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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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Manchester City captain Vincent Kompany’s father makes HISTORY in Belgium

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Manchester City captain Vincent Kompany’s father makes HISTORY in Belgium
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The father of Vincent Kompany, the captain of Manchester City and a star of the Belgian national football team, has been elected as Belgium’s first black mayor, in what has been described as a “historic” moment for the country.

The election of Pierre Kompany, 71, a mechanical engineer born in the Democratic Republic of the Congo, as the country’s first sub-Saharan-born bourgmestre was celebrated by his son in a video message in which he spoke three languages.

Kompany fils, 32, who was born in the Brussels suburb of Uccle, and his younger brother, François, who is also a professional footballer in the Belgian leagues, spoke of their pride in French, Dutch and English in the clip. “Just for the guys abroad: he is the first black mayor in Brussels,” he said. “It has never happened before. It’s historic. We are all happy. Congratulations to my dad.”

The footballer added in a short written statement: “History! We are so proud of you dad. Come from DR Congo as a refugee in 1975. Now you have won the trust of your commune by becoming the first black mayor elected in Belgium! It was long but it is progress. Congratulations!”

Racism in Belgium has been the subject of debate in recent months. The newspaper Le Soir used its entire front page last month to call for an end to racism after the country’s only black presenter on francophone television, Cécile Djunga, gave an emotional account of her first year as the main weather presenter on the public service broadcaster RTBF.

“If you want a good laugh, I’ve got a good one for you today,” she had told her followers in a Facebook post viewed over 2m times, before recounting the tale of a woman who had called in days earlier to complain that the presenter was “too black and all people could see were my clothes”.

Pierre Kompany won 28.38% of the vote, up 5.77% from 2012, to become mayor of Ganshoren, a commune in the north-west of Brussels. Following his victory, the new mayor said he would focus on cleaning up the environment in his commune.

He said: “We worked hard during this campaign, but I did not think it would be enough to become mayor. We have addressed people from all races and communities. That is why our score is so high.”

Kompany, who is already a local councillor and an MP in the Brussels parliament, added that he wanted an “intergenerational community in which young people and the elderly go hand in hand with each other”.

“This mayoralty is proof that people appreciate what I do,” he added.

In an interview in 2014, Vincent Kompany had spoken of being the target of racist abuse when he first started in the game. “Our team had lads with African, Turkish and Italian origins,” he said. “Whenever we played matches outside Brussels we got dog’s abuse from our opponents’ parents.

“Boys of 11 or 12 were being called ‘dirty niggers’. They also claimed the African lads were older than the ages in their passports, while the referees did nothing. Racism and inequality make me rebel.”

The footballer, who speaks five languages, also told of other difficulties in his childhood. “My parents split up when I was 14,” he said. “I couldn’t understand why and it hurt. Luckily, I knew other kids with divorced parents, so I didn’t feel alone and I took refuge in football. My father lost his job, I was thrown out of school and had to repeat a year and lost my place in the Belgium youth team.”

His father, who was standing on a non-partisan “pro-Ganshoren” ticket, was taking part in local elections in which the main winners were the Greens and the far left and the far right. The Mouvement Réformateur, a party of centre-right liberals of which the Belgian prime minister, Charles Michel is a member, appeared to be a main loser in Brussels ahead of the national elections next May.

Credit: TheGuardian.com

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