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Video: 'NPP is not a tribal party' - Mustapha Hamid to NDC

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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. 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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. 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Video: ‘NPP is not a tribal party’ – Mustapha Hamid to NDC

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Video: 'NPP is not a tribal party' - Mustapha Hamid to NDC

Video: 'NPP is not a tribal party' - Mustapha Hamid to NDC

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Former President John Dramani Mahama is desperate to win the December 7 polls to the extent that he is using lies to pitch Ewes against the governing New Patriotic Party (NPP), a Deputy Campaign Manager in charge of Communication of the NPP, Dr Mustapha Abdul-Hamid has said.

At a press conference on Tuesday, 4 August 2020, the Minister of Zongo and Inner-city Development, said Mr Mahama and the biggest opposition party, the National Democratic Congress (NDC) are whipping up tribal sentiments against the government as far as the near-ending voters registration exercise being undertaken by the Electoral Commission is concerned, for political capital.

“What the NDC is doing is just to pitch us, the NPP, against the good people of the Volta Region”, Dr Abdul-Hamid said, adding: “All that we are asking for is for Ghanaians to register – Ghanaians, not foreigners”.

“Before coming here, I checked the figures from the EC’s website and over 800,000 people have registered in the Volta Region. Over 800,000. It’s just a 100,000 short of the 2016 figures.”

“Now, if people are being suppressed in the Region, will we have such figures coming from there?” he asked.

He said: “I’m very sure by the time EC finishes this registration, they will hit the 900,000-mark the Region had in 2016”, wondering: “Where is the suppression?”

In his view, “John is desperate, we all see how desperate he is, so, he will say anything to court support from Ghanaians but it’s a lie, we know what he did when given the opportunity to serve as leader of this country”.

“John Mahama performed abysmally and I am not sure Ghanaians want to give him another chance”, he added.

A few days ago, Mr Mahama accused President Nana Akufo-Addo of using the military to frustrate people of the Volta region and non-Akans from registering.

In a statement on Saturday, 1 August 2020, Mr Mahama said: “This is not the Ghana our forebears toiled for and built!”

“Each and every successive President”, he noted, “left a peaceful, stable and united country”.

However, he observed, “The road President Akufo-Addo is taking our beautiful country through, using the military and party thugs to stop people from exercising their right to register and vote in the upcoming December elections, is dangerous and unacceptable”.

He alleged: ‘There have been many reports and video evidence, like the one in this post, of the President’s deployment and discriminatory use of soldiers to target our brothers and sisters in the Volta Region and wherever there are settlements of Voltarians and non-Akans”.

The flag bearer of the National Democratic Congress (NDC) said: “Executive power must not be used to foment ethnic discrimination and abuse as is happening under Nana Akufo-Addo”.

“These calculated acts of ‘dehumanisation, disenfranchising Ghanaians and stripping them of their citizenship’ must end”, he insisted.

He promised: “They will surely never happen under a new NDC administration because we will foster a spirit of peace and unity in our nation”.

As Commander-in-Chief, Mr Mahama pledged, “I will not use our military in such a partisan manner to terrorise our own people, and in matters that are purely civil and dwell in the very heart of our constitutional democracy”.

Meanwhile, the Electoral Commission of Ghana has said the exercise has entered its sixth and final phase starting today, Saturday, 1 August 2020.

The exercise ends on Thursday, August 6, 2020.

The election management body has, thus, urged eligible voters who have not yet registered to try and do so.

It said in a statement that it is ensuring strict adherence to COVID-19 protocols at the centres.

“The Commission assures members of the public that it will enforce all the safety protocols at all Registration Centres throughout the country,” it added.

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