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FOCOS Founder and President speaks in Athens at SNF Conference

FOCOS Founder and President speaks in Athens at SNF Conference

June 28, 2019
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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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FOCOS Founder and President speaks in Athens at SNF Conference

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FOCOS Founder and President speaks in Athens at SNF Conference
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Founder and President of the Foundation of Orthopedics and Complex Spine (FOCOS), Prof. Oheneba Boachie-Adjei joined a team of experts for panel discussions at the Stavros Niarchos Foundation (SNF) held on June 24th to June 25th, 2019, at their Cultural Centre in Athens, Greece.

This year being the seventh edition, SNF brought together 65 high-caliber speakers from various backgrounds, diverse disciplines and spaces, to engage in conversations and debates about subject matters in their areas of expertise.

The theme for this year’s conference was “UNTITLED” and, as one could imagine, left room for a wide range of topics.  Some of the topics included: The Cognitive Foundations of Discrimination and Exclusion, Humanity and Nature, Spectacle of Society, Empathy, Forgiveness and Rehabilitation as civic virtues, Defining Leadership in the 21st Century, Playing with Complexity, A Post American Century, to name a few.

In his opening remarks, co-President of SNF, Andreas C. Dracopoulos, highlighted the importance of foundations strengthening their existing relationship with partners, by citing an example with the Hospital for Special Surgery (HSS) in New York. “The SNF’s longstanding partnership with one grantee, the Hospital for Special Surgery in NYC, has multiplied into relationships with organizations on three continents—from HSS in New York, to FOCOS Orthopedic Hospital in Accra, Ghana, and back here to Athens with our own incubated organization, Regeneration & Progress, offering much-needed health and sports services to our society at large,” he said.

The Founder and President of FOCOS together with three other experts, Drs. Thomas Sculco, Peter Sculco and Panagiotis Koulouvalis, participated in a panel discussion on the topic Healthcare, Innovation and Philanthropy.  Each member on the panel had at one time in their career been associated with the renowned Hospital for Special Surgery in New York City as trainees or practicing surgeons.

When Prof. Boachie-Adjei took his turn to speak on the panel, he described the mission of FOCOS Hospital as committed towards providing optimum orthopedic care to improve the quality of life among Ghanaians and others throughout Africa. “Over the past 20 years, FOCOS has treated close to 60,000 patients from 53 countries and performed over 3,000 major orthopedic procedures at no or very affordable cost,” he said.

Prof. Boachie-Adjei specifically emphasized his aspirations to build capacity in clinical care, research, education and outreach and mentioned the training of surgeons at the hospital and the outreach programs in Ethiopia and Sierra Leone. He further explained the innovative works at the hospital to manage complex spine deformity, which had not been previously described in the literature, but now have been expressly classified as Gamma, Omega and Alpha Spines. All 4 members on the panel recounted the support they had received from SNF to enable them meet the needs of the populations they are serving.

In his closing remarks, the Founder and President of FOCOS appealed to SNF and the public at large to support the endowment campaign that he is launching to raise funds to support the hospital in perpetuity with the goals of patient sponsorship, capacity-building and infrastructure upgrade and maintenance. He added that, “You can become a friend of FOCOS and benefactor by clicking: https://focoshospitalgh.com/endowment-fund/”.


Boachie-Adjei delivering at the SNF panel discussion

SNF is an international philanthropic organization, which provides grants in the areas of arts and culture, education, health and medicine, as well as social welfare. SNF funds organizations and seeks out projects that exhibit strong leadership and sound management that are expected to achieve a broad, lasting and positive social impact. The foundation actively supports projects that facilitate the formation of public-private partnerships, as an effective means for serving public welfare.

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