdorf), P. Ducke, Liebrecht (46. Kleiminger), R. Ducke (65. Vogel)

Referee: Frank Mills (Ghana)

Attendance.: 30000

Goals: Mfum (25′, 34′), Aggrey-Finn (71′)

Elsewhere;
On this day 23 February 2002 (Exactly 20 years ago today) Raymond Narh knocked out champion Smith Odoom at the Accra Sports Stadium to become the new national and West African featherweight champion.

The fight ended in the 10th round when a cornerman of Odoom rushed into the ring, forcing referee Godfrey Cobbla to halt proceedings and award Narh the title by a technical knockout.

Odoom had been decked by a barrage of thunderous punches from the challenger and as he rose, he staggered into a neutral corner panting for breath and instead of throwing in the towel, his cornerman vaulted into the ring to signal that he had had enough.

It was an action packed fight from the first round with Odoom carrying the fight to his younger opponent who avoided the bombs of the champion by jabbing persistently to keep him at bay.

From the second round, Narh who won a gold medal at the 1998 Commonwealth Games took over the pace of the fight and stunned his opponent with a series of combination punches, while his left hand kept popping like a piston into the champion’s face.

The fight slowed down a little bit in the fourth round while Odoom sought the big punch but anytime he fired, Narh either ducked or back pedalled, making the champion miss wildly.

The next round painted a picture of glory for the challenger as he dominated and staggered the stocky champion with some straight rights to the head.

From that moment, it was a one way traffic and Odoom remained at the receiving end while Narh jabbed, bobbed, ducked and stung him at will.

Narh had Odoom in trouble most of the time but lacked the killer punch to end the fight and sometimes the champion had to find solace on the ropes to remain on his feet.

The challenger appeared complacent in the ninth round as he discarded his style and attempted to mix it up with the champion, making him vulnerable to three big punches, which visibly hurt him. He ended the round beating the retreat and trying to stay away from further action.

Narh came back strongly in the tenth round and hemmed Odoom in a neutral corner, pummelling him persistently with everything he had in his arsenal but the game champion absorbed all the punishments until he was caught with another barrage of power shot in the red corner.

He slumped into the ropes, then onto the canvas and when he rose at the count of seven, he appeared dazed and his corner intervened to save him from further punishment, thus enthroning Narh a national and West African champion after only his fifth professional fight.

But by jumping into the ring instead of throwing in the towel, the Ghana Boxing Authority announced that disciplinary action would be taken against Odoom’s corner for violating the rules.

PROTEST

The Ghana Boxing Authority later dismissed a protest lodged by Mr Emmanuel Armah, manager of dethroned Super Featherweight Champion, Smith Odoom.

A statement signed by Justus A. Agbeko, secretary of GBA, said the GBA had accepted the findings and recommendation of its disciplinary committee, which dismissed the protest of Mr Armah that the new champion’s camp used foul means to win the fight.

The statement said, Mr Armah complained in a protest among others that upon entering the ring, a liquid was thrown into Odoom’s face from supporters behind Narh’s corner and that while the fight was in progress various object such as stones were thrown at Odoom and his seconds. Additionally, they claimed that some of the rounds travelled beyond the stipulated three minutes. Odoom’s manager therefore called for an immediate rematch.

But the GBA stated that after evaluating the testimonies of the various parties, the committee was unanimous in it findings that there was absolutely no merit in the protest to warrant an immediate rematch.

It said though there was an incidence of stone throwing, there was no evidence to suggest they came from Narh’s corner and directly aimed at Odoom. Accordingly, the GBA has dismissed the protest by Mr Emmanuel Amarh, but fined other persons found who had misconducted themselves during the bout.

Mr Kwartei Quartey and Mr Raynox Narh were to pay 50.000 cedis each for gross misconduct during the fight. Boxers Emmanuel Clottey, Joshua Clottey and Malik Jabir were issued stern reprimands for their conduct

On this day 23 February 2011(Exactly 9 years ago today) Former President of the Ghana Football Association, (GFA) Mr. Kwesi Nyantakyi was elected to serve on the CAF Executive Committee.

He was elected by the 33rd General Assembly of the Confederation of Africa Football after polling 34 votes to beat his opponent Anjorin Moucharafou, President of the Benin Football Federation, who received just nineteen votes.

On this 23 February 2017 (Exactly 3 years ago today) Claudio Ranieri was sacked as Leicester City manager, less than a year after their shock title victory, with the club still in the Champions League, but just one point outside the relegation places. He was succeeded by his assistant Craig Shakespeare, who guided them to a 12th placed finish.

BY: GEORGE ‘Alan Green’ MAHAMAH

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