The Cluster Manager of SME Banking at Absa Bank Ghana, Edward Mawudem is calling on small and medium-sized enterprises (SMEs) to adopt and adhere to a comprehensive financial checklist as a key strategy for business growth.
Speaking during Week 3 of the Citi Business Festival 2025 On-Air Series, Mawudem highlighted four essential pillars that SMEs must focus on: cost management, financial planning, risk management, and choosing the right financial partner. He emphasized that among these, financial planning should take top priority, as it enables businesses to translate their aspirations into measurable financial goals.
“A financial checklist is a guiding tool that helps SME owners direct their focus to the most critical elements of their business,” he explained. “A typical checklist should include core areas like cost management, financial planning, risk management, and—often overlooked—selecting the right financial partner.”
“This is where the SME takes its dreams and visions and puts them into financial terms. Every SME has great ideas—whether a startup or an existing business. At the start of each year or the beginning of the business journey, the owner often envisions expansion, such as having branches across the country in ten years. Financial planning helps translate these aspirations into tangible financial metrics, making it easier to track progress and stay on course.”
Mawudem encouraged SME owners to remain disciplined and committed to using a financial checklist, stressing that it can be a powerful tool in steering their businesses toward long-term success.
The Citi Business Festival 2025 is powered by Citi FM and Channel One TV, with support from Absa Bank Ghana, MTN Ghana, and Zonda Tec Ghana Ltd.
