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It’s safe for Ghanaian students to stay in China - Chinese Amb. to Ghana

We give love, care to all African citizens in China – Chinese Embassy in Ghana

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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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We give love, care to all African citizens in China – Chinese Embassy in Ghana

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It’s safe for Ghanaian students to stay in China - Chinese Amb. to Ghana

It’s safe for Ghanaian students to stay in China - Chinese Amb. to Ghana

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The Chinese Embassy in Ghana is reacting to reports of inhumane treatment being meted out to Ghanaians and other African Nationals in China in the wake of the coronavirus pandemic.

According to the Embassy Spokesperson, China will not forget the support from Africa during their most difficult times in the outbreak of the COVID-19 pandemic.

READ MORE: Ambassador Boateng and 21 other Ambassadors meet with China’s Foreign Affairs Leadership over Guangzhou issues

“We will not forget the support from Africa during our most difficult times. While overcoming difficulties at home, we also give love and care to all African citizens in China, especially African students. Of the more than 3,000 African students in Hubei Province and the city of Wuhan, only one was infected and then quickly cured. And there is no infection among all the Ghanaian nationals in China,” the Embassy said.

The mission in Ghana defending some of the actions of the Chinese authorities in China asserted that “The fact is that, as the pandemic spreads all over the world, imported cases are causing mounting pressure to China, especially for Guangdong Province, a major province in China. Therefore, the province has to adopt rigorous measures which caused the concerns of some African countries. Now, the province is working promptly to improve their working method, including but not limited to taking health management measures without differentiation, lifting the health management to Africans except confirmed cases and close contacts (including suspected cases) from today according to relevant epidemic response procedures, establishing an effective communication mechanism with African Consulates-General in Guangzhou.”

The mission also admonished the media to be circumspect in their reportage about the situation in China, especially in Guandong Province. “Some media are exaggerating the situation and driving a wedge between China and Africa by interpreting the occasional incidents and misunderstandings as China treats Africans in a discrimination way, which has gone far beyond its original appearance.”

However, in the wake of the situation, Ghana’s Ambassador to China, H. E. Edward Boateng condemned the accumulating discrimination and targeting of Africans living in Guangzhou, China, adding that not all foreign nationals were treated equally in this case, according to him.

The Ambassador again said, “These acts go against the spirit of the Sino-Africa cooperations, the Focac Beijing Declaration of 2018 and the Vienna Convention Principles on Consular Affairs”.

The African ambassadors in China including Amb. Boateng also wrote a joint letter to the country’s foreign minister over what they call discrimination against Africans as the country seeks to prevent a resurgence of the coronavirus.

The African ambassadors’ letter sent to China’s top diplomat, Wang Yi, highlighted a number of reported incidents, including that Africans were being ejected from hotels in the middle of the night, the seizure of passports, and threats of visa revocation, arrest or deportation.

READ MORE: Ambassador Boateng Stands up against maltreatment of Africans in China

In Ghana, over the weekend, Foreign Affairs Minister Shirley Ayorkor Botchway summoned the Chinese Ambassador to Ghana to a closed-door meeting at the Ministry of Foreign Affairs and Regional Integration over reports of cruel treatment in China.

African students and expatriates in the southern Chinese city of Guangzhou were last week reported having been subjected to forced coronavirus testing and arbitrary 14-day self-quarantine, regardless of recent travel history, amid heightened fears of imported infections in China.

Tags: ChinaChineseGhanaJoseph Nii Ankrah

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