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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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Seven couples tie the knot at exquisite Happy FM Mass Wedding

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Seven couples tie the knot at exquisite Happy FM Mass Wedding
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Happy 98.9 FM, has held the 17th Edition of the Happy Mass Wedding at the Wan-shi Gardens, Accra.

The country’s most anticipated event of the year, saw to the joining in holy matrimony of 7 couples.

The Happy Mass Wedding, a community investment initiative, is organized by Happy 98.9 FM annually, on February 14 to celebrate love.
The couples draped in exquisite gowns made from Akosombo Textiles Limited (ATL) looked elegant as the exchanged vows before the whole of Ghana.

Chief Executive Officer (CEO) of Global Media Alliance, Mr. Ernest Boateng, described Happy 98.9 FM as a brand which always stands for making a positive impact and causing a change in the environment it operates in, hence, the Happy Mass Wedding. “And that is why the event has been running for the past 16 years and has seen to the union of over 600 couples.

Through the Happy FM Mass Wedding, we have not only joined couples in holy matrimony, but we have also provided them with the education required to sustain their marriages through effective premarital counselling sessions and also build a strong financial foundation, this together with our partners over the years pride ourselves. Couples after marriage are also granted access to counselors and receive free marital counseling to them in days of crisis, days we pray couples’ bond grow stronger. Many thanks to Mrs. Ellen Gyamerah-Ako and Counselor Kwaku Adumatta for taking couples through weeks of counselling and Victor Tandoh, the Investment Consultant who advised them on how to make their money work for them.”

He shared his goodwill message with the couples and urged them to seek solace and learn resilience in the words of Tamera Mowry and Nicholas Sparks.

“I leave the beautiful brides here with the words of Tamera Mowry; I have a best friend as a husband, and he is my number one supporter. He’s a family man, and he’s always giving back to God. That is what makes him a beautiful man. We’re not perfect by any means, but that makes us beautiful as well. We’re not afraid to say we’re not perfect. We have our disagreements, but that comes along with marriage.”
And for the men, take inspiration from Nicholas Sparks; “So it’s not going to be easy. It’s going to be really hard; we’re going to have to work at this every day, but I want to do that because I want you. I want all of you, forever, every day. You and me… every day.”

The 2023 Happy FM Mass Wedding wouldn’t have been as much colourful and successful without our sponsors; HD+ (The Feeli Feeli Experience), Tasty Tom Jollof Mix (Tasty Tom-Strength Comes from within), ATL (Bringing Fabric to life), Global Media Alliance ( Talk to us , talk to Africa), Awake Purified Drinking Water, Perception Management International (PMI), Hollard Insurance, Cake Tekniks International, 2nd Image International (Be Empowered to Succeed), Wan-shi Gardens, Atlas Rent-A-Car, College of Counselling and Psychology, Aliquah Home of Fashion, Purple Protocols (A Touch of Excellence), NR Official, Twinnie Krafts (Beautiful accessories for all occasions), Flavours Décor (Event Planning & Decorations), Abass Clothing, HS Studios and media partners; e.tv Ghana, YFM, B&FT, NEESIM 95.9 FM Bolgatanga, NEESIM 100.1 FM Tamale, Ghana Web and Citi 97.3 FM.

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