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Telecel Ghana Holds AI Workshop for Young Entrepreneurs for SME Month

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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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Telecel Ghana Holds AI Workshop for Young Entrepreneurs for SME Month

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Telecel Ghana Holds AI Workshop for Young Entrepreneurs for SME Month

Telecel Ghana Holds AI Workshop for Young Entrepreneurs for SME Month

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As part of Telecel Ghana’s Small and Medium Enterprises (SME) Month celebration under the theme ‘Connecting the Next Generation of Entrepreneurs,’ the telecom operator has hosted a three-day Artificial Intelligence (AI) Workshop for small business owners in Accra.

Young entrepreneurs from sectors as varied as technology, agriculture, fashion, hospitality and consulting received training aimed at equipping them with the knowledge and tools to harness AI for growth, efficiency and competitiveness. The sessions combined hands-on training with discussions on the future of businesses using AI.

Micah Akati, founder of MidBrew AI Agency and lead trainer for the workshop, took participants through modules that covered AI tools for market research, video creation, continuous learning, presentations, client pitches and managing their digital presence.
“AI is critical for emerging businesses today. Every startup should view AI as a very capable companion that makes up for their shortfalls, whether that’s finance or labour. These young entrepreneurs are seeing how AI supplements their shortcomings, helping them save time and resources while boosting their productivity output,” Micah said.

Godwin Okronipa, co-founder of Flywheel Technologies, an AI-first startup building digital solutions for small businesses, said the sessions gave him fresh insights and sharper perspectives of how his one-year-old business can deploy a wider range of AI tools.
“Since we use a diverse stack of AI tools at Flywheel Technologies, this workshop has given me more clarity on new tools, functions and ideas to integrate into the solutions we provide,” Godwin said. “I was most impressed with the AI tool for creating video assets and how we can use it in our client pitches as we work to scale and become a household name in digital solutions.”

For Telecel Ghana, the workshop reflects a strategic push to support young business owners to integrate AI tools in their business at a time when the advanced technology is rapidly reshaping industries.

Tawa Bolarin, Director of Enterprise Business at Telecel Ghana, said “Our role is to give the next generation of entrepreneurs a head start by connecting them to the tools that enable innovation and competitiveness. AI is no longer optional for most SMEs, it’s central to how their businesses can grow, stand out or survive.”

As part of SME Month, Telecel Ghana launched three tailored connectivity products to help SMEs stay connected, reach customers, and compete in today’s digital economy. It includes the Boss Plan – an integrated voice, data and social media bundle with a digital marketing campaign tool, One Business Mobile – a complete solution for small teams that brings together, competitive sharable data, calls and SMS across all networks, and a reloaded Your Business Online service – a package with unlimited web pages, business email addresses and domain name registration.

Other activities this September include:
• Bold conversations on the Connecting Hustles Podcast 2.0, where young business owners share raw, unfiltered stories of building something from nothing, tackling themes like “Clout vs Clients” and “The Rise of the Digital Hustle.”

• Red Pop-Ups: a live public showcase of the skills of young creative entrepreneurs

• Telecel Business Runway: a gathering of entrepreneurs who will learn practical insights to innovate and scale from experts. At this year’s event, some young entrepreneurs will showcase their products and services.

• The Red Mixer: a high-energy space where entrepreneurs will connect with industry leaders, build partnerships, and spark collaborations that will change their businesses’ futures.

Young entrepreneurs who wish to participate in any of these events or offers can simply text “More” to the short code 1133 for more information.

By the end of the three-day AI workshop, the young entrepreneurs shared their strategies for AI-powered growth of their businesses with a renewed perspective of machine intelligence as a partner in scaling their startups.

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