CAPTILISING ON SOCIAL MEDIA PLATFORM’S ACCESSIBILITY FOR BUSINESS GROWTH

Author : Emmanuel Victor Quarm - CEO- TEK Business Group

Decemeber 2024

How do you run a business campaign with a limited budget but yet an ambitious plan to make your ideas a success? The internet of things has enabled all sorts of possibilities for all kinds of business to reach out globally, the world is now a small village because of the internet. I call this a digital leap and of course, a gigantic one considering the constraints and limitations that would have been faced by any business planning on reaching out the client and customers globally few decades behind.

Exposure is a critical aspect of getting your business objectives known, this highlights the vision, goals , aims and the values for the business and it is now possible to get all these factors thrown at your potential customers with just a click of the button on your computer. Little did we expect that social media could make such a positive impact on businesses when it emerged initially. Businesses have well adopted to this and have capitalised on the full benefit it provides on gaining the exposure for generating sales and profits which are needed for business growth.

Your digital footprint for the IoT is vital as a business and it determines your digital networking capabilities and business potential. This is also an added value to your brand and trademark if a strategic marketing campaign is occasionally ushered. Small businesses now have the opportunity and the leverage to the competition by creating bold cyber footprint with limited funds, thereby making it easier for potential customers to find your business.

The challenge on using social media platforms for business goals requires the ability to have a good public relation or marketing strategy on disseminating the company’s vision to the network group or for that matter, your audience. This will gradually attract the right customers and interested parties to your business network group. Social media platforms like Linkedin, Twitter, Facebook, Google business, YouTube, to name a few allow business profile to be launched within no time however, marketing campaigns such as advertisement normally requires some form of regular subscription for promoting product and services. For starters, it is advisable to set a minimum budget for trials on reaching out to the target market. A regular exercise will reveal a marketing trend on the impact of your exercise, and this could determine on the direction to take.

Mind you, there are disadvantages on using social media, this is mainly due to the abuse of personal profile usages, cyber bully and internet privacy breaches however, it is hundred percent beneficial when executed in the right way.

THE IMPLICATIONS OF SMART WORKING AND WHY IT IS SO VITAL FOR ENTREPRENUERS

Author : Emmanuel Victor Quarm - CEO- TEK Business Group

September 2024

We all have our attribute which could make a positive impact on society however, a fact that cannot be denied is each individual is different. Learning and skills comes in many different ways and of course, some perform better than others based on so many factors . A typical example is evidence shown during our elementary and secondary schools’ years where our grades are ranked according to the class or group number.

Pragmatically speaking, this analogy can be applied to a professional working environment due to the fact that we all do have our attribute to contribute to skills. However, as professionals, working in a cooperate industry or medium sized business, the objective and the goals is to succeed through a collective effort where achievements are based on the overall performance from the department or group. Awards are then given to deserved individuals who are recommended and given merit such as raise in salary, promotion or through other means.

What makes professional working careers different from the analogy given above is basically related to other attributes that comes to play at the professional level but deemed irrelevant at the academic training level. Smart working defines the career success of most accomplished individuals in the industry. This is normally defined by good planning, effective communication /presentation, and confidence in articulating ideas forward.

So how can smart working be infused to a small business to make an effective impact on the business operations. Small businesses always lack resources, and it is vital to use the smart working model to accomplish any business objectives. This fundamentally means having a good day to day strategic working routine without wasting time, money, and other resources. Strategic planning is the catalyst, and this can yield enormous benefits when strategically implemented. Planning eliminates unnecessary inefficient working routines and replaces it with effective cost saving working methods.

The objectives of smart working can only be met in the small business environment when resources are maximised to make a considerable impact for business growth. It is not much difficult to harness the true skills and innovation from a small working group based on fact that much of the work output can be easily analysed. knowing weaknesses and strength from work group could help build a strategic smart model plan for business growth.

WHY A MARKETING STRATEGY IS SO VITAL FOR BUSINESS GROWTH

Author : Emmanuel Victor Quarm - CEO- TEK Business Group

June 2024

Setting up a business requires a lot of resources and information, and it is tedious than one might think. Many small businesses venture into an enterprises lacking the knowledge or not knowing what to expect especially when the business is niche, or the market is unknown.

Many businesses fail as a result of this blissful state of mind and this could lead in accumulating huge debt upon bankruptcy. It is therefore vital to test the waters and know the kind of business venture to explore before any investments are made.

One crucial advantage of market insight is the possibility of acquiring knowledge well beyond the expectation of your competitors and peers and using it as a guideline for the successful deployment of your business. The challenge in doing this comes from knowing your goals , objectives and the target market for the business. From then onwards, a good business model can be derived where the main identities determine your potential strength and weaknesses

A well-defined business objectives and goals determines how and what information is required to draw up a business plan. It is recommended by many expertise to conduct a series of feasibility studies activities to determine and gain knowledge. One way of doing this is through a survey or acquiring information from market expert companies who have already conducted research into such areas on ascertaining vital information on the market dynamics for the business. This purpose driven activity may sound not useful but what market research actually does is to pave the way on setting up a good foundation for your business.

Many of these market research companies have information and data on the target market , market size, market competitors and market value of the industry and it could be used as a strong guideline in structuring your business plan to reflect your strategic plan on venturing into any market as a potential new leader. Business models could then be adapted to suit particular needs for future client or customers.

In this day and age, information is everything . Having such vital market information can be a game changer and can also determine the future success of the business and the successful launch of any business.

CHEAT SHEET FOR SMALL BUSINESSES AND START-UPS ON RECRIUTING PERSONEL

Author : Emmanuel Victor Quarm - CEO- TEK Business Group

March 2024

Many small businesses are faced with many challenges when it comes to recruitment especially at the early stages of the business. This is mainly due to the fact that most small businesses and start-ups do not have the right infrastructure in place and lack expertise in this field. This can be complicated when any business in such positionhave to redirect the small capital already generated to cater for failures encountered.

It is always a risk with regards to recruiting the right candidates, but the impact is mostly felt by small business with less resources on such area. It is therefore important to make strategic plans to mitigate any risk taken. Being aware of the challenges ahead is the first step in acknowledging the outcome of your recruitment plans. It is also important to have a budget set-up for such exercise, in doing so , you have already taken care of the expenditure section on your balance sheet. Depending on the role, responsibilities, and job title of the candidates being recruited, it is sometimes advisable to consider yourself in the candidates’ shoes to reflect on what to expect and how to make a very tangible choice.

Many small businesses spend a huge amount on recruitment without yielding the benefits needed for growth and success which sometimes lead to business closure. Everyone can recruit anyone for a job however, when the job role requires the responsibilities, exposure and experiences for the task at hand within the business, it is always a risk however taken these steps can help mitigate some of the setbacks.

· Be clear on the type of person you want

· Set out pragmatic responsibilities for the job specification

· The Individuals role and contributions to the whole business

· For small businesses, mention the salary range to attract high calibrecandidate

· Set up a realistic timeline for having the potential candidate on board

· Plan well to accommodate delays in having the right candidate

· If interviewing for an Engineering role, let your questions be objective more than subjective

· Identify projects conducted by the candidate as experience and the role played with responsibilities which relates to your goals

· Consider transferable skills when it’s an engineering role , sometimes they bring innovation from a different dimension scope.

· Use psychometric test when possible but do not use it as basis of your choice of candidate , rather use it as a supplement and support.

WHY IT IS URGENT FOR UK’S FINANCIAL INSTITUTIONS TO FINALLY RECOGNISE THE IMPORTANCE OF IP'S

Author : Emmanuel Victor Quarm - CEO- TEK Business Group

Decemeber 2023

HMRC’s definition of corporate intangible assets can be found within the CIRD11000 guide however, the content within the scope of this guidance extends further to other processes and activities that are considered taxable. The HMRC manual explains further and elaborate on matters which are not applicable to the sector of industry I find myself however, I would advise anyone having interest on the subject matter to read the whole manual.

Intangible assets, as we know are assets generated as a result of business activities conducted on a daily basis and these items can be classified as either patent, trademarks, copyrights and customed innovative processes used within any organisation to aid business growth. The digitisation age since the last four to five decades has ushered new business models and the perception of digital valuation of assets. This business culture is growing at a fast pace in the United States and in Asia where the markets stocks are much influenced by prices determined by services and product provided by major tech companies. Some experts are of the opinion that most of these tech companies have been overvalued in terms of the assets and the services that comes with the products they offer to customers. I am of the view that a company’s intangible asset is its most valuable holdings, and this could be appreciated or depreciated depending on how it is presented to the customer.

The digital market is growing so fast which requires no debates as the markets dictates the pace and this is what made the big four companies reach trillion valuation mark.

Europe is competing with the same businesses outside it shores and the mentality on doing business has to change in order to compete successfully. Financial institutions must look far beyond business income or revenue at a certain level to assess business model according to future prospects. Most pre-revenue business and start-ups have difficulty assessing finance due to setbacks faced with lenders, but they might have a game changing product or service which they might have already invested heavily to create intangible assets worth millions which could potentially change the digital market dynamics in the region.

The question of why is not feasible for any business with a good business plan , a good business model with valuable intellectual properties as intangible assets ( As collateral ) cannot access a financial loan term should be addressed and reviewed by the financial institutions and governance if Europe is to keep up the pace in the digitised era because old rules are being wiped away by the single digital market which draws a ripple effect on the global economy.

INNOVATE UK SMART GRANT

Author : Emmanuel Victor Quarm - CEO- TEK Business Group

September 2023

Last month, I talked about the innovation loan scheme where I talked about some of the funding schemes and competitions organised by innovate UK. The smart grant funding is a unique competition for businesses having great ideas for growth and scaling to grab part of the 25 million made available at every round. It supports game changing and innovative concept that can be brought on the market through research for development.

Unlike most competitions arranged by innovate UK, the smart grant provides the ideal platform for businesses that have specific research proposals which does not meet or fall under any of the other competitions scope. It is highly competitive but also the best option to obtain funds for business ideas that can easily be proven innovative and be commercialised. The competition is organised on round for round basis and has limit of amount of grant that a business can have. It is either a collaborated project or a single business proposal.

The eligible project cost that a business can apply for is from £25000 to £500000 for project duration between 6 to 18 months, this could either be singular participant or collaborative. For project with a timeline duration between 19 months to 36 months, the eligible cost between £250000 to £2000000 and must be collaborative. The amount of funding that business could get depends on the level of research work to be carried out for projects. SME’s proposing any project within the feasibility study and industrial development framework are entitled to seventy percent of funding, medium size businesses are entitled to sixty percent funding whilst larger organisations get fifty percent funding of the entire project cost. For experimental development projects which can includes demonstrators and development of prototypes, the eligible project cost is forty five percent, thirty five percent and twenty five percent, respectively.

Unlike the innovation loan where the focus is mainly on commercialisation on business idea from late stage, the smart grant takes a different approach of providing financial support to project from the early stage. This could be any game changing, innovative method which could be begin from a proof of market or proof of concept research activity. Any project activity must be carried out in the UK and the commercial benefit must be initially exploited in the UK. There is no financial information required apart from the project cost finance information requested as part of the questions however, an EDI survey has to be completed as part of application process just like the innovation loan scheme. This is required to collect and monitor diversity and equality as a data evidence.

I personally recommend this to any business with a game changing idea, looking for funding but have difficulty due to the nature of its business model

INNOVATE UK’S INNOVATION LOAN SCHEME

Author : Emmanuel Victor Quarm - CEO- TEK Business Group

June 2023

Innovate UK’s innovation loan scheme has been in existence for a while now and it seems to be a popular option for pre-revenue-based start-ups businesses, SME’s, and other Academic and research institutions looking to scale up and go commercial with great business models. Innovate UK forms part of the UKRI’s council member; a Governmental body responsible for driving and promoting innovation through financial support to UK businesses and Academical institutions within the science and technology industry and other industry sector.

Innovate UK runs a comprehensive funding competition programme for business in the science and technology industry with project proposal that could be classified as tangible and have potential of making commercial success. They run funding competition for projects in disciplines such as Quantum technology, Robotics, renewable and energy and energy supply, manufacturing, AI, automotive, aeronautics, Biomedical and clinical engineering as well as electronics and computing, to name a few. All these competitions are organised within a specific time frame and any approved project within the scope of the competition is given a grant funding award as a financial support to meet project expenses for the project timeline. They also run the smart grant competition on a periodic basis with its own project requirements and scope for funding.

Innovation Loans scheme is different, and it is more commercial purpose oriented as it provides businesses with the financial support needed to deliver on any goal for commercialising a product or service, this also applies to some competition mentioned above but every project must fall in scope in line with the competition’s objectives. The innovation loan provides funding and financial support for project in experimental development stage such as prototyping, demonstrating, testing, piloting, and validating any of the above-mentioned science and technology field of business.

Unlike Smart grant and other competitions mentioned above, there are two other forms to be completed apart from the project questionnaire form. Providing essential financial information about the business which I believe is now administered by early metrics Ltd and providing information about the businesses social status policies on diversity, inclusion, and equality. A completed spread sheet with business financial information and a business plan must be completed and uploaded upon completion of the financial survey questionnaires.Loans can be awarded between £250000 - £1.600000 on any project within the scope as a late-stage project initiative. Business can also get hundred percent eligible project cost depending on their business status and size. The loans are flexible with low interest rate for projects that have the potential to be commercially successful.

I believe this provides a very brilliant initiative that will boost competition and drive innovation as an alternative option of raising financial capital for businesses with less options on the high street but have ambitions of making returns on investments through commercial success of their services and product from sales and profits.

DIGITAL BANKING – ARE BANKING INSTITUTIONS MEETING CUSTOMERS’ NEEDS FOR THE DIGITAL REVOLUTIONS?

Author : Emmanuel Victor Quarm - CEO- TEK Business Group

March 2023

It is incredible nowadays to think about what one might accomplish far away in a remote place with an internet enabled device. The internet of things- IoT, has enabled a whole industry of services and product to be delivered just by a click on your electronic internet enabled device. This, however, comes with a prise and some of the challenges are yet to be met. Whilst the Asian and American market saw the future of the digital revolution in the early nineties, the European market were somehow reluctant to keep up the pace. The impact of the digital revolution enabled a lot of business models to be initiated from all sectors. Many business ideas were initiated for the financial institutions from fast payment services, fast money transfer and other card payment services as well as exchange.Most banking institutions saw the impact of the digital revolutions and started adjusting by moving away from the conventional ways of banking. Europe took a bold step by acknowledging the impact on business and adapted quickly to this by making radical adjustments.

Every continent and its economy which sometimes has an impact on the culture, this relatively is dependent on the market and the demand for the right services and product to be created to meet customer need. The likes of mobile money and mobile data for cash has disrupted the African market whilst the developed world has seen a decrease of people using cash but rather credit and debit cards as well as mobile phones payments. The online purchasing and payments system has surged worldwide and there are now more businesses offering intermediary payment services for online stores. Many businesses accepting online payment nowadays require some sort of arrangement from the banks for any online merchant to be used for online transaction.The emergence of industry four has enabled many business opportunities and many federal Government are considering the digital currency. Cryptocurrency and bitcoin are digital money with digital value which can be exchanged into cash. Hence, the future of financial institution will no longer require big vaults stored with commodities like gold and silver or diamonds but will rather be driven by data processed from large serverless IT infrastructure operating in the cloud.

How the Banks see the future and the role they play will depend entirely on capitalising on disrupted business ideas that this innovation brings to provide the customer the best digital experience.

The banking sector has seen a lot of makeover in the past years but there is still much to be done to meet customer requirements enabled by disrupted business models providing services which sometimes are not within the reach for a normal operating bank. This leads to business relocating from where they originated and therefore any economic impact that comes out of such business will not be realised by the local community.

AN APPRENTICESHIP OR INTERNSHIP TRAINING PROGRAMME WHICH IS THE BEST AS AN EMPLOYER?

Author : Emmanuel Victor Quarm - CEO- TEK Business Group

December 2022

The TEK Business Group embarked on a recruitment campaign early this year on recruiting either an apprentice, intern or a professional to join the business. I have been pondering over this campaign for the last couple of months on the right choice due to the difference in recruiting either an intern or an apprentice. So, I decided to go through the whole application process for both schemes.

The government is encouraging employers to bring on board young individual who have been redundant or unable to find work. I talked about the kick start scheme on last month’s tech brief updates but the scheme for apprenticeship training and internships has been running for a while now, the only difference is the added funding incentive now available to employers due to the current pandemic situation.

As a business, TEK Business Group believes in the apprenticeship programme and we encourage employers to be part of this when possible. The company had its interest registered at the very beginning of its incorporation on the www.gov.uk website however, we have not been able to use this scheme due to constraints and limited resources so its a welcoming news that the Government is taken full action on encouraging businesses to recruit although the economic climate might not be that positive.

Many employers might find it easy having the right candidate from the website through a training provider, but it is essential for small companies like mine to have the right person on board. The challenge is having the right training provider offering the courses that meets your job description and role. Once you have the training provider accepted, you can either opt in by asking them for a candidates or search by yourself. There is a maximum of £4000 per head depending on the range of age an employer recruits.

On the other hand, the internship programme takes a much different approach due to the fact that it is seasonal and periodic for a maximum of six month. And it is not guaranteed that the intern might come back upon completing. Most academic institutions also have some sort of grants scheme in place for employers to subsidise their recruitment expenses.

It is therefore vital to know and choose the right scheme for your business in order not to waste vital resources.

THE GOVERNMENT KICK START SCHEME FOR EMPLOYERS

Author : Emmanuel Victor Quarm - CEO- TEK Business Group

September 2022

It came as a relief when I heard about the 2 billion kickstart schemeprogramme announced by the government last month. Like most of the small businesses who have experienced great losses as a result of this pandemic, this is an opportunity to mobilise resources by means of recruitment campaign.

Employers will be able to recruit any qualified candidate for six months, working on a maximum 25 hours to meet the requirement for the scheme. Thus, employers will receive payment on the national minimum rate for every employee, employed and an additional incentive paid to the employer for every employee recruited.

I believe this is good strategic and economical recruitment campaign not only for the department of works and pension but also, the many businesses that have been hit hard because of Covid-19. The economic climate has affected annual business predictions and productivity since last year and most businesses do not want to take any risk on recruiting new staff or bring on board staffs that were laid off because of this pandemic. The terms have been relaxed, which means employers no longer must recruit a minimum of 30 employees to meet the requirement. However, the incentive provided is only meant as training cost for young employees from 16 to 24 years who can longer find employment and are on universal credit.

It also important to mention that one of the prerequisites for successful application of the grant is to have your job advertised on the “find a job” platform administered by the department for works and pension (DWP). It also clear that further funding will be available for training and support to enable young individuals acquire the skills needed to find jobs in the future meanwhile, employers can be flexible with the recruitment date till end of December 2022.

WHAT ARE THE ECONOMIC IMPACT OF THE NEW PROPOSAL ON FINANCIAL SUPPORT FOR SMALL BUSINESSES

Author : Emmanuel Victor Quarm - CEO- TEK Business Group

June 2022

The Government has introduced many funding schemes since the Covid- 19 pandemic emerged early last year and without government support, many small businesses would have been left stranded and collapsed. The impact of the financial support and small grants given can be seen by many businesses who were able to service their struggling businesses as a result of the funds attained from the Government through various schemes .As time progressed , it is clear that some businesses have been affected due to the fact that they were unable to meet any of the requirement put in place for claiming funds available. Most of the people and businesses in this status are found in a venerable situation where it has been tough finding any help in these challenging times.

In May 2020 a petition for the support package for Directors and shareholders of small limited company was passed on to parliament for consideration upon reaching 100,000 signees. This petition shows how vital this matter is and it comes as a relief when I heard that the FSB has approached the Treasury on considering this proposal.

I hope this proposal is considered as I am one of the few businesses left out as a result of not being able to meet any of the requirements under the current funding schemes . This will be beneficial for many business with different business models who are left behind at the moment.

RESEARCH GRANTS FUNDING ;ARE THEY THE BEST ALTERNATIVE ROUTE TO BUSINESS FINANCE

Author : Emmanuel Victor Quarm - CEO- TEK Business Group

March 2022

So, I have used this route of funding for several times without any success but nevertheless , I am going to outline the advantages and disadvantages according to my experiences and knowledge .

Advantages

1. A perfect route for any research idea that can be brought on the market as either product or service

2. You get the benefit of the doubt upon having more than one assessor to look at your proposal

3. You get most of the time, a maximum of seventy percent of the funding sought after

4. It is a fast and efficient way of raising capital for your project

5. There is less risk involved due to how it is administered, and it is fully guaranteed once you are approved for the grant

6. You get expert advice and guidance during the project life cycle phase of your project when required

Disadvantages

1. Any project proposal summary is bound to be published which may result in a conflict of interest or could compromise confidentiality protocols laid down by the business

2. A good project idea does not necessarily guarantee funding due to how assessors are picked

3. Project proposal can be only allowed a certain number of times to be reconsidered

4. Project will be supervised and monitored during the entire project life cycle phase

5. Its requires acknowledgement of the source of funding when marketing product or services from project

6. Project proposals can be invalidated when not successful

To add to my comment above , it is important to note that the advantages outlined outweighs the disadvantages however, any business that falls within the disadvantage list given is not a failure in anyway. Research has shown that many businesses have gone further to obtain funds through other means to develop their successful product or service . A highly complex and innovative idea is bound to receive some kind of rejection and opposition especially at the initial stages until that idea is recognised or become familiar by the majority . It has also been found that most successful entrepreneurs would have had their ideas rejected at the early stage of any grant proposal application if they did not have the funds bythem selves to delivers their project.

It is therefore imperative to maintain a sense of confidence and a mind set of achieving your goals even if it requires independent and peer funding if your initial proof of concept and market research is right .

TIPS FOR SETTING UP A SUCCESSFUL TECH START-UP

Author : Emmanuel Victor Quarm - CEO- TEK Business Group

December 2021

Many start-ups nowadays find it difficult to have the financial support due to many reasons , one being lack of exposure and understanding of business processes and requirement. A survey published by Gartner specifically identifies this as the main cause of failure with Tech start-ups. This could be the fact that most Tech start-ups are not business administratively oriented and as such , are unable to cope with the managerial aspect of the business. It also have something to do with the level of education as we find more and more high school graduates and first degree graduate in technical disciplines trying to venture into a business of their own. Many successful entrepreneurs had their failure along the way so you should not be bothered by such setback but rather be open and willing to learn quick from mistakes . As a developers/engineer , your valuable assets lies within your competence and capabilities so it is essential that you ;

· Have a tangible idea and a good business model

· Understand how to invest and add value to your business

· Can manage your intellectual properties

· Can manage any project

· Can manage and mitigate risks and set back

· Can be an effective communicator and negotiator

Recognise these attributes as essential requirement to run a business

FUNDING OPTIONS ; BUSINESS SUPPORT GRANT FOR SME'S IN THE UK

Author : Emmanuel Victor Quarm - CEO- TEK Business Group

September 2021

It is now widely acknowledged that Small businesses are the engine that drives any major economy. In the UK there has a several campaigns and promotion on increasing the awareness on the avenues where small businesses and SME's can find funding opportunities and grant for their project . The Government industrial strategy plan has a very clear plan on allocating funds for SME'S however most of the funding can not be reached by many SME's due to the rigorous requirements introduced by many bodies when applying.

My personal experience is a testimony on how difficult it is for small businesses and I strongly believe it is high time the proper authorities use the opportunities provided through various means such as feedback from the several consultations that we have contributed to address this issue. Several survey feedback also shows that many businesses face similar issues.There are various funding sources such as Grant's from various Government bodies, non governmentorganisations and also the councils throughout the borough in London , county and in the UK.

The most known Grant available if you happen to be a research organisation is through the UKRI . This Grant is specifically for pre-revenue businesses, academia and other industry bodies interestedinterested in research. The most popular grant that UKRI provides is called the smart grant and this can be accessed directly through their web portal by registering and presenting your proposal directly on line. The interesting thing about the smart grant is the possibility of submitting a proposal without any stakeholders thus, there is no need to arrange for partners or collaborators. On the other hand , most of their competition that is arranged requires some sort of collaboration in order to meet the requirements.Another avenues is through the council where any business is located but most of these Grant's are match funded grant and this means that it requires some sort of funding proportion to be met by both parties.

HMRC is also proving grant due to the Brexit and the grant is administered by price Water house -pwc . This is called the custom intermediary grant and it is meant for business already providing custom services or in the process to do so. Businesses can apply for either IT equipment grant or training grant to assist them on implementing best standards and acquire the necessary resources needed to provide customs services .

There are many Grant's available on the www.gov.uk platform but most of them are provided and sponsored by the county and councils and the combined authority so it is vital to enquire in order to meet the location requirements

ENTERPRISE FINANCE GURANTEE LOAN SCHEME - AN ESSENTIAL FUNDING SCHEME FOR SMALL BUSINESSES

Author : Emmanuel Victor Quarm - CEO- TEK Business Group

June 2021

The enterprise finance guarantee loan is a funding scheme which provide about seventy five percent government backed guarantee security for business who have little or not much security , This was introduced about 8 years as part of the Governments finance readjustment programme for businesses. This has been very successful in some part of the country such as the south eastern part of UK however, it has not gain that much recognition in other region but it is also mostly accessed by mid to large businesses.

The reason for this could be attributed to many factors however, it is clear from my investigations made between 2018-2019 shows that most of the banks in the Midlands regions have little or no knowledge about this scheme.One of the major problems with UK small businesses in the government's industrial strategy published in 2017 emphasised on the lack of access to finance and the means for the financial bodies to explore more possible ways to enable the ease and access to finance. The CBIL loan facility issued by the banks relies on the same

requirement for small businesses however, this scheme tells a different story in terms of the number of businesses who were able to get financial support from this scheme. This could be due to the swift action taken by the government to ensure that banks are well prepared to support businesses but on the other hand it also shows the kind of effort made to promote the enterprise finance guarantee since its launch.

The Benefit of Research & Development Tax Credit For Small Businesses in the UK

Author : Emmanuel Victor Quarm - CEO- TEK Business Group

March 2021

Any small business that have applied for research and development tax credit either through an agent or directly has gone through the rigorous tax compliance procedure that HMRC follows in order to make a successful claim. However, HMRC is encouraging more small businesses to claim R&D tax credit by making the whole process much easier than it is at the moment due to the high number of unclaimed R&D tax credits.They recently launched a charter to address some of the more pressing issues that customers face when dealing with them and any interested business that provided a feedback before the deadline had the opportunity to address some of the most common issues from corporation tax, VAT, to tax credits.

I personally believe that the whole R&D tax credit process can be made much simpler than it is at moment and this is mainly based on my experiences on making a direct application. R&D Tax Agent on the other hand have are much more familiar and flexible way of dealing with HMRC staff and for that matter , they find it much more easier claiming on behalf of small businesses. However, the processes becomes more complicated for small businesses claiming directly from HMRC.The R&D tax credits scheme provides the financial support required for large or small enterprises involved in research work to enable them subsidise some of their expenditure uncured as a result of research activities undertaken. The whole idea and objective behind a qualifying claim focuses on research work uncertainties and problems uncounted/solved rather than research outcome . Thus, failure in accomplishing any objectives within a particular work frame does not necessarily disqualify any projects but rather if the data obtained from the laboratory and experiments can be proven to be worthy thus, it deals with uncertainties during the project life-cycle and can also provide a useful means of understanding the direction and scope for future work if required.

I am particularly much interested about this qualifying factor due to the nature of my work and like many typical research and development businesses , a lot of money , time and other resources is spent on solving a particular problem with unsuccessful trials carried out several times before accomplishing any aims and objectives. R&D tax credit will be able to provide some of the tax breaks and reliefs needed to cater for material,transportation and equipment expenses if all records can be submitted during your application process.

The HMRC R&D tax credit guidance notes are very muchself explanatory and they provide all the information required to assess weather a project qualifies under the scheme before submitting a claim. This can be done together with your corporation tax anual submission or could be submitted upon amending your corporation tax returns. From my personal experience dealing with HMRC, ,i believe HMRC staff are more interested with proof of expenditure of any expenses made than any part of the claiming process. They do this just to ensure a smooth compliance process is observed. So it would be difficult to make a claim from HMRC without any records of any expenditure even if a proof of your work is even patented. This is the downside of the whole process and without having all the required proof of purchases even if a proof of the actual work is documented.So i recommend taking a tax agent to deal with complications like this however, i also believe that this typical issue can be changed by HMRC to make the whole claiming process much more flexible.

For compliance sake, it is reasonable and makes perfect sense that no work could be documented and proven without incurring cost and for that matter any business that is able to make a good case of not having all proof of purchase documents but is willing to provide and share confidential materials obtained from work should have a waiver from HMRC.

The Negative Impact of COVID-19 As Well as the Ripple Effect On the Industry As A whole

Author : Emmanuel Victor Quarm - CEO- TEK Business Group

Decemeber 2020

I read an article last month on Facebook about the possibility of UK's economy shrinking to 14% due to the current economic crises as a result of COVID-19. Of-course this was a forecast and prediction based on the current situation. Back in 1706, the UK faced the same turmoil which caused an unprecedented economic catastrophic events all across the country and the continents as a whole however, it would not be fair to compare these two incidents in the same way due to many factors but rather good to learn from the past and ponder on the economic and social impact of previous crises society.

As entrepreneur, my focus will be on the impact of COVID-19 on small businesses and COVID-19 funding opportunities for small businesses. This is mainly because SME's are the backbone of every economy and it is vital that proper measures are put in place to ensure that more businesses survive this terrible period. As we all know , the chancellors's yearly budget for businesses and the UK economy was overshadowed by the quick spread of the pandemic and it was necessary to put in place further financial support facilities to ensure businesses are protected. It is estimated that the government's rescue package cost the economy 350 billion pound sterling as announced on the 17th of March . This was to provide various funding schemes such as the CBIL loan scheme and the bounce back loan scheme; grants for businesses either paying or qualify for business rates and reliefs ; grants for the self employed and finally the furlough scheme . These funding schemes were all in place in order to maintain a short term stable economy.

Whatever the shortfalls might be , we should see the Government's rescue package as sufficient on supporting workers, the self-employed and businesses of all sizes across the nation. Not all businesses benefited from this as a result of the nature , size , structure and other factors that can not be mentioned but it is essential to acknowledge the short term impact of the financial support on the economy. With business shut down temporarily , the economy would have collapsed if spending was hindered. Reducing the bank of England interest rate encouraged consumers to continue doing business and also encouraged spending at a period where consumers had little options on how to facilitate normal spending routines and practices due to the lock-down restrictions.Now we have to wait and see how this plays out on the long term prospect of the economy. small businesses that sought for funding from the UKRI and other bodies have the opportunity to introduce some of their innovative ideas on the market as either short term or long term business models that can encourage and boost business activities during this period. The aviation, catering and hospitality industries have suffered the most and although other sectors such as the science and technology industry have managed to continue operating at a minimal level, it is not yet clear the losses in regards to job cuts as result of demand and supply for services and product. Major economic blow is being felt across the manufacturing industry as companies come to terms with the reality of COVID-19 . The rescue packages has not helped everyone, and just last week , it was on the news that Mac Lauren is facing a shut down due to the current situation . Other automotive companies like JLR have managed to go for external loans.I am optimistic that the economy will bounce back at a reasonable rate with time if we manage to secure and implement all plans from new derived business models and strategies proposed for funding around COVID-19 and beyond (the aftermath) to support already existing businesses .

We wont be able to give a full clear picture of the economic disaster for at least late 2021 when the actual numbers are out for any strategic economic approach taken by the Government and the nation as a whole , as a collective effort to minimise this pandemic crises.

Making Use Of Your IP's As a Strategic Grand Asset In Attaining Finance

Author : Emmanuel Victor Quarm - CEO- TEK Business Group

September 2020

There is a common saying in the Tech industry which goes by "A company's biggest and greatest assets is the value within its intellectual properties" and even though this saying is true, it has not yet guaranteed any route to finance for companies who have relied and invested heavily on research and development to ensure they realise the potential use of their intellectual properties as valued intangible assets through funding . Many start-ups in the United states, especially, those in the tech industry are able to secure funding through the means of the use of intangible assets however, this trend is yet to begin in the UK.Although the concept is widely accepted , it is yet to gain grounds by many lending institutions. In 2018, the British bank in collaboration with the patent office published a document about using intellectual property to access growth funding. The 24 page document made a very good argument by stating why banks should be able to lend money to small businesses and enterprises who invest or have somehow attained and protected their Intellectual properties.

As i mentioned earlier, the reality is quite different from the concept in the UK as most banks and financial institutions are still far behind on understanding the value of intangible assets. It is possible that bank policy makers and regulators are in full support of this idea but until this support transcends to the ordinary branch bank manager , enterprises with good business models and plan will still face hardship getting funds from their local banks. The traditional way of seeking funding which relied heavily on the evidence of business stability and sustainability is still effective and a common reason to provide loan services to businesses but banks now have to grasp the idea of being able to use the value of your IP as collateral or in other words, security guaranteed assets when the need be. So basically, what that means is that the philosophy with financial institutional lending principles and schemes has to change and adapt to this changing times however, the logic behind this is still the same and tangible.

Financial institutions like the bank of Scotland have managed to promote this scheme within partner financial services groups and subsidiaries such as Lombard finances and they are leading the way on this campaign for innovation funding. Close brothers finance also launched an innovative funding scheme for SME's by the use of IP's to attain funding in 2018 and according to sources and from my own personal visit to the website, the service was no longer in place. This could be due to many reasons but lets just be optimistic and assume that the website is under maintenance.

In the UK, many small businesses, especially tech- start-ups invest heavily in intellectual properties after initial launch of their business but few are able to survive after a year or two and this is mainly due to not having sufficient funds to embark on projects. Many of these businesses are not able to use their IP's as a guarantee for finance and as such are left stranded. As a research and development consulting company ,Teksolutions-Inc.Ltd is in support of Innovation funding and our campaign on promoting this concept within the financial institutions is a sign of our commitment and support for Innovation.

LATE PAYMENT FOR SMALL BUSINESSES IMPEDING GROWTH AND PROGRESS

Author : Emmanuel Victor Quarm - CEO- TEK Business Group

June 2020

Small businesses across the UK are facing critical times as a result of the pandemic but more importantly due to the late payment for invoices on transaction already made and also other issues such as claims. The problem has been in existence for a while now resulting in the Government initiative for the launch of the small business commissioner’s office . The small business commission’s main task or objective is to tackle dispute amongst large , medium and small businesses across UK through mediation and despite resolution . Its been a success story since its launch but the are barriers within areas under which they are not allowed to operate and this does not help due to the fact that its limits the commissions authority to operate for all cases affecting small businesses.

Small Business across the UK operate under critical conditions due to limited resources. Most businesses are considered underdogs and are ignored when it comes to pressing businesses issues with their larger clients. This sometimes causes legal matters in relation to the subject matter easily neglected as their legal status are not considered accordingly with the rules and regulations legislated to protect and observe business standards .

It is imperative for the arms of the law to be stretched wider than before in order tosafeguarded good businesses that have potential and prospect of being successful. The small businesses commissioners limited authority to operate across all areas of dispute relating to payment is a disadvantage to SME’s who are looking for more defined routes on resolving payment matters .

To ensure that success is realised within small businesses , there should be a more conducive environment and conditions provided to small business especially when it comes to late payment and legal matters .

Afterall, small businesses are recognised as the backbone of the UK economy as such , they deserve more for their contribution to the economy

How does the UK export Finance support businesses

Author : Emmanuel Victor Quarm - CEO- TEK Business Group , Gemini AI Source

March 2020

UK Export Finance (UKEF) plays a crucial role in supporting businesses looking to expand their presence in international markets. As the UK's export credit agency, UKEF provides financial assistance and insurance to mitigate the risks associated with export activities. This support includes offering guarantees to lenders, which enables businesses to secure funding for their export ventures at favorable rates. Additionally, UKEF helps companies navigate complex overseas contracts and offers guidance on overseas market conditions. By providing tailored financial solutions and expert advice, UKEF empowers UK businesses to confidently engage in global trade, increase their competitiveness, and ultimately drive economic growth. Through its initiatives, UK Export Finance enhances the ability of businesses to seize opportunities in markets worldwide, ensuring they can thrive in an increasingly interconnected global economy.

The UK Export Finance (UKEF) supports businesses in several ways to boost their export activities. Here are some key mechanisms:

• Loans, Guarantees, and Insurance: UKEF offers various financial products to mitigate risks associated with international trade.These include:

  • Buyer Credit Guarantees: These protect exporters against the risk of non-payment by overseas buyers.

  • Loan Guarantees: These help exporters access loans from commercial banks by reducing the lender's risk.

  • Export Working Capital Scheme: This provides support for businesses to manage cash flow during the export process.

  • Bond Support: This helps exporters secure performance bonds required for overseas contracts.

  • Direct Lending: UKEF can directly lend to overseas buyers to finance the purchase of UK goods and services.

• Market Intelligence and Advice: UKEF provides valuable resources and guidance to businesses, such as:

  • Market research and analysis: Information on overseas markets, including market size, competitor analysis, and regulatory requirements.

  • Export finance advice: Guidance on accessing export finance options and navigating the application process.

  • Country risk assessments: Information on the political and economic risks of trading with specific countries.

• Support for Small and Medium-Sized Enterprises (SMEs): UKEF recognizes the unique challenges faced by SMEs and offers tailored support programs, including:

  • Simplified application processes: Streamlined procedures to make it easier for SMEs to access UKEF's products.

  • Dedicated support teams: Expert advisors who provide guidance and assistance to SMEs.

  • Partnerships with banks and other financial institutions: To facilitate access to export finance for SMEs.

By leveraging these mechanisms, UKEF plays a crucial role in enabling UK businesses to compete effectively in international markets, expand their customer base, and contribute to economic growth.