MTN Ghana has urged entrepreneurs to adopt stronger financial discipline and smarter money management practices to build sustainable businesses.
The report indicates that mTN Ghana has urged entrepreneurs to adopt stronger financial discipline and smarter money management practices to build sustainable businesses.
It further notes that the call was made during a virtual financial literacy webinar organised as part of activities marking the company’s 30th anniversary.
Held under the theme “Making Money Moves: Building a Financially Smart and Sustainable Business,” the webinar brought together Yaw Saifah, Senior Manager for BankTech at MobileMoney Fintech Limited; Paul Mante, Managing Director of EDC Investments; and Desmond Bredu, Head of Client Coverage at Stanbic Investment Management Services.
The speakers addressed financial discipline, cash flow management, digital payments, and investment and wealth creation.
Mr Saifah advised entrepreneurs to separate their personal finances from business funds to improve financial visibility and discipline.
He stated mixing the two made it difficult for business owners to determine their actual revenue, profit and available working capital.
“Separating personal and business funds gives you visibility and discipline,” he said.
He also encouraged businesses to use digital tools to monitor sales, payments, invoices and cash flows.
According to him, digital platforms can help businesses with multiple branches monitor their operations remotely and maintain verifiable transaction records.
He further advised entrepreneurs to consider Enterprise Resource Planning systems for managing customer records, inventory, and other business activities.
“Your problem may not be limited capital or illiquidity. It may be that you are not managing your inventory properly,” he said.
Mr Mante, meanwhile, warned entrepreneurs against confusing revenue with profit.
He stated some businesses collapse because owners begin spending heavily as soon as sales increase without first determining whether the business is profitable.
“Don’t spend before you calculate your profit. You make a profit before you start spending; you don’t spend before you start making a profit,” he advised.
