• Home
  • Blog
  • Community
  • Knowledge
  • Cover Stories
  • Startup Stories
  • Playbooks
  • Podcasts
  • Português
    • Events Homepage & Booking
    • Start-Up Night Africa Series
    • Lioness Lean In Series
    • Lionesses of Africa Annual Conference
    • Harvard University / Lionesses of Africa Conference
    • Young Lioness Lean In Series
    • About Us
    • Impact Partners
    • Contributor Team
    • Contact
    • Join the Community
    • Signup for FREE Newsletters
    • Share Your Startup Story
    • Share Your Lioness Launch
    • Share Your Lioness Co-Lab
    • Become a Contributor
    • Nominate to '100 Lionessess'
    • Become an Impact Partner
    • Contact LoA
Menu

Lionesses of Africa

276 5th Avenue
New York, NY, 10001
(212) 634-4540
The Pride of Africa's Women Entrepreneurs

the pride of Africa's women entrepreneurs

Lionesses of Africa

  • Home
  • Blog
  • Community
  • Knowledge
  • Cover Stories
  • Startup Stories
  • Playbooks
  • Podcasts
  • Português
  • Events +
    • Events Homepage & Booking
    • Start-Up Night Africa Series
    • Lioness Lean In Series
    • Lionesses of Africa Annual Conference
    • Harvard University / Lionesses of Africa Conference
    • Young Lioness Lean In Series
  • About +
    • About Us
    • Impact Partners
    • Contributor Team
    • Contact
  • Connect +
    • Join the Community
    • Signup for FREE Newsletters
    • Share Your Startup Story
    • Share Your Lioness Launch
    • Share Your Lioness Co-Lab
    • Become a Contributor
    • Nominate to '100 Lionessess'
    • Become an Impact Partner
    • Contact LoA

Are you a Trader? Then you need these Top Cash-handling Tips

March 15, 2020 Melanie Hawken
cash-management.png

Impact Partner Content: Absa

Receiving payment from a customer for a sale should be a relieving and fulfilling moment for any retailer. Stock is moving off the shelves and you‘re able to cover costs incurred to procure that item. However, successful businesses need to continually look for ways to optimise their cash and margins. 

Cash is the lifeblood of a business. Its impact exists beyond event-based transactions, namely depositing cash sales proceeds and withdrawing change or payroll. There are cash value chains within and outside of your business - for example between point of sale, cash up, making up deposits and withdrawal requests, transportation of cash, reconciling the deposit/withdrawal. 

These value chains are time-dependant and process-based. Although they look like separate activities, they’re interlinked and often affect each other. Good cash management is when the value chain is managed as a whole to mitigate risk, exploit efficiencies, reduce time, and optimise cost. 

What to expect from your Cash Service Provider

A good Cash Service Provider supports your business through all of the value chain elements, provides you with visibility at every stage of what is going on with your money and delivers the agreed services as cost effectively as possible.  

Know the costs of your cash value chain 

Cash deposit fees are only one of the costs of accepting cash at your tills. Every step in the process incurs a cost that should be managed. The cash deposit process is repetitive, and each step in the process should be administered to control and prevent loss. A retailer should put as many risk mitigation and security measures in place as they can afford e.g. insurance and secure cash devices. 

Ways to improve the cash process, save money and optimise

There are costs associated with every step of the cash handling process. Rather than cutting corners, look at ways to reduce risks and make sure you get the most of your chosen cash management solution.  Trying to be economical with your cash process may seem tempting upfront, but the repercussion of cutting costs will leave you with a risk-exposed business.  It’s inconvenient and expensive to get a business back on track after a robbery. 

Cash handling tips: 

  1. Perception is everything: Fewer hands on the cash and a reputation for a ‘hardened site’ will dramatically reduce the risk of getting earmarked. Do everything to make your store look like a difficult target – i.e. locks work, visible security, establish processes and procedures and continually check that everything is working. Also be sure to not talk about money and banking unnecessarily. 

  2. Get the best solution for your business needs: From the till until deposited into a store’s bank account, cash can be handled between three and eight times. In every step of the process an average cash loss of 0.15% can be incurred. Use a cash handling service provider that offers tailor-made solutions and reduces the number of hands on the cash, increasing efficiency, accuracy and removing temptation. 

  3. Save, but don’t be cheap: Choosing to transfer money yourself and not making use of a trusted and highly secure Cash-in-Transit (CIT) supplier is a dangerous way to try save money. The consequences for the continuity of your business if you or a staff member is compromised may be detrimental. Rather protect your cash/staff/customers and look at operational efficiencies in the cash-handling process. Your time is best spent managing your business, not taking cash to the bank.

  4. Prevention is better than cure: It’s essential to have insurance, so as to reduce the chance of a financial set back as the result of criminal activity. A robbery affects your cash flow for longer than you think, and will take time to recover, especially if you have to go to court. Don’t handle money in the open, rather do so in a secure area and ensure your cash is safe as soon as possible.

  5. Invest in a good safe: It might take slightly longer in rural areas to move cash in metropolitan areas, so make sure you have strong measures to keep the cash safe. Better still, look at a secure cash handling device that counts and stores cash. This will reduce administration and processing time while keeping cash safe. Most of the solutions on the market also notify you when the cash is collected.

  6. Do your homework: Don’t just buy any safe or take on any supplier. The key to the store’s safe should always be held by the CIT company and it be made known to potential robbers that they will leave the scene empty-handed.

AbsaSME_728x90-Static.jpg
In Lioness Content Lab Tags Absa, Financial Management
← Coronavirus - Hope for the best, but prepare for the worstFlora Mutahi, Kenya’s pioneering flavoured tea brand builder →

CELEBRATING 10 YEARS


LATEST PODCAST

LIONESSES OF AFRICA · AI Series Ep. 2 : AI-Human Collaboration in the Workplace

Lioness Radio Show: AI Series Ep. 2 : AI-Human Collaboration in the Workplace - Tune in for an engaging conversation designed to equip you with the knowledge to embrace AI and unlock its possibilities for your business.


LIONESS WEEKENDER COVER STORIES

LIONESS WEEKENDER COVER STORY
Retang Phaahla, a pioneer for South Africa’s indigenous teas
Retang Phaahla, a pioneer for South Africa’s indigenous teas
Dr Margaret Kemigisha, a publishing entrepreneur passionate about childrens’ literacy
Dr Margaret Kemigisha, a publishing entrepreneur passionate about childrens’ literacy
Sydelle Willow Smith, a pioneer of solar-powered mobile cinema in Africa
Sydelle Willow Smith, a pioneer of solar-powered mobile cinema in Africa
Babette Kourelos, a passionate artisanal bread-baking business builder
Babette Kourelos, a passionate artisanal bread-baking business builder
Thandekile Moloko, an entrepreneur empowering her clients’ financial futures
Thandekile Moloko, an entrepreneur empowering her clients’ financial futures

IMAGE OF THE DAY. CELEBRATING WOMAN MADE IN AFRICA.

Image of the Day / Oryx Desert Salt

Sustainable salt and pepper…At Lionesses of Africa, we are passionate about supporting  sustainable brands, and a great example is Oryx Desert Salt, founded by Samantha Skyring in South Africa. This growing
Image of the Day / Reform Studio

Sustainable fashion accessories…We love showcasing women business innovators, so this morning we are featuring the work of sustainable lifestyle brand, Reform Studio, an inspirational eco-focused manufacturing
Image of the Day /Femi Handbags

Full Bloom Style…Add a touch of summer florals to your wardrobe with one of the beautiful new Bloom handbags from Femi Handbags in Nigeria, founded by Femi Olayebi. With their eclectic pops of colour, there&rsq
Image of the Day / Melvins Teas

Time for tea…If you love tea, then this Cool Chamomile tea from the Melvins Tea brand, founded by Flora Mutahi in Kenya is just what you need. The brand is part of Melvin Marsh International, the Kenyan-based f
Image of the Day / Afropian

Storytelling through accessories…Afropian, the Pan-african lifestyle brand founded by Ethiopean entrepreneur Hortense Mbea, is a rare, fully hand-made in Africa brand. It uses traditional know-how in a modern way t
Image of the Day / AAKS

Vibrant Ghanaian craftsmanship,…We just have to share one of our favourite accessories of the year, this beautiful hand-woven bag created by award-winning designer Akosua Afriyie-Kumi and her AAKS brand in Ghana. We lo
Image of the Day / Ledikana

Contemporary South African Chic…Knowing exactly how to spot a gap in the marketplace is key to the success of any fashion brand, and Mapholo Ratau, founder of Ledikana in South Africa, has achieved that goal. For h
Image of the Day / The 1964 Brand

Modern relaxed fashion…Olakunmi Oni is the founder of The 1964 Brand in Nigeria, a fashion business that proudly promotes self-care through minimalist clothing for the modern woman. Loyal patrons of The 1964
Image of the Day / Adèle Dejak

Big bold accessories…We are big fans of luxury jewellery and accessories made with love and passion on the African continent, and Adèle Dejak in Kenya is the epitome of handmade luxury. The brand c
Image of the Day / ReelFruit
 
Healthy snack treats…We love showcasing Africa’s women agribusiness builders, and ReelFruit, founded by Affiong Williams, is inspirational - it’s the largest fruit processing, packaging and distributi
Image of the Day / Oryx Desert Salt

Sustainable salt and pepper…At Lionesses of Africa, we are passionate about supporting  sustainable brands, and a great example is Oryx Desert Salt, founded by Samantha Skyring in South Africa. This growing Image of the Day / Reform Studio

Sustainable fashion accessories…We love showcasing women business innovators, so this morning we are featuring the work of sustainable lifestyle brand, Reform Studio, an inspirational eco-focused manufacturing Image of the Day /Femi Handbags

Full Bloom Style…Add a touch of summer florals to your wardrobe with one of the beautiful new Bloom handbags from Femi Handbags in Nigeria, founded by Femi Olayebi. With their eclectic pops of colour, there&rsq Image of the Day / Melvins Teas

Time for tea…If you love tea, then this Cool Chamomile tea from the Melvins Tea brand, founded by Flora Mutahi in Kenya is just what you need. The brand is part of Melvin Marsh International, the Kenyan-based f Image of the Day / Afropian

Storytelling through accessories…Afropian, the Pan-african lifestyle brand founded by Ethiopean entrepreneur Hortense Mbea, is a rare, fully hand-made in Africa brand. It uses traditional know-how in a modern way t Image of the Day / AAKS

Vibrant Ghanaian craftsmanship,…We just have to share one of our favourite accessories of the year, this beautiful hand-woven bag created by award-winning designer Akosua Afriyie-Kumi and her AAKS brand in Ghana. We lo Image of the Day / Ledikana

Contemporary South African Chic…Knowing exactly how to spot a gap in the marketplace is key to the success of any fashion brand, and Mapholo Ratau, founder of Ledikana in South Africa, has achieved that goal. For h Image of the Day / The 1964 Brand

Modern relaxed fashion…Olakunmi Oni is the founder of The 1964 Brand in Nigeria, a fashion business that proudly promotes self-care through minimalist clothing for the modern woman. Loyal patrons of The 1964 Image of the Day / Adèle Dejak

Big bold accessories…We are big fans of luxury jewellery and accessories made with love and passion on the African continent, and Adèle Dejak in Kenya is the epitome of handmade luxury. The brand c Image of the Day / ReelFruit
 
Healthy snack treats…We love showcasing Africa’s women agribusiness builders, and ReelFruit, founded by Affiong Williams, is inspirational - it’s the largest fruit processing, packaging and distributi

STARTUP STORIES. MEET THE WOMEN WHO’VE LAUNCHED.

Featured
Gladys Kgorane, an entrepreneur creating special events and wellness retreats for those looking for rest and relaxation
Gladys Kgorane, an entrepreneur creating special events and wellness retreats for those looking for rest and relaxation
Drienie Botes, an entrepreneur empowering women to achieve economic independence through beekeeping
Drienie Botes, an entrepreneur empowering women to achieve economic independence through beekeeping
Tumelo Tshwagong, a South African agri-entrepreneur contributing to finding sustainable local solutions to addressing food insecurity
Tumelo Tshwagong, a South African agri-entrepreneur contributing to finding sustainable local solutions to addressing food insecurity
Gloria Sellwane Phala, a South African entrepreneur helping clients benefit from the transformative impact of yoga
Gloria Sellwane Phala, a South African entrepreneur helping clients benefit from the transformative impact of yoga
Nondumiso Leshaba, a South African business builder providing professional business advisory and accounting services to SMEs
Nondumiso Leshaba, a South African business builder providing professional business advisory and accounting services to SMEs

LIONESS DATA & INSIGHTS


LIONESS PLAYBOOKS



Screen Shot 2020-01-27 at 6.01.32 PM.png
Screen Shot 2020-01-27 at 5.34.58 PM.png

Sign up today to receive the #1-rated newsletters for Africa's women entrepreneurs.

* indicates required
Required: Please select your newsletter(s):


LIONESS BOOK REVIEWS

Featured
Women Entrepreneurs Rewired To Rise: Powerful Habits that Break Through Burnout, Silence Your Inner Critic, and Build a Thriving Business from the Inside Out  by Fiona Soutter
Women Entrepreneurs Rewired To Rise: Powerful Habits that Break Through Burnout, Silence Your Inner Critic, and Build a Thriving Business from the Inside Out by Fiona Soutter
Dream Big and Win: Translating Passion into Purpose and Creating a Billion-Dollar Business by Liz Elting
Dream Big and Win: Translating Passion into Purpose and Creating a Billion-Dollar Business by Liz Elting
After the Idea: What It Really Takes to Create and Scale a Startup by Julia Austin
After the Idea: What It Really Takes to Create and Scale a Startup by Julia Austin
Feminine Intelligence: How visionary leaders can reshape business for good by Elina Teboul
Feminine Intelligence: How visionary leaders can reshape business for good by Elina Teboul
Bridging the Confidence Gap: How Empowered Women Change the World by Sheena Yap Chan
Bridging the Confidence Gap: How Empowered Women Change the World by Sheena Yap Chan

About Us  |  Contact Us  | PRIVACY POLICY | terms OF SERVICE  | Community Guidelines  

© 2025 LIONESSES OF AFRICA public benefit corporation. ALL RIGHTS RESERVED.