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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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Today In Sports History: Togo national football team attacked in Angola

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Today In Sports History: Togo national football team attacked in Angola
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On this day 8 January 2010 (Exactly 11 years ago today) The Togo national football team bus was attacked by gunmen as it travelled through the Angolan province of Cabinda for the Africa Cup of Nations. The bus came under machine-gun fire just after it had crossed the border from the Republic of the Congo into the Angolan exclave province of Cabinda. All of Togo’s initial Group B games were to take place in the Estádio Nacional do Chiazi stadium in Cabinda.

According to rebel leader Mingas, the attack was carried out by his Commander Sametonne who claimed 15 FLEC fighters participated in the ambush. The siege lasted for at least 30 minutes. The bus driver, Mário Adjoua, was killed, cutting off all possible means of escape.
The passengers hid beneath the seats. A security team of around 10 men in two cars travelling with the team returned the attackers’ fire.

FC Vaslui defender Serge Akakpo was badly wounded by bullets and lost blood, as was goalkeeper Kodjovi Obilalé. Alongside both players, Vice-President Gabriel Ameyi of the Fédération Togolaise de Football and seven members including a journalist and two team doctors were wounded. Emmanuel Adebayor said the attack was, “one of the worst things I’ve ever been through in my life.” He had to carry his screaming teammates into the hospital as he was one of those least affected. Thomas Dossevi said, “It was a real hell.

Twenty minutes of shots, of blood and fear,” and Richmond Forson said, “The bus carrying the luggage was riddled. Maybe they thought we were there. Then they opened fire, even against our coaches. It was terrible.” Dossevi said the team was “machine-gunned, like dogs.”

The Angolan separatist guerrilla group Front for the Liberation of the Enclave of Cabinda (FLEC) has claimed responsibility for the attack.A statement signed by FLEC’s secretary general Rodrigues Mingas said, “This operation is just the start of a series of planned actions that will continue to take place in the whole territory of Cabinda.” French Foreign Ministry spokesperson, Bernard Valero said that “inciting violence is totally unacceptable” and Mingas could be prosecuted under French laws for making such statements. A larger offshoot group known as Armed Forces of Cabinda (FLEC-FAC) also claimed the responsibility. The leader of the group Jean-Claude N’Zita dismissed Mingas’ faction as opportunist.

Victims
Three people were killed and nine injured.

Dead
Améleté Abalo – Assistant coach of the Togo national football team and manager of ASKO Kara (died on 9 January 2010)[

Stanislas Ocloo (died on 9 January 2010) – TV sports commentator/journalist for Togolese Television

Mário Adjoua – Angolan-born bus driver (died on 8 January 2010)

Wounded
Kodjovi Obilalé– was shot in the lower back. The bullet split into several pieces making its way into his stomach. The goalkeeper’s condition was reportedly stabilized on 11 January. South African doctors suggested leaving bullet fragments in his stomach since the operation to remove them would possibly cause more damage.

Serge Akakpo
Hubert Velud—Manager
Waké Nibombé
Elista Kodjo Lano
Divinelae Amevor – physiotherapist
Tadafame Wadja – doctor

BY: GEORGE ‘Alan Green’ MAHAMAH

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