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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. 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Home Sports International Sports

Russian President Putin stripped of FINA Order but athletes able to compete as neutrals

in International Sports
Russian President Putin stripped of FINA Order but athletes able to compete as neutrals
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The International Swimming Federation (FINA) has withdrawn the FINA Order previously awarded to Russian President Vladimir Putin because of the invasion of Ukraine.

It has also resolved that no athlete or team from Russia or Belarus may compete in any FINA competitions under the countries’ name or national flag, but they can be accepted as neutrals.

Russia has still not been stripped of this year’s World Swimming Championships (25m), although the World Junior Swimming Championships in Kazan was cancelled on Sunday (February 27).

The International Olympic Committee (IOC) yesterday recommended that athletes from Russia and Belarus be banned outright from all international sporting events in response to the invasion.

The International Skating Union, World Baseball Softball Confederation, Badminton World Federation and FIFA are among International Federations (IFs) to have done this, but FINA’s stance stops short of the IOC recommendation.

“FINA remains deeply concerned about the impact of the war on the aquatics community and the wider population of Ukraine,” it said in a statement.

“FINA will continue to carefully monitor the grave situation and make further decisions as appropriate.”

Hundreds of Ukrainians have been killed since the military incursion began on Thursday (February 24), and today there have been missile strikes in the centre of Ukraine’s second city Kharkiv.

Ukrainian President Volodymyr Zelenskyy has called the bombing of Kharkiv a war crime.

Putin was awarded the FINA Order in 2014 by former FINA President Julio Maglione.

“The personal involvement of President Putin in this area [sport] greatly contributes to strengthen the fraternity between nations, improve the lifestyle and education of the youth in Russia and promote a healthier society, in a spirit of peace and friendship,” Maglione said at the time.

The next year, Kazan hosted the organisation’s marquee World Aquatics Championships.

The same city is due to host the event in 2025, as well as World Championships over the short-course distance in December.

IFs have been urged by the IOC to move all upcoming events away from Russia and FINA has moved some, but not yet the World Swimming Championships (25m).

Russia’s President has also been stripped of the Olympic Order, an honorary ninth-dan taekwondo black belt and his status as Honorary President of the International Judo Federation in recent days in response to the invasion of Ukraine.

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