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Barclays is changing to Absa – a new brand of possibilities

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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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Barclays is changing to Absa – a new brand of possibilities

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Barclays is changing to Absa – a new brand of possibilities
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Absa Group Limited is Barclays Ghana’s parent company and is listed on the Johannesburg Stock Exchange in South Africa. It is one of Africa’s largest diversified financial services groups, offering an integrated set of products and services across personal and business banking; corporate and investment banking; and wealth, investment management and insurance.

The Group has a presence in 12 African countries, Botswana, Ghana, Kenya, Mauritius, Uganda, Seychelles, South Africa (Absa Bank), Tanzania (Barclays Bank Tanzania and National Bank of Commerce), Uganda and Zambia. The Group also has representive offices in Namibia and Nigeria, as well as insurance operations in Botswana, Kenya, Uganda, South Africa and Zambia, and an international representative office in London with one soon to be opened in New York.
The Absa Group is one of the largest banking groups in Africa, with a balance sheet of more than US$ 90 billion (as of December 2018). You can bank with us as safely as you always have.

Absa’s ambition is to become a proudly African bank with global scalability, that is forward looking and fit for the digital age.

Barclays bank Ghana will be changing to Absa Bank in February 2020. As the bank prepares to change, Customers of Absa Bank Ghana can expect a more forward-looking, digitally led bank.

  • Tha bank has recognised that its customers’ needs are changing, and are investing in digital platforms to offer more convenience.
  • The bank has recently upgraded its infrastructure, which has resulted in a more stable and scalable environment for their applications, as well as increased local systems knowledge.
  • Customers can also look out for the bank’s refreshed internet banking and mobile app facilities, which carry improved user interfaces e.g finger print and facial recognition access.

The new Absa brand has been inspired by the African continent and its people, and will unite the group under a single purpose – to bring your possibility to life. Africa is a continent of doers, always going above and beyond to get things done. Absa is inspired by this spirit that thrives on turning every challenge into an opportunity.

Absa’s commitment to Shared Value

Absa Group’s shared-value approach reflects its ambition to become a purpose-driven financial services organisation creating substantial social impact through its core business functions, while also delivering shareholder value.

Absa is committed to Shared Value which, to the bank, means working to improve people’s lives and strengthen communities, while creating value for shareholders. Absa continues to do this by unlocking societal solutions through innovative products, services and partnerships with a primary focus on enabling employment for the next generation.

For example:

  • Absa was present at the World Economic Forum held in Davos and Pretoria, 2019, where we proudly shared the richness of the African continent. Absa collaborated with Niche Cocoa in Ghana to showcase their products at the Absa pop-up venue.

Absa is passionate about the youth

Absa is youth focused and has in the last three years, supported 219,000 young persons  including 35,000 Ghanaians, to realise their full potentail through education and skills development.

  • Barclays Ghana , part of the Absa family, in the past three years, has awarded close to 500 scholarships to students in 13 univesities.
  • The bank also supports SMEs by providing capacity building programmes to ensure that they grow their businesses in a sustainable way – a great leap forward for the promotion of entrepreneurship in  Ghana

As part of Barclays bank’s  preparation to become Absa, cherished customers will begin to experience an amazing transformation of the bank’s branches and ATMs, designed to offer them exciting banking experience. A splash of its vibrant and passionate red colours will create a welcoming atmosphhere for customers.

Barclays has operated in Ghana for over 100 years and its parent Group, Absa Group Limited is proud to continue to build on this incredible heritage.  Absa looks forward to partnering its customers for many more years, offering them relevant and innovative solutions to bring possibilities to life.

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