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American citizen diagnosed with coronavirus dies in China

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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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Home News International News

US citizen diagnosed with coronavirus dies in China

in International News
American citizen diagnosed with coronavirus dies in China

American citizen diagnosed with coronavirus dies in China

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A U.S. citizen diagnosed with the coronavirus has died in Wuhan, the Chinese city at the center of the outbreak, marking the first known American death from the disease.

The person was 60 years old and died Thursday at Wuhan’s Jinyintan Hospital, a spokesman for the U.S. Embassy in Beijing said Saturday. He provided no further details. “We offer our sincerest condolences to the family on their loss,” he said. “Out of the respect for the family’s privacy, we have no further comment.”

A spokesperson at Jinyintan Hospital referred questions to the Wuhan foreign affairs office, which didn’t answer phone calls on Saturday.

Chinese authorities said fatalities in China from the coronavirus reached a single-day high of 86 on Friday, raising the national death toll to 722. They said they confirmed 3,399 new cases of infections from the virus that causes respiratory illnesses, bringing the total to 34,546.

The vast majority of coronavirus deaths and infections occurred in Wuhan and surrounding Hubei province, a region of nearly 60 million residents that has been locked down.

A Japanese man in his 60s who was suspected of contracting the coronavirus also died in Wuhan, the Japanese Foreign Ministry said Saturday. It didn’t say when he died.

The ministry said the official cause of death was “viral pneumonia.” It said hospital officials told the Japanese Embassy in China that they highly suspected that man had the virus, but test results never confirmed it.

The French government elevated its travel advisory to orange, warning people to not travel to China unless absolutely necessary.

China’s health-care system is being pushed to the brink by the virus. Hospitals in Wuhan are overwhelmed, short of supplies and trying to help an increasing number of people who need treatment.

China has locked down Wuhan and Hubei province, shutting down transportation and forbidding people from leaving. In recent weeks, provinces outside of Hubei have sent medical teams to help treat those with the respiratory illnesses caused by the virus.

Medical personnel in Wuhan have been trying to determine whether sick patients have been infected with the coronavirus or a more common illness. Some Wuhan residents showing coronavirus symptoms say they received negative test results, while others with symptoms haven’t yet been tested.

A Chinese doctor who became a folk hero after he was taken in by authorities for warning about the dangers of the virus died Friday after becoming infected. Li Wenliang, a young ophthalmologist based in Wuhan, had captivated the country and his illness triggered an extraordinary outpouring of emotion.

Read More: Coronavirus: GUGS calls for evacuation of students as they commend efforts of Ghana’s embassy in China

Dr. Li, who was married with one child and another on the way, caught the virus before Chinese authorities had stepped up its warnings about it. In the early days, he recalled, he didn’t wear any protective gear.

In social-media posts, many Chinese directed their frustration at government officials who many believe didn’t respond quickly enough despite clear evidence of the developing epidemic. A hashtag calling on the Wuhan government to apologize to him spread quickly on China’s Twitter-like Weibo service.

China’s National Supervisory Commission, the country’s top anticorruption body, said it would send a special team to Wuhan to investigate the circumstances around Dr. Li’s death.

Chinese President Xi Jinping told President Trump in a phone call Friday morning Beijing time that he had confidence the country would win what he called a “people’s war” against the deadly coronavirus, according to readouts from the White House and Chinese state media reports.

Earlier, Mr. Trump praised Mr. Xi on Twitter as “strong, sharp and powerfully focused on leading the counterattack on the Coronavirus.”

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