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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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Home Sports International Sports

Ukraine crisis: Fifa to suspend Russia as IOC calls for athletes’ suspension

in International Sports
FIFA orders Russia not to play under flag
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Football’s world governing body Fifa is set to suspend Russia until further notice – as the International Olympic Committee (IOC) recommends that Russian and Belarusian athletes and officials are banned from any organised international competitions.

Fifa’s suspension would mean Russia’s exclusion from the men’s World Cup qualification play-offs in March.

The IOC has urged sport governing bodies not to allow Russian and Belarusian athletes to compete because of a “breach of the Olympic Truce” by those countries’ governments.

It comes after Russia, supported by Belarus, launched a military invasion of neighbouring Ukraine last Thursday.

Fifa had earlier ruled that Russia must complete their upcoming games in neutral territory, under the title Football Union of Russia, and without their flag and anthem.

However, the announcement drew criticism – and Scotland and the Republic of Ireland joined several other nations, including England and Wales, as well as Poland, the Czech Republic and Sweden, in refusing to play against Russia.

On Monday, Scottish FA president Rod Petrie wrote to his Ukrainian counterpart “to send a message of support, friendship and unity”, with those two nations due to meet in their World Cup play-off semi-final on 24 March.

Russia are scheduled to face Poland in the play-offs on the same day, followed by a final meeting with the Czech Republic or Sweden on 29 March, should they win.

Russia’s women are also set to compete at the Women’s Euro 2022 in England in July where they are in a group with the Netherlands, Sweden and Switzerland.

The 2022 Champions League final, originally due to be played in St Petersburg on 28 May, has been moved to Paris while numerous clubs have taken their own steps to disassociate themselves from Russia.

Manchester United has terminated its sponsorship deal with Russia’s national airline Aeroflot while Bundesliga club Schalke has cancelled its partnership with main sponsor Gazprom – the official partner of the Uefa Champions League – having last week removed the Russian energy company’s logo from its shirts.

RB Leipzig chief executive officer Oliver Mintzlaff says the German club are assuming their Europa League last-16 tie against Russian side Spartak Moscow will be cancelled.

Leipzig are due to host Spartak on Thursday 10 March, with the second leg scheduled to take place on 17 March.

Speaking on Monday, Tottenham manager Antonio Conte said: “The whole world has to be compact and show [it is] solid against the stupidity of the people.”

He added: “I think it’s right to express our disappointment about the stupidity about some decisions. Football and Uefa has to be compact and to show to be strong.”

Bans needed to protect integrity of global sport – IOC
The International Paralympic Committee is to meet on Wednesday to discuss Russia, just two days before the start of the Beijing Winter Paralympic Games.

The IOC says it is urging sport governing bodies to ban Russian and Belarusian athletes “in order to protect the integrity of global sports competitions and for the safety of all the participants”, adding that “the current war in Ukraine puts the Olympic Movement in a dilemma”.

“While athletes from Russia and Belarus would be able to continue to participate in sports events, many athletes from Ukraine are prevented from doing so because of the attack on their country,” an IOC statement read.

However, the IOC said wherever it was not possible to ban them from competing for organisational or legal reasons, such athletes should not compete under the name Russia or Belarus and should be classed as neutrals.

The Russian Olympic Committee has disagreed with the IOC, saying the decision “contradicts both the regulatory documents of the IOC and the [Olympic] Charter”.

Source: BBC

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