Entrepreneurs are advised to separate personal and business finances and utilize digital tools for better cash flow management.
MTN Ghana has called on entrepreneurs to strengthen financial discipline and improve money management for sustainable business growth. The advice came during a webinar organized as part of the company's 30th anniversary, focusing on "Making Money Moves: Building a Financially Smart and Sustainable Business." Speakers emphasized the importance of separating personal and business funds to gain clear visibility into revenue, profit, and available capital.
Experts also recommended using digital tools to track sales, payments, and invoices, noting that these platforms can aid remote monitoring of multi-branch operations and maintain verifiable transaction records. Enterprise Resource Planning systems were suggested for managing customer data and inventory, with one speaker pointing out that poor inventory management, not just limited capital, can hinder business success.
The webinar also cautioned against mistaking revenue for profit, warning that businesses can collapse if owners spend heavily upon increased sales without first confirming profitability. Building wealth was described as a marathon, not a sprint, and attendees were encouraged to start investing with small amounts, even as low as GH¢50, to combat inflation's erosion of idle cash.
Why it mattersSmall and medium-sized enterprises in Ghana are affected by advice on financial discipline, cash flow management, and investment strategies.
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