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Police arrest over 100 people in Accra for not wearing nose mask

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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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WHO warns coronavirus may be here to stay forever

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Police arrest over 100 people in Accra for not wearing nose mask

Police arrest over 100 people in Accra for not wearing nose mask

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New coronavirus clusters have surfaced around the world as nations struggle to balance reopening economies and preventing a second wave of infections, while a top global health official warned Wednesday that COVID-19 could be around for a long time.

Authorities in the Chinese city of Wuhan, where the pandemic first began late last year, reportedly were pressing ahead Wednesday to test all 11 million residents for the virus within 10 days after a handful of new infections were found.

In Lebanon, authorities reinstated a nationwide lockdown for four days beginning Wednesday night after a spike in reported infections and complaints from officials that social distancing rules were being ignored.

A top World Health Organization official, meanwhile, warned that it’s possible the new coronavirus may be here to stay.

“This virus may never go away,” Dr Michael Ryan said in a press briefing Wednesday. Without a vaccine, he said it could take years for the global population to build up sufficient levels of immunity. “I think it’s important to put this on the table,” he said.

“This virus may become just another endemic virus in our communities,” he said, noting that other previously novel diseases like HIV have never disappeared, but that effective treatments have been developed.

Despite the risk that loosening restrictions could lead to infection spikes, European nations have been seeking to restart cross-border travel, particularly as the summer holiday season looms for countries whose economies rely on tourists flocking to their beaches, museums and historical sites.

The European Union unveiled a plan to help citizens across its 27 nations salvage their summer vacations after months of coronavirus lockdown and resurrect Europe’s badly battered tourism industry. The pandemic has prompted border closures across Europe and shut down the lifeline of cheap local flights.

The EU’s executive arm, the European Commission, laid out its advice for lifting ID checks at closed borders, helping to get airlines, ferries and buses running while ensuring the safety of passengers and crew, and preparing health measures for hotels.

It’s not clear whether EU nations will follow that advice, since they, not Brussels, have the final say over health and security matters.

Some European countries have sought bilateral agreements with their neighbours. Austria said its border with Germany would reopen fully on 15 June, and that border checks would be reduced starting Friday.

Chancellor Sebastian Kurz said Austria was aiming for similar agreements with Switzerland, Liechtenstein and its eastern neighbors “as long as the infection figures allow.”

German Foreign Minister Heiko Mass said his country will lift a blanket warning against foreign travel for European destinations before other places, but didn’t specify when. Germany’s warning against all non-essential tourist travel abroad runs until at least 14 June.

The tension in balancing people’s safety against the severe economic fallout is playing out across the world. Italy partially lifted lockdown restrictions last week only to see a big jump in confirmed coronavirus cases in its hardest-hit region. Pakistan reported 2,000 new infections in a single day after crowds of people crammed into local markets as restrictions were eased.

European countries have begun slowly easing their lockdowns, from barber shops reopening next week in Belgium to some schools starting up again soon in Portugal. But a raft of safety rules are being put in place, including reducing the number of children in Belgian preschool classes and various forms of social distancing.

In Sweden, which has taken a relatively soft approach to fighting the coronavirus, allowing primary schools and restaurants to remain open with some social distancing rules, officials urged Swedes not to travel abroad for non-essential trips and to limit movement inside the country.

Travel within Sweden “of up to one to two hours by car can be made,” Swedish Prime Minister Stefan Lofven said. “But it does not mean that everything is as it used to be — common sense and great caution apply.” The situation remains unclear in some countries. The US says Tanzania has not publicly released any data on COVID-19 in two weeks.

The World Health Organization also has expressed worry about Tanzania, whose president has questioned his own government’s virus testing and refused to close churches in the belief that the virus can’t survive in the body of Christ. A new U.S. Embassy statement warns that the risk of being infected in Tanzania’s commercial hub, Dar es  Salaam, is “extremely high” and says many hospitals in the city have been overwhelmed.

Meanwhile, Ryan, the World Health Organization’s chief of health emergencies, had a grim warning about coronavirus: Even though an effective vaccine might be developed, it would require immense work to produce sufficient doses and distribute them worldwide. “Every single one of those steps is fraught with challenges,” he said.

Maria Van Kerkhove, WHO’s technical lead for COVID-19, added that she recognized some people were “in a state of feeling quite some despair,” but pointed out that stopping the virus even without medical interventions was possible.

In the United States, the country’s top infectious disease expert issued a blunt warning that cities and states could see more COVID-19 deaths and economic damage if they lift stay-at-home orders too quickly.

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