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Road accidents can be reduced through strategic stakeholder collaborations – Road Safety Authority

#HappyDialogues: Find here the 4 elements of road safety

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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. 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#HappyDialogues: Find here the 4 elements of road safety

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Road accidents can be reduced through strategic stakeholder collaborations – Road Safety Authority

Road accidents can be reduced through strategic stakeholder collaborations – Road Safety Authority

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President elect of the Ghana Institution of Engineering, Ing Kwabena Bempong, has shared concern over the rate of road carnages in the country.

He explained that in as much as drivers must be cautioned against reckless driving, road safety is founded on 4 key elements which need to be applied simultaneously to protect Ghanaian lives.

According to him, these 4 key elements of road safety are; Engineering, Education, Enforcement and Emergency Services.

Taking on the engineering, he indicated that although engineers are doing their best, “I won’t say all is well because there are a bit of lapses sometimes. We do our work, we are supposed to add safety elements like road markings, road signs and others but we sometimes don’t do this and put road users at risk.” He added that the refusal and delays in maintaining roads cause carnages. “When we don’t fix potholes, cars in their attempt to dodge potholes may collide into oncoming traffic and that becomes a challenge.”

Sharing the importance of education, he urged drivers to put in the effort to attend certified driving schools and keep themselves abreast with road signs, warnings and markings which largely tend to prevent road accidents.

To him, enforcement means authorities must make sure road regulations are respected to the latter. He argued the incidence of reckless driving and driving under the influence have become rampant. To him, these behaviors reduce the reaction time of drivers, a major cause of road accidents.

Sharing his thoughts on the theme; ‘Improving Ghana’s road infrastructure through sustained innovative technical and financial engineering’ on the Happy Dialogues series with host Don Kwabena Prah, he added, “the car is a machine and has no mind of its own so if the machine is faulty and the driver refuses to repair it, it can either kill the driver or an innocent bystander.”

Ing Kwabena Bempong explained the importance of the emergency services and their response time urged them to be prompt and put in measures to prevent road accidents. “Where cars are abandoned or parked can cause road accidents. This is where enforcement comes in and the Police must lead this.”

He also indicated that driver unions are vital in the enforcement element. He advised them to ensure their drivers never driver under the influence and always make sure their cars are roadworthy. “This advice goes to the emergency services and the road safety unit.”

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