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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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Group calls on Amidu to investigate Atta Akyea over alleged $43 billion housing contracts

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Group calls on Amidu to investigate Atta Akyea over alleged $43 billion housing contracts
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A group calling itself The Objective Media Forum has called on the Office of Special Prosecutor under the leadership of Martin Amidu, to conduct an investigation into the alleged $43 billion housing contracts signed by Housing Works and Housing Minister, Atta Akyea.

The group says the allegations levelled against the minister although disputed should not be swept under the carpet but investigated.

Making reference to allegations by Kevin Ekow Taylor, a USA based political commentator and handler of With All Due Respect – Loud Silence Media on Facebook, The Objective Media Forum said the amount involved is huge hence their call on Martin Amidu to investigate.

Mr. Taylor had stated in his video narration that Atta Akyea allegedly signed two contracts in August and October 2018 to the tune of close to $43 billion with two separate companies; contracts he says exceeds the ministry’s budget

The Minister recently disputed all the allegations levelled against him.

Through a statement, Mr. Atta Akyea denied the allegations saying: “Outrightly, I deny the authenticity of the documents being bandied about by this gentleman, and see his conduct as a well-orchestrated plan to bring my hard-earned reputation and image into public disrepute.

I must admit that there were some engagements with the said companies in line with President Akufo-Addo’s commitment to providing quality and affordable houses to the increasing Ghanaian population across the country. However, I state categorically that there was nothing beyond our initial deliberations.

I have relied greatly on the expertise of the Chief Director of the Ministry of Works and Housing. Following the challenges encountered in some payments made from the ministry by the previous Chief Director, I have taken it upon myself to involve, at all times, the services and expertise of Mr. Solomon Asoalla the Chief Director whose vast understanding in the area of construction is not in doubt.

The ministry has not, and I repeat for emphasis, the ministry has not signed any contract to this effect. I dispute forthright, the claims contained in the said video, and have directed my lawyers to study the content of the said publication and to advise me on legal remedies available to me.”

However, The Objective Media Forum believes the issue must thoroughly be investigated especially when the Minister’s statement confirmed engagement with the said companies.

They have also called on the president to with immediate effect cancel the contracts.

A spokesperson for the group, Henry Okine said such an action would go a long way to bring finality to the matter.

He was of the view that the allegations were serious and an indictment towards the president’s fight against corruption.

Mr. Okine also called on the Special Prosecutor to also investigate all the companies mentioned in the video including the CEO of SAFI PROPERTIES, Samuel Nana Freduah Agyemang

He bemoaned the failure of successive governments to complete various housing projects including the Saglemi project.

On August 15, 2012, President John Evans Atta Mills gave executive approval to the Ministry of Water Resources, Works and Housing to implement the project.

The project involved the construction of 5,000 housing units for sale to members of the public through mortgage provided by Ghana Home Loans.

The project was implemented by Constrastora OAS Ghana Limited through a buyers credit of up to $200 million.

The first phase of 1,500 housing units was to be delivered by March 31, 2016 but was extended to August 31.

By: Rainbowradioonline

Tags: Atta Akyea

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