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Nana Addo, John Mahama, Others Nominated for 2017 Ghana’s Most Influential Award

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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.

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Nana Addo, John Mahama, Others Nominated for 2017 Ghana’s Most Influential Award

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Some top Ghana politicians in the country have been recognized by the general public and nominated for the 2017 Ghana’s Most Influential Awards.
The nominated politicians who cut across the entire political spectrum in Ghana include the President Nana Addo Dankwa Akufo-Addo, John Dramani Mahama, Haruna Idrrisu ,  Sylvester Mensah and Ursula Owusu among others.
Ghana’s Most Influential (GMI) Awards is a unique initiative powered by e.TV Ghana. Over the years, the GMI list has consisted of people from both formal and informal sectors, ranging from entrepreneurs, politicians, musicians, sports personalities, religious leaders and several others
However, voting is currently ongoing to shortlist the 147 personalities who got nominated and arrive at 100 personalities (in no particular order) for the board and audits to sit and assess the list. The voting process comes after the general public nominated numerous individuals in Ghana to be part of this great initiative. Voting for the 7th Edition of Ghana’s Most Influential ends on May 10, 2018.
To vote for any of these political personalities, text ‘GMI’ and name of that personality to short code 1446 on MTN, AirtelTigo and Vodafone
Below is the list of Politicians on Ghana’s Most Influential Awards nominees list;
Boakye Agyarko
Catherine Afeku
Dan Botwe
Dr. Edward Mahama
Dr. Ekow Spio –Gabrah
Dr. Mathew Opoku Prempeh
Dr. Paa Kwesi Nduom
Dr. Mahamudu Bawumia
Edwin Nii Lante Vanderpuye
Egbert Faibille
Francis Asenso Boakye
Freddie Blay
Frema Opare
Haruna Idrrisu
Jerry John Rawlings
Joe Adda
Joe Anokye
John Dramani Mahama
John Jinapor
John Peter Amewu
Ken Ofori-Atta
Kojo Oppong Nkrumah
Kwame A Plus
Lord Commey
Lordina Mahama
Mustapha Hamid
Nana Addo Dankwa Akufo-Addo
Nana Konadu Agyeman Rawlings
Okudzeto Ablakwa
Peter Mac Manu
Prof. Joshua Alabi
Rebecca Akufo-Addo
Samira Bawumia
Sammi Awuku
Sylvester Mensah
Ursula Owusu
 
 
By: Joseph Nii Ankrah

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