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Vodafone Ghana – Redefining telecommunications through digital transformation

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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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Vodafone Ghana – Redefining telecommunications through digital transformation

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At a time when the world is being compelled to embrace the new normal, Vodafone Ghana is leading the way in redefining the role of Telcos in the new world through a systematic programme of digitalisation at scale.

The advent of the COVID-19 pandemic has underscored the need for an accelerated digitalisation programme across virtually all sectors of industry. Within the telecommunications industry in Ghana, Vodafone has proven more than equal to the task and has chalked remarkable feats of business continuity and digital innovation that has seen the Telco deliver a suite of tailored services to customers over the past year even with over 90% of its staff working from home throughout the period.  Director of Technology at Vodafone Ghana, Shoyinka Shodunke avers that the secret to Vodafone’s seeming pandemic readiness lies in the company’s agenda to transition from a traditional Telco to a full-fledged digital organisation; a project that has been in the works for the past 5years.   

In an exclusive interaction, he disclosed that his outfit is under-going a digital transformational regime to provide Ghanaians with quality services that are optimized to fit the new reality and provide exceptional convenience to customers.

According to him, Vodafone has established three core, strategic pillars which serve as the critical levers to transmute Vodafone Ghana from a traditional telco to a digital telco:

  1. Establishing a digital organisational culture
  2. Building transformative platforms
  3. System customization and strategic integration of Ecosystems

He explains further, “Culture is critical; we are intent on ensuring that all our employees develop digital-first habits and become adept at utilizing various digital tools in the course of work on a daily basis. We have therefore rolled-out a concerted programme geared towards inculcating digital behaviours in all Vodafone Staff.”

“Secondly, we have to ensure that we’re building platforms that are transformative; thus over the past 3 years we have been systematically reviewing our work platforms, systems and processes with a view towards digitizing and automating them to make them simpler and more efficient.”

 “Lastly, we’re driving differentiation by customizing our digital platforms with unique capabilities that are developed in-house. This ensures that our platforms are tailor-made for the unique set of tasks carried out at Vodafone thereby delivering optimally.  Furthermore, our systems are also designed to sync seamlessly with other relevant third party partner ecosystems; this we have achieved through software engineering manoeuvres via shared platforms.”

Shoyinka Shodunke, has been collaborating extensively with Angela Mensah-Poku, Director of Digital and Commercial Operations at Vodafone to drive this lofty agenda.  

We caught up with Angela to pick her thoughts on Vodafone’s ongoing journey of digital transformation. She opines that the COVID-19 pandemic acted as a catalyst to fast-track Vodafone’s already incubating digital telco agenda.

“The pandemic accelerated our plan to fully embrace digitalisation across all verticals from planning to operation, and it came at a time when we were intent on carrying out some simulations to test the forward-looking practices we already had in place. Our ability to transform our call centres and move smoothly from traditional brick-and-mortar customer service to digital service bears testament to how far we’ve come on our journey of digitalisation and the robustness of the digital platforms and measures we’ve developed along the way.”

More importantly, Angela Mensah-Poku, believes her organisation’s digital transformation agenda is set to deliver an unprecedented customer experience.

Read also: How your business can thrive in this time of crisis

“Our digital customer experience approach is essentially a blending of digital and human interaction in a personal, instant and easy way,” she says. “In line with our commitment to building a digital society that improves people’s lives, we employ new technologies such as artificial intelligence (AI) to transform our customers’ experience and enhance the efficiency of our operations. We have a host of digital-led platforms, which include a machine learning chatbot and a self-service app.”

Vodafone Ghana introduced its virtual customer assistant, TOBi, to automate responses to customer queries, concerns and requests in an instantaneous and personalised way, and Angela believes its introduction has been influential.

“We made TOBi a constant across all channels during COVID-19 and this has been invaluable. Tobi is now taking on around 30% of all customer contacts to our experience centre and is able to deal with transactions and information,” she says.

“It runs on machine learning and Big Data and has brought significant efficiency and convenience to our customers’ self-service journey. Again with regards to the impact of COVID, we, together with our customers had to adapt and become more digital in a matter of weeks. Fortunately for us, we were already on that journey and being on that journey meant that we could easily leverage digital resources such as TOBi and the My Vodafone app to drive customer interactions and mitigate the pressure during those critical periods. Ironically, the pandemic has driven us to take leaps and bounds towards becoming a majorly digital organisation and our customer base as well has adapted impressively.”

“The My Vodafone app is one of the exciting ways in which we interact and deliver ultra-convenient services to our customers. Its unique and elaborate features offer a complete all-in-one solutions platform for our customers. This unique app allows customers access to Vodafone services and is designed with the objective of empowering the customer to do more and manage their accounts on the go. The app also integrates TOBi in its interface so that you don’t necessarily have to go to a retail store for assistance.”

Incidentally, commencing January 25th, both MVA (which was overhauled extensively last year) and TOBi celebrate their joint one year anniversary since introduction. Angela has hinted that there will be some exciting promotions to mark this milestone with exciting prizes for customers. “Watch this space, TOBi and MVA are about to reward their loyalists big time!” she proclaims.

Angela and Soyinka are pumped up about Vodafone transitioning to a technology communications company. They believe that within the next 3years, the transition would be complete and Vodafone customers will experience extraordinary dawn of convenient, timeous and efficient service delivery. This is especially because Vodafone Ghana’s overall customer-service infrastructure while future-driven still maintains a balance between the old and the new; thus while the digital services are on the upsurge, other traditional service centres such as call centres and the retail shop continue to function effectively ensuring that no one is left out and customers who may not be early adopters are able to utilize their preferred customer service options.  

Vodafone Ghana’s impressive show of resilience and innovation in the past year, with staff working from home and delivering services effortlessly bear testament to a future-centric digitally-oriented organisation with a robust regime of business continuity and an almost clairvoyant anticipation of what the future holds. Even with their digital transformation agenda at only 30% completion, it is clear that VODAFONE holds the key to unlocking the pathway for Telco services in the new normal and are truly poised to redefine the role of Telcos through digital transformation. No wonder their tagline boldly proclaims: The Future is Exciting. Ready?

www.vodafone.com.gh

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