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You can’t take 2016 victory away from Kwabena Agyepong and Afoko – Fmr. NPP MP

You can’t take 2016 victory away from Kwabena Agyepong and Afoko – Fmr. NPP MP

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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. 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You can’t take 2016 victory away from Kwabena Agyepong and Afoko – Fmr. NPP MP

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You can’t take 2016 victory away from Kwabena Agyepong and Afoko – Fmr. NPP MP
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Former Member of Parliament (MP) for the Obuasi Constituency, Edward Ennin, has asserted that the New Patriotic Party (NPP) only won election 2016 with over a million votes due to the diligence of former General Secretary, Kwabena Agyei Agyepong and former National Chairman, Paul Afoko.

To him, the success of the party in the 2016 general elections was solely by the hard work and fairness of the two.

“The work done by Kwabena Agyepong and Chairman Afoko in 2016 is why we beat the NDC by a million votes and that is a fact. The internal elections they conducted for the party was free and fair, and that is why we emerged victorious. The success we chalked was because of them and not the incumbent,” he shared on Happy98.9FM’s ‘Epa Hoa Daben’ political talk show.

Sharing his thoughts on the current crop of national executives, Edward Ennin described them as having failed the party.

“Their legacy is the results of the 2020 elections where Parliament is split into an equal half of 137 to the majority and minority each, and the low votes recorded by the party. The current crop of leadership has failed us and that is it. They must now be kicked out of office,” he told host Don Kwabena Prah.

According to him, the current national executives have only caused divisions in the party as they have publicly declared support for some factions “when they are supposed to be fair and firm as national executives. They achieved nothing as party heads and must not be retained.”

After two major setbacks in 2008 and 2012, Ghana’s main opposition party, the New Patriotic Party (NPP) led by Nana Akuffo Addo, secured a resounding electoral victory in the 7 December election against the incumbent National Democratic Congress (NDC), led by President John Mahama. Results from 271 (out of 275 constituencies) declared by the Electoral Commission (EC) gave Akuffo Addo 53.6% (5,773,299) of valid votes cast, against President Mahama’s 44.6% (4,800,737). The NPP is also set to take over the Ghanaian parliament after increasing its share of the 275 parliamentary seats by a significant margin with more than 160 seats, having won 123 seats in 2012.

As part of the processes leading to the election of national executive officers, the New Patriotic Party (NPP) opened nominations for prospective aspirants.

Nominations closed on June 12, 2022 while the filing of the nomination forms happened between June 13 to 15, 2022 at the party headquarters while vetting of the aspirants will also come off between June 17 and June 20, 2022.

The vetting committee is expected to release its report on June 22, 2022 while the National Appeals Committee will sit on any cases between June 24 and June 25.

By: Joel Sanco

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