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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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Today In Sports History: Medeama defeat Asante Kotoko to win MTN FA Cup

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Today In Sports History: Medeama defeat Asante Kotoko to win MTN FA Cup
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On this day 30 August 2015 (Exactly 7 years ago today) Medeama SC crowned an evening of good football with a 2-1 win to beat Kotoko to the 2015 MTN FA Cup title at the Essipong Sports Stadium, Sekondi to emerge champions for the second time.


The numerous spectators, who trooped to the 25,000 capacity stadium in Sekondi had value for their money as the two teams sold good football to prove that the Ghana Premier League has some quality.


Kwasi Donsu broke the deadlock of the game for Medeama, before Ahmed Toure snatched the equalizer for the Porcupine Warriors, but substitute Bismarck Oppong turned up to be the hero of the day with the match winner in the second half.


The game was almost marred by a controversial decision from Referee Joseph Lamptey to disallow Richard Mpong’s equalizer in the 66 minute.


Kotoko were piped by Medeama sc in the 2013 MTN FA Cup grand finale at the Ohene Djan Sports Stadium, Accra, courtesy Theophilus Anoobaah’s lone goal and again beat Kotoko in the first ever FA Cup final to be staged out side the Ghana capital.


Medeama, after the victory became the first club to win the FA Cup twice, following barely a decade of hibernation and Kotoko had played in 4 of the last 5 FA Cup grand finales, winning only one, which was 2014.


The Takwa based side began the game confidently in the evening, by dictating the pace of the game.


Medeama were looking dangerously upfront in the first 15 minutes of the game and managed to swing their passes together to keep the Kotoko goal area busy, with Malik Akowuah, Kwakwa and Akwasi Donsu in the thick of events in midfield, by combining perfectly with attack.


However, the best opportunity in the first half came the way of Ahmed Toure, after a back pass from midfield to Muntari Tagoe fell his way, but the Kotoko leading top scorer with only the goalkeeper to beat wasted it in the 16 minute to give Medeama a big sigh of relief.


Obed Owusu in the 26 minute in a solo effort beat his marker before he sent a shot to call Muntari Tagoe to duty and he equally made a nice save to deny Kotoko the opener.


Loss of concentration on the part of Ahmed Adams, enabled Jacob Appau to pick up the ball and sent a well calculated cross to sensational Kwasi Donsu, who did no mistake to shoot the ball at the blind side of Joseph Addo to give Medeama the opener.


The Porcupine Warriors, responded quickly to Medeama’s opener in three minutes when Eric Donkor sent in an incisive cross and Ahmed Toure headed powerfully into the net to fetch Kotoko the equalizer.


Medeama started the second half strongly, but Ebenezer Adjei had his opportunity hit the side post to deny his side the chance to restore their lead.


A long ball from the Kotoko defence was sent to Ahmed Toure, but after some good run to beat his marker he shot wide.


Bismarck Oppong, earned the super-sub tag, when he shot his side into the lead just two minutes after replacing Ebenezer Adjei in the 60 minute by finishing off from Benjamin Bature’s through ball.


Referee Joseph Lamptey made a questionable call to deny the defending champions a well fought equalizer, when Richard Mpong headed in from a rebound, after Muntari Tagoe, had failed to grab the ball, from Eric Donkor’s freekick.


Eric Kwakwa was voted the man of the match for his display of good football.


Kotoko Line up: Joseph Addo, Amos Frimpong, Christpher Bonney, Ahmed Adams, Abeiku Ainooson, Michael Akuffu, Frank Sarfi, Jackson Owusu, Eric Donkor, Ahmed Toure, Obed Owusu.


Medeama Line-up: Muntari Tagoe, Samuel Adade, Evans Quao, Daniel Amoah,Jacob Apau, Ebebezer Adjei, Malik Akowuah, kwasi Donsu, Eric Kwakwa, Moses Sarpong, Benjamin Bature.


Elsewhere,


On this day 30 August 1972 (Exactly 50 years ago today) Poland thrashed Ghana 4-0 in a first round match of the 1972 Men’s Olympic Football Tournament in Munich.
Goals Scorers
Wlodek Lubanski (40)
Robert Gadocha (59,89)
Kazimierz Deyna (86)
Ghana Line-up : Essel Badu Mensah, Oliver Acquah, Alex Mingle, John Eshun, Ibrahim Sunday, Peter Lamptey, Gariba Abukari, Malik Jabir Edward Boye (Clifford Odame 46), Yaw Sam, Joseph Ghartey
Substitutes : Henry Lante France, Armah Akuetteh, Albert Essuman, Joseph Sam, Kwasi Owusu, Osei Kofi, Joseph Derchie
Coach: Charles Kumi Gyamfi


On this day 30 August 1960 (Exactly 62 years ago today) The United States women’s 4 x 100m medley relay team swum world record 4:41.1 to beat Australia and win the gold medal at the Rome Olympics; Lynn Burke, Patty Kempner, Carolyn Schuler & Chris von Saltza.


On this day 30 August 1972 (Exactly 50 years ago today) American women’s 4 x 100m freestyle relay team of Shirley Babashoff, Jane Barkman, Jenny Kemp & Sandy Neilson beat East Germany by just 0.36 to win gold at the Munich Olympics; world record 3:55.19


On this day 30 August 1987 (Exactly 35 years ago today) Carl Lewis won gold in 100m at the 2nd IAAF World Championships after Ben Johnson was disqualified.
Ben Johnson of Canada initially won the final in a world record time of 9.83 seconds, but he was disqualified by the IAAF on 30 September 1989 after he admitted to the use of performance-enhancing drugs between 1981 and 1988.


By: George ‘Alan Green’ Mahamah

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