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The James Brown Experience: Lessons in Legacy, Leadership, and Renewal

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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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The James Brown Experience: Lessons in Legacy, Leadership, and Renewal

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The James Brown Experience: Lessons in Legacy, Leadership, and Renewal
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(A celebration of life, spirit, and the timeless call to build with purpose)

From September 12th to 16th, we found ourselves in Cape Town with the Brown family. What we experienced over those three days was far more than a gathering—it was an awakening. The James Brown Experience was not simply about music or nostalgia; it was about purpose, spirituality, and the power of family and friends uniting to achieve something meaningful.

In today’s fast-paced world, where distractions often pull us away from what matters, those days reminded us of the value of connection and renewal—spiritual, emotional, and professional. When people come together with intention, something shifts. Ideas spark, values are reaffirmed, and a collective energy inspires action.

What stood out most was the clarity of purpose that underscored everything. This was not only a celebration of James Brown’s 60th birthday but also an exploration of how legacy is carried forward. The question was not what James Brown had achieved, but rather, what do we now choose to do with the lessons and energy we shared? That same question echoes in families, businesses, and nations: How do we honour the past while building a stronger future?

The lessons were unmistakable. Systems that succeed—whether in companies, communities, or countries—are anchored in purpose. They thrive when people understand the “why” behind their actions and put the collective good above narrow interests. Systems fail not for lack of talent or resources but because of mistrust, disunity, and the inability to channel individual energies into shared progress.

The Browns showed a different way. Through collaboration, storytelling, and laughter, they revealed how tradition and innovation can walk hand in hand. They honoured their history while daring to imagine new possibilities. This is what successful businesses do when they blend legacy with adaptation. It is also what strong nations achieve when they align their people around vision, values, and shared responsibility.

On a spiritual level, what we witnessed was community renewal. Every meal, every story, and every reflection carried a quiet strength. It reminded us that true power is never found in isolation—it is born in togetherness. Businesses falter when leaders retreat into silos. Nations stumble when citizens feel excluded. But when the heartbeat of the community is strong, possibilities multiply.

The James Brown Experience was not just fun—it was transformative. It challenged us to ask: What can we contribute? What legacy are we building? How do we ensure that what we pass on is not diminished but expanded?

It was also a moment to reflect on the life and journey of James Osei Brown himself. Growing up in the Kumasi suburb of Amakom before relocating to Accra, his story is one of resilience, enterprise, and vision. Today, he is not only a respected business leader but also a family man—married to his teenage sweetheart, Hannah and blessed with three children and a grandson. As founder of Joshob Construction, an award-winning company behind some of Ghana’s most important road and infrastructure projects, he has built a reputation for excellence, innovation, and commitment to national development. Grounded in family and community values, his outlook reminds us that true success is measured not only by professional achievements but by the legacy we leave in the lives we touch.

As we left Cape Town, we carried a renewed resolve—to build with purpose, connect more deeply, and put collaboration above division. For Ghana, and for Africa, the lesson is clear: our future will not be secured by resources alone but by clarity of purpose, the renewal of our communities, and the spiritual strength to commit to something greater—something enduring.

END

The writer, Edward Boateng is the Ghana Former Ambassador to China (2017-2020), Former Head of CNN in Africa and Founder of Global Media Alliance

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