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Vodafone Ghana Foundation organises free ultrasound scan for pregnant women in Tamale

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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. 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Vodafone Ghana Foundation organises free ultrasound scan for pregnant women in Tamale

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Vodafone Ghana Foundation organises free ultrasound scan for pregnant women in Tamale
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Vodafone Ghana Foundation, the charity arm of Vodafone Ghana has organised a free ultrasound scan for over 250 pregnant women in Tamale.

The exercise aimed at providing opportunity for the beneficiaries to be screened for various antenatal services.

Speaking on the gesture, Director of Legal and External Affairs at Vodafone Ghana, Geta Striggner-Quartey added that the exercise was to give the pregnant women quality healthcare and to help them know the conditions of their babies.

“Vodafone Ghana Foundation is back again to Tamale having identified the need to assist these pregnant women to have an ultrasound scan. As a result of our strong ties with the people of Tamale, we will continue to spread our goodwill through this initiative and many more. We hope that this exercise will go a long way to help with the general healthcare of the beneficiaries and their unborn babies”.

Madam Striggner-Quartey noted that the Vodafone Ghana Foundation has strong focus on Health and Digital.

“This ultrasound scan initiative is part of the many gestures to help the health sector. We have the Homecoming programme, where we pay the bills of insolvent patients and reunite families across the country. We also have the Healthfest initiative which provides free medical screening via medical team as well as the Healthline Medical Call Centre, which continuously provides accurate medical information on COVID-19 and other medical complications to the public for free by dialling 255”.

“Also, through the Vodafone Ghana Foundation, we have initiated education programmes such as Instant Schools initiative, which provides online educational content for free and ICT hub initiative where the organisation set up ICT hubs in libraries across the country, fully equipped with equipment such as computers, scanners, projectors amongst others”, she concluded.

On her part, Midwife in-charge of Tamale Central Health Centre, Genevieve Jimpetey, thanked Vodafone Ghana Foundation for its support.

“On behalf of the Tamale Central Health Centre and the beneficiaries of this programme, I want to thank the Management of Vodafone Ghana and Vodafone Ghana Foundation. I believe this gesture is key for these women to know more about the development and health of their babies. We are grateful”.

“I want to use this opportunity once again to advise all pregnant women to observe the COVID-19 safety protocols as part of curbing the spread of the coronavirus disease. Observing the protocols religiously is crucial to your health and that of the unborn child”, she advised.

The pregnant women who benefitted from the programme expressed gratitude to the Vodafone Ghana Foundation for the gesture.

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