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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.

Financial Habits Every SME Must Adopt: The 7-Point Check List

September 25, 2025
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“Eight-Point Rules”: Codes that have Changed China

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“Eight-Point Rules”: Codes that have Changed China

H.E. TONG Defa, Chinese Ambassador to Ghana, delivering a presentation on Chinese modernization during his engagement with the Ghana-China Media Fellows.

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The Communist Party of China (CPC) has been established for over a century and in power for over 70 years, with over 100 million members, making it the world’s largest governing political party. Under CPC leadership and in just a few decades, Chinese people have completed the industrialization process that took developed countries centuries, achieving “two miracles” of rapid economic development and long-term social stability.

How can a political party with over a century of history remain so vibrant? How can political party with over 100 million members maintain such close unity? The Party leadership’s “Eight-Point Rules” provides a key lens of observation for understanding CPC’s governance in the new era.

The “Eight-Point Rules” is planned, carried out and advanced by General Secretary Xi Jinping with a thorough spirit of self-revolution to eliminate chronic bureaucratic issues and cultivate a clean and upright political atmosphere. It sets strict requirements in eight areas, including: research and analysis, meetings and events, official documents and briefing papers, overseas working visits, security guard work, news report, publication of official writings and the promotion of frugality.

The “Eight-Point Rules” reflects the close ties between the Party and the people. The greatest political eminence of the CPC lies in its close ties with the people. The “Eight-Point Rules” targets at addressing the concerns of the people, eradicating the unhealthy practices that the people oppose the most, and fostering the upright atmosphere that the people eagerly await. Whether curbing food waste, or prohibiting the use of official vehicles for private purposes, or addressing formalism and bureaucracy, the CPC is strictly enforce the boundaries between public and private affairs and has achieved tangible results and changes, earning the trust and support of the people.

The “Eight-Point Rules” embodies the CPC’s commitment in self-reform. It’s not that the Party never makes mistakes, but it always actively engages in criticism and self-criticism, and has the courage to remove all elements that would harm the Party. There was a period in which the CPC failed to supervise Party organizations effectively or govern them with the necessary stringency. This resulted in a prevalence of privilege-seeking attitudes and corruption. The Central Committee started with the “Eight-Point Rules”, gave full play to the role of Central Commission for Discipline Inspection, and worked to improve the Party’s style of work through a top-down approach. Whether it is the “big tigers” of high-level misconduct or the “little flies” of grassroots corruption, the CPC insists on investigating and punishing all cases of corruption, and has brought about historic transformation in China. The “Eight-Point Rules” has become a defining feature of the Party’s governance in the new era.

The “Eight-Point Rules” provides a valuable reference for strengthening institutional building in countries around the world. Party and government malfeasance is not unique to China. By addressing real problems and focusing on Party conduct, the “Eight-Point Rules” demonstrates the CPC’s unwavering commitment to full and rigorous self-governance and has resolved a number of prominent issues that have drawn strong public concern. Consequently, the Party’s leadership has become more robust and effective, and injected strong momentum into Chinese modernization. According to the survey conducted by the Harvard Ash Center, Chinese people’s satisfaction level of the CPC has reached 93.1%. If such achievements could be accomplished by China, so can Africa and other countries. The “Eight-Point Rules” is an important contribution of Chinese Governance philosophy to global governance, and have been widely praised by many world leaders.

As leaders of national development and policy makers, Chinese and African political parties shoulder the critical tasks of exploring and guiding development paths that suit their own conditions. Ghana has introduced the Code of Conduct for all political appointees and launched the “Operation Recover All Loot” (ORAL) anti-corruption agenda, dedicating in combating corruption and promoting the rule of law. Looking ahead, the CPC is willing to continue working closely with Ghana and Africa to strengthen the exchange of experience in governance, and forge a new type of party-to-party relations featuring seeking common grounds while transcending differences, mutual respect and mutual learning, so as to create a mighty force that enables us to build a community with a shared future for humanity.

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