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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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Oti Region RCC to be completed in December – President

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Hope in Nana Addo turns into disillusionment – Africawatch
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Contractors working on the new Administration Block of the Regional Co-ordinating Council of Oti Region have assured the President of the Republic, Nana Addo Dankwa Akufo-Addo, that construction will be completed in November this year, and will be handed over to the Ministry of Local Government, Decentralisation and Rural Development in December.

READ MORE: UG: Final year student dies few hours to last paper

This was made known to President Akufo-Addo on Thursday, 9th September 2021, when he paid a familiarisation visit to the site of the construction, as part of his working visit to the Oti Region.

Accompanied by the Oti Regional Minister, Hon. Joshua Makubu, and Minister for Local Government, Decentralisation and Rural Development, Hon. Dan Botwe, the President expressed satisfaction with the progress of work, and urged the contractor to ensure it is completed according to schedule.

When completed, the administration compex will house all the departments of the Oti Regional Co-ordinating Council and other institutions to ensure effective and efficient administration of the Region. 

READ MORE: US President Joe Biden names Ghanaian as California judge

The administration block of the Oti Regional Co-ordinating Council is amongst six new administration structures being constructed for the six newly created Regions, and the first to be completed for use.   

It will be recalled that on Sunday, 5th September 2021, the President commissioned the newly constructed office complex for use by the Western-North Regional Co-ordinating Council building. It is the first of the six (6) RCC buildings to be completed.

Oti Compost Plant

In Dambai, the President inspected ongoing work on the Oti Compost Plant, whose sod he cut on 22nd October 2020, which has so far created some two hundred (200) jobs for youth in the region. 

With civil works 80% complete, beneficiary districts that will benefit from the plant include Krachi East, Nkwanta South, Biakoye, Kadjebi, Jasikan and Krachi Nchumuru.  

The CEO of Jospong Group of Companies, Joseph Siaw Agyepong, told the President that the equipment required to operationalise the facility have arrived in the country, and will be installed in the coming weeks.

Once completed, he told the President that some 120 people will be employed directly at the facility.

The facility will include a solid waste treatment plant (compost plant), medical waste treatment plant, plastic recycling plant, tire recycling plant, laboratory, offices among others.

The  Compost Plant has an 80% waste recovery rate, and has the capacity to process 400 tons of solid waste on a sixteen (16) hour shift. The plant is designed to additionally process 60 tons of compost per day. 

The 60 tons of compost that would be produced daily at the plant would displace over 864,000 bags of chemical fertilizers imported into Ghana. This would be a major savings on the country’s foreign exchange requirement. 

It is anticipated that about 216,000 bags of compost would be produced annually per plant with additional 600,000 seedlings raised for distribution to commercial farms, mines reclamation and Governmental planting for food and jobs programme 

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