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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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Conceding early in the 2024 elections was to protect Ghana’s democracy and peace – Bawumia

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Former Vice President Bawumia condemns revocation of appointments by Mahama administration

Former Vice President Bawumia condemns revocation of appointments by Mahama administration

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Former Vice President of Ghana, Dr Mahamudu Bawumia, has explained that his early concession in the 2024 presidential election was made in the supreme interest of Ghana’s democracy and peace.

Speaking on Monday, 27 January, during a discourse on democracy, governance, and political integrity in Nigeria, Dr Bawumia reflected on the events that led to his decision, highlighting the importance of maintaining national stability during electoral processes.

In his address, Dr Bawumia revealed that he had anticipated the electoral results would take between 48 to 72 hours to be officially declared by the Electoral Commission.

Aware of the rising tension and the potential for violence if the announcement was prolonged, he decided to act swiftly.

“I was cognisant of the tension and potential violence that could result if there was a long-drawn-out process of announcing the results. Indeed, the tension had begun to mount,” he said.

Acknowledging the tense environment that could have led to unrest, Dr. Bawumia explained that his decision to concede the election early was a deliberate effort to avert unnecessary conflict.

The former President’s concession was part of his broader commitment to preserving the integrity of Ghana’s democratic processes.

Dr. Bawumia explained that his prompt decision was aimed not only at reducing the risk of violence but also at demonstrating political maturity and respect for the democratic system.

He emphasized that his actions reflected his commitment to a peaceful transfer of power, which is vital for the long-term stability of any democracy.

In his remarks, Dr. Bawumia highlighted the importance of strong political integrity in ensuring effective and transparent governance.

His concession, he noted, was intended to protect the democratic principles Ghana has long upheld, assuring citizens that the electoral process would remain untainted by unnecessary delays or uncertainty.

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