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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. 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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. 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Galamsey fight: Media Coalition calls on government probe of NDC officials involved in illegal mining

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Galamsey fight: Media Coalition calls on government probe of NDC officials involved in illegal mining

Galamsey fight: Media Coalition calls on government probe of NDC officials involved in illegal mining

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The Media Coalition Against Galamsey has welcomed the recent arrest of a director of Akonta Mining Ltd, Mr. Bernard Antwi Bioisako, as a step in the right direction in the fight against illegal mining.

The Coalition, however, says more needs to be done to ensure justice is served and to combat what it describes as deep-rooted political complicity in illegal mining operations.

Speaking at a press conference held at the International Press Centre in Accra on Thursday, June 19, the Convener of the Coalition, Dr. Kenneth Ashigbey, praised the government’s response following the Coalition’s earlier press release, but called for the arrest and prosecution of all directors of Akonta Mining Ltd.

“We commend and are pleased with the Government’s move to arrest a director of Akonta Mining Ltd, Mr Bernard Antwi Bosiako, it is crucial to complete this process by arresting and prosecuting all the directors,” he said.

Dr. Ashigbey, however, raised serious concerns about what he called an “alarming pattern” of illegal mining involvement by some officials from the ruling National Democratic Congress (NDC).

He cited the unresolved case involving Oscar Larbi, MP for Aowin, and fresh allegations implicating NDC Constituency Chairpersons in Axim and Dunkwa.

He acknowledged the efforts of the Minister for Lands and Natural Resources and the Inspector General of Police in addressing the menace but called for swift and decisive action to ensure accountability at all levels.

The Coalition made the following demands:

1. An immediate investigation by the Police and National Security into the cases involving Hon. Oscar Larbi and the two constituency chairpersons, with full transparency and no political interference.

2. Public disciplinary action by the NDC leadership if the allegations are confirmed.

3. Comprehensive investigations into all individuals mentioned in the Prof. Frimpong-Boateng report.

4. Transparent prosecution of all implicated persons, devoid of political protection.

Dr. Ashigbey urged the media and civil society to remain vigilant and committed in the fight against galamsey, stressing that Ghana’s future depends on collective and sustained action to protect the environment.

Tags: Chairman WontumigalamseyGhanaMedia Coalition

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