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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 Sports International Sports

Chelsea set up CL showdown with City after Real win

in International Sports
Chelsea set up CL showdown with City after Real win
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Chelsea reached their first Champions League final since 2012 as goals from Timo Werner and Mason Mount secured a 2-0 victory over Real Madrid in their semifinal second leg at Stamford Bridge on Wednesday to win the tie 3-1 on aggregate.

Their away goal in Madrid had given Chelsea a narrow advantage heading into the return, and they missed a host of chances that would have given them a much wider margin of victory.

Madrid, who welcomed back captain Sergio Ramos, controlled possession from kickoff without creating a chance of note.

Werner should have given Chelsea the lead on 18 minutes when he tapped home from Ben Chilwell’s cross but was offside when he didn’t need to be.

Chelsea goalkeeper Edouard Mendy pulled off a superb save to deny Karim Benzema when he managed to get a shot off from the edge of the box.

And Chelsea were ahead on 28 minutes when Kai Havertz, played in by N’Golo Kante, saw his dinked effort over Thibaut Courtois rebound off the bar and Werner was first to the rebound to head home from close range.

Moments later, Benzema again forced Mendy into a good save with a header following some good play by Luka Modric.

Madrid, record winners of the competition with 13, struggled to create any further opportunities and it was Chelsea who started the second half stronger with Havertz again hitting the bar.

Los Blancos boss Zinedine Zidane gave Eden Hazard a start on a return to his former club, but the Belgium international looked way short of match fitness and had little impact on the contest.

Zidane said after the match: “With continuity, Eden has to play, to regain his confidence, playing, little by little. It’s his second start in a row; we have to get Eden back by playing.”

Thomas Tuchel’s side continued to create chances with Mason Mount and Kante guilty of bad misses, while Christian Pulisic — who came on for Werner on 67 minutes — flashed a good ball across the box that Havertz failed to get on the end of.

But, with five minutes remaining, Pulisic kept his cool when played through and passed a ball to Mount, who smashed the ball home from close range.

“We deserved to win. The first half was difficult; they had a lot of possession and made us suffer,” Tuchel said.

“In the second half, we could have scored so much earlier, so much more to be safe, but now is no time for criticism. It is a fantastic achievement and big congratulations to the team.

“It is not done yet. We want to go all the way; we arrive in Istanbul to win.”

Madrid midfielder Casemiro said his side’s poor showing served to emphasize what an impressive achievement winning the tournament three seasons in a row is, as they achieved from 2016 to 2018.

“Today showed that what we did [by winning it before] was historic,” he said. “It isn’t easy to win the Champions League. Every game is difficult. Today showed once again that it isn’t easy to win it.”

The result means Chelsea have become the first club to have both the men’s and women’s side reach the Champions League final, after Emma Hayes’ side beat Bayern Munich in their semifinal on Sunday to set up a showdown with Barcelona.

Chelsea’s men’s team will face Manchester City in Istanbul on May 29 in a second all-English Champions League final in two seasons.

Zidane, who was left defending his tactics after the match, also said: “I think the system was clear: We played with three at the back and two wing-backs. We’ve played a lot of games like that. It didn’t turn out well — we lost a lot of duels. We lacked something, yes, but we tried, and that’s football.

“The players who played were OK to play. At the end of the game, we lacked some gas. Vinicius played two games there. I remember against Getafe — he’s a player who can do it.”

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