Heard about Small Business Saturday?

Apples

Small Business Saturday has been taking place on the first Saturday in December since 2013. The campaign provides free training workshops, celebrates small business successes, and encourages consumers to support small businesses in their community by ‘shopping local’. Although it focuses on one day, the aim is to change mindsets so people choose small businesses all year round.

This year’s figures are not yet announced, but on Small Business Saturday in 2015, customers spent £623m with small businesses – an increase of 24% on the previous year. #SmallBizSatUK trended at number one all day, with over 100,000 tweets sent, reaching over 25 million people. And over 75% of local council supported the campaign, for example, by providing free parking.

100 small businesses were highlighted in the 100 days running up to this year’s event on 3 December. They attended receptions at Downing Street and The Treasury Drum with the Chancellor of the Exchequer, and benefited from exposure on social media and in the local press.

One of the featured businesses in 2016 was Haven’t Stopped Dancing Yet! – a pop-up disco for people who love soul, funk and disco music from the 70s and 80s. Founded in 2010, they have performed in South East London and Birmingham, with vinyl DJs, dance line-ups, retro sweets and fancy dress prizes. Ad agency, JWT, called them a “trailblazer” for targeting the under-served 50-something market.

Spice Kitchen in Walsall is a mother-and-son team producing home-ground spices and spice mixes sold online via Etsy and Not On The High Street. They were also finalists in the Guardian Small Business Showcase competition, won a Great Taste Award in 2015 for their garam masala, and received the BBC Producers’ Bursary Award 2015 for up-and-coming food producers. The owners say customers love the products, and the fact that they are a family-run business.

Marvel Plumbing was one of the first businesses to be highlighted in 2016, and organised a fun event on Small Business Saturday to bring other businesses together and expose them to the local community. The company has grown from one man-and-van in 2012 to eight vans and four full-time office staff. They have also been asked to write and deliver part of the gas course for Southgate and Barnet College, so training future gas engineers to meet their high standards.

Small Business Saturday is a non-commercial initiative headed by Director Michelle Ovens MBE. It covers all types of small business, and is free to join. The campaign is supported by high-profile sponsors including American Express, Federation of Small Business, and Vistaprint.

This year, they have even launched a free cookbook containing recipes inspired by small businesses.

Find out more at smallbusinesssaturdayuk.com

Akoni helps businesses make the most of their cash. Follow us on Twitter @akonihub or connect with us here.

What the Autumn statement means for your business

Autumn

Chancellor, Philip Hammond, has delivered his first Autumn statement. Most announcements came as no surprise, with core messages about continuity of financial stability and control of public spending.

The statement was considered and concise, which is encouraging at a time of uncertainty. However, business groups interviewed by the Guardian didn’t consider the statement bold enough, and were disappointed that it didn’t tackle business rates or provide support following the Brexit vote.

Here are some of the headlines:

Impact on business

To reinforce Britain’s competitiveness while negotiating Brexit, Hammond confirmed he will stick to the business tax roadmap that was announced in March, with Corporation tax reducing to 17% and a reduction to business rates worth £6.7bn.

Funding

In an effort to boost the long-term economy and reduce the ‘productivity gap’, £23bn is going into a new National Productivity Investment Fund, including:

  • £7.2bn to tackle congestion and transport
  • £7.bn to support house-building (including £3bn Home Builders Fund to unlock finance for over 200,000 homes)
  • £4.7bn towards science and innovation
  • £2bn to accelerate construction on public sector land
  • £1.1bn for local infrastructure
  • Over £1bn for digital infrastructure (to encourage the private sector to roll out more full-fibre broadband and support trials of 5G mobile telecoms. What’s more, full-fibre infrastructure will benefit from 100% business rates relief for five years from April 2017.)
  • £27m development funding for the Cambridge-Oxford growth corridor (as recommended by the National Infrastructure Commission)

To make Britain the ‘go to’ place for science and innovation, these sectors will also benefit from an extra £2bn of funding per year for business research and development.

£400m is being invested into Venture Capital Funds from the British Business Bank, to:

  • Unlock up to £1bn of investment in innovative firms planning to scale up
  • Review to identify barriers to access to long-term finance for growing firms
  • Funding from the Department for International Trade for FinTech specialists

Benefits in kind reformed

Tax will become payable by employees who sacrifice salary to receive ‘benefits in kind’, except:

  • Cycle to work scheme
  • Ultra-low emission cars
  • Pension savings
  • Childcare

HMRC expects to gain approximately £2m through this measure.

Economic forecasts downgraded

As a result of the EU Referendum decision, economic growth is predicted to be 2.4% lower than previously expected. Here are the revised OBR forecasts:

  • 2016: 2.1%
  • 2017: 1.4%
  • 2018: 1.7%

Borrowing increased

Hammond made a distinction between borrowing to cover the deficit and borrowing to invest, and at £122bn, Government borrowing will increase significantly.

New fiscal rules

To protect against bumps during Brexit, Hammond announced three new rules:

  1. Cyclically adjusted borrowing to fall below 2% by the end of this Parliament, and public finances to return to balance as early as possible during the next Parliament
  2. Public sector net debt to fall as a share of GDP by 2020
  3. Welfare spending to be capped

Just About Managing (JAM)

Due to the state of the economy, Hammond avoided this phrase coined by Theresa May, but did announce:

  • Freeze in fuel duty
  • Offset the rising cost of foreign holidays
  • Ban on letting fees being charged to tenants
  • Income tax threshold rising to £12,500
  • Higher rate threshold rising to £50,000
  • Minimum wage rising to £7.50 (in 2017)
  • Possibility of removing the pensions triple-lock (after 2020)

Budget moved to Autumn

To allow time for tax changes to be made in advance of the tax year, the Budget is moving to Autumn. That means no more Autumn Statements – from 2018, there will be a Spring Statement instead. At least that means major changes will only happen once a year.

If legal hurdles are overcome and Article 50 is triggered at the end of March 2017, the final Spring Budget will be a significant measure of the nation’s fiscal position.

Going forward

Although there are many challenges and changes to the economic climate, the Government is committed to boosting business in the UK.

Philip Hammond said: “My priority is to ensure that Britain remains the number one destination for business – creating the investment, the jobs and the prosperity to protect our long-term future.”

Akoni helps businesses make the most of their cash. Follow us on Twitter @akonihub or connect with us here.

Great British Brilliance: From 15 to 67 Medals in 20 Years

Historic. Epic. Astonishing. Dazzling. Awe-inspiring. Extraordinary. Mesmerising. Heroic.

Words seem so inadequate when trying to describe what most of us are feeling about Britain’s performance at Rio2016.

The spirit of the Brazilian Olympics started like a slow burning flame. It was most likely sparked here back home on Day 2, when 21-year-old Adam Peaty, won gold for the 100m breaststroke. Then on the same day, Jazmin Carlin, won a silver medal in the 400m freestyle. The days that followed fanned that Olympic spirit flame until it became wilder and swept more and more of us along with it. There was something for everyone – action, drama, thrillers and lovestories – all unfolding live by the second, and it was addictive.

On the second last day of the Games, when we were already gasping at the dreamy results, we were in for more treats:

First, Liam Heath won Gold in the men’s kayak 200m sprint.

… Shortly after that, Vicky Holland was awarded a Bronze medal after her gruelling race in the women’s triathlon,

… then boxing flyweight, 33 year old Nicola Adams, won Gold – becoming the first British boxer to retain an Olympic title in 92 years.

… Next came Bianca Walkden, with a Bronze medal, beating Morocco’s Wiam Dislam.

… Then came one of the highlights for millions around the globe: possibly the greatest TeamGB athlete of his time, Mo Farah ran to clinch his incredible “Double Double”. Witnessing this sporting icon trip and then get back up to take the men’s 5,000m gold medal, was enough to bring many to tears. Indeed, Mo Farah made Olympic history by winning the 5,000m and 10,000m in both the London and Rio games.

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Mo Farah wins the 5,000m and 10,000m Mens track events, achieving his “Double Double” gold

But there was more to come. Team GB women’s 4 x 400m relay, won a bronze medal – Ceilidh Doyle, Anyika Onuorh, Emily Diamond and Christine Ohuruogo bringing it home in style.

Super heavyweight boxer Joe Joyce’s silver medal brought the total medal count for Great Britain to an outstanding 67, second in the world to the USA – even beating China, and smashing a 108-year-old national record for most medals won.

Compare that to the 15 medals won in 1996 – which included a solitary gold medal won by Sir Steve Redgrave and Sir Matthew Pinsent, who won the men’s coxless pair in the Atlanta Games.

… That’s a mere 20 years gap between 15 and 67 medals.

Have a look at the detailed TeamGB Rio Olympic 2016 medal table here.

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Great Britain’s medal takings at the Olympic Games Rio 2016 – BBC

For any nation competing, success at the Olympics demands a focussed plan and sufficient funding to implement this plan. Funding is essential to nurture athletes from a young age, through specialist training programmes, by providing subsidies, research, facilities, equipment and expert trainers.

In Britain, the establishment of the National Lottery was pivotal to this plan to succeed, and it started funding the World Class Performance Programme – which was implemented in 1997, after the 1996 Atlanta Olympics result. The British have increased spending on Olympic sports from £5m a year before the 1996 Atlanta Games – when the UK came 36th in the medals tables, to £350m (€410m) by Rio 2016, where it came second.

Regarding focus: The Olympics is a competition where you need to be the best in the world to even qualify. Being a Jack of all Trades and a Master of none is simply not an option here.

After the 1996 Olympics, it was decided to concentrate funding and focus only on sports that we performed in. This decisive move, that caused much controversy worked. By focussing on what British teams had an advantage at already, they already had a foot on the road to a medal. The Brits also concentrated on sports are not hugely popular or widely played – this gave them more of a chance of a medal with less competition – pretty clever “niche market” strategy.

In 2006, the year after London won the right to host the 2012 Games, UK Sport became responsible for all performance funding, which is reflected in figures that have risen from just under £60m for Sydney to the current total for Rio.In essence, every citizen has donated £ 1 per year to the training of this team.

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After an heroic battle, British champ Andy Murray beat Juan Martin del Porto to win gold in the Men’s Singles tennis event

Rio Olympics – the connections that will keep giving:

On the day of the opening ceremony of the Rio Olympics, UK trade minister Lord Price said in his speech at British House in Rio that the Olympic Games reminded us all that we are equals united by sport, and that this extended to other areas. He wanted Brazilian investors to know that the UK was “open for business”. He had lead the first trade mission to Argentina in May, before the brexit result was announced, and had said at the time that the growing economies of Latin America offered huge opportunity for British business.

UK suppliers won contracts in excess of £ 150m for the Rio Games, confirming that small firms are keen to trade with South America. FSB national chairman, Mike Cherry has said that the number of small businesses exporting to the continent have increased by 50% over the past five years.

Latin American countries have expressed an interest in striking free trade deals with the UK in the wake of Britain leaving the EU, and Brazil’s foreign minister, José Serra, said last month he would look to open negotiations via Mercosur, the five-member trading bloc.

With our team’s commendable behavior and performance throughout the Games, the cultural diversity in the team and diverse talents represented, Britain has really made it clear to the rest of the planet that this small Great island is Ready to do Great Business with the world.

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Team Great Britain – Thank You from every one of us, united as a nation, claiming our place on the podium at the Greatest Show on Earth

Akoni helps businesses make the most of their cash. Follow us on Twitter @akonihub or connect with us here.

 

 

 

 

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Women on Top: Positive Effects on Business

Democrat candidate for the US presidency, Hillary Clinton, has said in the past that she wants to be known as the “Small Business President”. During her impressive performance on Monday’s extraordinary Presidential Debate, she made it clear that she was determined to make to small business a priority, should she be elected to office. Clinton vowed to make “starting a small business in the United States as easy as opening a lemonade stand”, which certainly spoke to a wide economic sector and a significant voting body.

Clinton has a personal affinity with the small business owner, afterall, her father was one. He owned as small printing business, and it provided for the family. “ When my dad ran his small printing business—he printed drapery fabrics in Chicago—it put food on the table; it gave us a good, solid, middle-class home and lifestyle. And I don’t think it’s old-fashioned to say that’s what I want for every family that wants to work for that here in our country today.”

If she takes over the reigns from Obama, Hillary Clinton’s strategy for promoting the growth and support of small business in the USA will be made up of several exciting features, many of which the UK government can relate to. (see http://www. great business.gov.uk/).

Her strategy includes, briefly: more accessible funding; streamlining the process of the licensing startups; revising taxes for small business; and incentivising healthcare benefits for small business employees; opening up new markets and promoting trade; providing recourse for small businesses that get “stiffed” – or aren’t paid by their dues (Trump is famous for not paying his contractors); by providing incubators and training and support for business owners; and making the government more user-friendly, making a 24-hour response time to small businesses with questions about federal regulations and access to capital programs, standard.

Back on this side of the ocean, Theresa May has been vocal in her support of small business since becoming the UK PM. She recognises that Britain’s 5.4 million small and medium sized businesses provide people with jobs, put food on families’ tables and underpin the strength of our economy and listening to, and working with smaller firms is the answer to building an economy.

Like Clinton, May is keen to promote the global expansion of UK small business elsewhere, and Brexit provides UK small business with a golden opportunity to do just this. “I also want those firms, across all the sectors of our economy, to be able to take advantage of the opportunities presented by Brexit, such as exporting to new destinations.”

The British Prime Minister has recently disbanded the business advisory group, which was set up by Cameron during the 2010 coalition, with a view to making the body more representative. The new members, Number 10 has said, will come from business big and small. This is another example of May showing her support of SMEs, and has been welcomed by small business leaders including the Federation of Small Businesses, saying that they hope for a larger voice now that the Brexit negotiations are taking place.

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Strong women at the top (l – r, above – below): Scotland’s Nicola Sturgeon, UK PM Theresa May, Angela Merkel, PM of Germany and US Presidential candidate, Hillary Clinton. (Pic source: http://atlanticsentinel.com/wp-content/uploads/2016/07/Nicola-Sturgeon-Theresa-May-Angela-Merkel-Hillary-Clinton.jpg)

According to a recent new study, a third of British women in business have felt that they had been positively affected by strong women leaders. Clinton, along with PM Theresa May, Scotland’s Nicola Sturgeon and Germany’s adept Angela Merkel, amongst others, are having a marked effect on women worldwide – and on business in the UK. Crunch’s operations director, Justine Cobb, said “It’s fascinating to see that the female business community in the UK is feeling buoyed by the rise in female political leaders.”

This group of political heroines are leading by example and this is translating into economic growth in the UK. Backed up by the data collected, Crunch found that the number of women starting their own businesses had grown 42 per cent since 2010, and almost a third of all the new businesses are now founded by women. Obviously, a third is still someway to half, but at least the progress is in an upward direction.

In times of economic uncertainty, it is clear to see how valuable competent role models are, and how they can become catalysts for change in society. With inspired examples of what is possible in one’s sight, it is easier to set positive changes in our personal lives motion. The sooner that female leadership is normalised in society, the better for young girls around the world. Let’s hope that the “Small Business President” becomes just that. The small business community is watching the race for the Oval Office in hope – and with bated breath.

Akoni helps businesses make the most of their cash. Follow us on Twitter @akonihub or connect with us here.

 

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British SMEs: Beating the Brexit Blues

SMEs were the focus of much attention from both sides of the Brexit campaigns, and there is no surprise why. These businesses are the bedrock – the wheels and cogs – that keep our economy going.

According to government figures, SMEs accounted for 99.3% of all private sector businesses at the start of 2015 and 99.9% were small or medium-sized businesses. SMEs employed 15.6 million – 60% – of all private sector employment in the UK, making their contribution to the economy enormous. Did you know that the combined annual turnover of SMEs was £1.8 trillion or 47% of all private sector turnover in the UK? Rather impressive stats.

As a previous SME owner myself, I must confess that I was absolutely gutted when the Brexit referendum results were revealed, and wondered how many of my fellow SME business owners would be affected by the predictions of a full-on recession.

But what is heartening news is that there have recently been some surprisingly upbeat post-Brexit surveys and barometer results published – it seems that SME owners are rallying against the forecast economic doom and gloom:

According to the September 2016 Owner Managed Business (OMB) Barometer from Bank of Cyprus UK, over half (51%) of business owners and small businesses expect revenues to increase in the next 12 months, with a mere 15% disagreeing.

Commenting on the research findings, Nick Fahy, Chief Executive of Bank of Cyprus UK said that despite the general post-Brexit blues, the UK’s business owners and small businesses remain optimistic about their prospects. There was an immediate reaction to the Brexit news, but that the nation’s vital bedrock of businesses – the shopkeepers, family-owned businesses, the small and medium business owners and the independent traders have remained stable. It was vital that the UK government kept the SMEs in mind when negotiating the best deal with the EU, as to fail to do so would let down the British people.

What was quite noteworthy in the survey, was that 55% of small business owners did not think that the UK’s Brexit trade negotiations would necessarily boost key activities – sales, export, commercial opportunities, customer base and talent pool – for their businesses. It seems that many businesses are UK based and UK focused, while others may be trading/ or planning to expand their business to with non-EU customers.

One could say that the massive fintech revolution that has taken place in the UK could be spurring these statistics on. New York, Singapore, Hong Kong , Australia are the fintech hubs outside the UK, and may be making trade with the EU less vital in that sector.

If the UK government emphasized the positive advantages of trading with the UK, creating incentives such as an attractive tax regime, and geared-to-growth regulations, this would certainly drive this industry forward and set the UK up as a more competitive option than Europe to international traders and investors.

Another huge bonus was that, according to the same survey, a large portion of SME owners (45%) believed that the UK economy was in good shape, with a 28% saying they didn’t agree.So much for the doom merchants and nay-sayers. The overwhelming feeling is that British SME owners are doing what they are best at, and simply carrying on regardless, making the best of the situation.

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So far, so good. Brexit is not having quite the negative effect we thought it would on SMEs. Google Images

In another recent survey  conducted by CitySprint, that over half the SME businesses that thought that their businesses would suffer post Brexit have now changed their minds, and believe in a more positive outcome. Two-thirds of the respondents reckoned they were in a better place than they were this time last year.

The fall in the Pound may have resulted in better exporting deals for SME that trade internationally. This has encouraged overseas buyers to snap up British-made goods, because they are available at a lower price.

City AM also recently reported that two large banks – JP Morgan and Morgan Stanley – had adjusted their outlook to a more positive one, following news that the services purchasing managers’ index (PMI) soared from 47.4 to 52.9 in August. Results below 50 indicate economic contraction – and two consecutive contractions indicate a technical recession. This recent result was an unexpected outcome – and one that showed that the economy is much more resilient than expected.

The two Morgans have now revised their expectations for the UK economy, Morgan Stanley saying that it can now predict that the UK will avoid a technical recession, to grow by 1.9 per cent this year. The bank had previously foreseen the economy shrinking by  0,4% in the third quarter, but it now foresees growth of 0.3 per cent. Which is a very positive result after all Britain has been through.

With more than half a million new businesses being created every year on this little island, we are right up there with the best nations in the world in terms of resilience, innovation and enterprise. As the Brexit blues clear, the doom-mongers are being pushed to the sidelines. Backed by more-positive-than-expected predictions from the financial sector, SMEs have every right to feel buoyant and bullish about the future British economy.

Akoni helps businesses make the most of their cash. Follow us on Twitter @akonihub or connect with us here.

Andy Murray: Tech Startup Champion

Winning gold for the second time at the Rio Olympics has cemented the Team Great Britain hero’s place in the annuls of sporting icons. The current reigning men’s senior singles Wimbledon champion, has a string of tennis titles to his name, 39 to be precise. He has recently added a title of another kind to his name: that of Advisor in the business of tech startups.

Even if his flag-bearing skills are in question, (and please forgive me, I couldn’t resist including this clip) his business skills certainly aren’t.

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Being a wily Scotsman, Andy Murray (@Andy_Murray) is putting his talent for spotting opportunity to work – only this time it’s off the court – by investing in tech.

“Giving recognition and support to British entrepreneurs is really important to me, especially those who are the driving force behind growth-focused businesses,” Murray said in a statement.

“Every one of these entrepreneurs is passionate and dedicated to succeeding and I’m excited to have invested in their future growth.”

His talent for investing in tech startups has cemented a long-term relationship with Seedrs, where he is an advises on areas of strategic interest, as well as being an active investor himself. The Seedrs platform allows people to invest upwards of £10,000 into companies that they like the look of in exchange for equity.

Murray has invested in fifteen startups to date – with focuses as wide ranging as a dog-tracking GPS device (Dog Tracker Nano), to Beeline – a GPS navigating device and app for cyclists to beauty – blow LTD – a London-based beauty on demand service.

“Andy is a great example of an investor who understands early stage investment and the importance of building a diverse investment portfolio aligned with a wider investment strategy. Seedrs was named the most active investor in private companies in the UK last month, and our continued growth and leading position in the market are testament to our reputation and the support from people like Andy,” said Jeff Lynn, CEO and Co-founder of Seedrs.

If his tennis career is anything to go by, this man is bound to succeed.

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He’s been in the game since the tender age of 3, when his mother, Judy, would take him to their local tennis courts in Glasgow. He played in his first competitive tournament at age five and by the time he was eight he was competing with adults in the Central District Tennis League.

The world-ranked number two has competitiveness in his genes – his brother, Jamie is a two-time Grand Slam winner and a Davis Cup champion, currently the world No. 4 doubles player and a former doubles world No. 1. His mum, Judith “Judy” Murray (née Erskine) is a Scottish tennis champ herself, having won 64 titles in Scotland during her junior and senior career.

The young Andy Murray could have easily followed in the footsteps of his maternal grandfather, Roy Erskine, who played professional football for the Hibernian Football Club in the 1950’s – deciding to focus on his tennis career in, despite having been invited to train with Rangers Football Club at their School of Excellence.

In 2012, by beating Novak Djokovic at the US Open, incredible tenacity and grit resulted in Murray being the first British player since 1977 and the first British man since 1936, to win a Grand Slam singles tournament. In 2013, Murray was the first British player to win the Wimbledon Championships, and entrenched his influence over SW19 winning again in 2016, becoming the first British man to win multiple Wimbledon singles titles since 1935.

On or off the court, this man is a true champion who is bound to conquer whatever he turns his attention to, because he has a fiercely competitive will and the work ethic to back this up.

Feature image: http://cdn.crowdfundinsider.com/wp-content/uploads/2015/06/Andy-Murray.png

Akoni helps businesses make the most of their cash. Follow us on Twitter @akonihub or connect with us here.

 

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Savings Hit as Interest Rates Halve

There have been significant challenges to businesses over the past few years – austerity, changes in regulation , minimum wage and more recently the EU referendum – all within a climate of global uncertainties as the major world economies are in recovery. Most of these factors have some impact on almost all businesses within whom we interact.

The Bank of England has now cut rates from 0.50% to 0.25% – a move that has previously been expected, and priced accordingly by the markets since the results of the Brexit were announced.  Head of BoE, Mark Carney, has also ruled out negative interest rates, and has provided business savers with some certainty going forward.

Business Savings have been worst affected, with interest rates for U.K. Savings accounts from High Street banks being in the low and in some cases, nil percentages.  Fortunately there are still many banks offering reasonable returns in the current climate and we encourage SMEs to review availability, particularly bearing in mind government protection up to £75,000 per banking institution. Currently, the highest Easy Access business rates are 1.10% to 1.35% for business interest rates.

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Shop Around for the Best Rates Available

Last week, the Royal Bank of Scotland wrote to 1.3 business owners, saying that it may be forced to charge on credit balances, should the Bank of England take on negative base interest rates – mentioning they may charge businesses for holding deposits. This announcement was currently limited to only two High Street banks, concerned with their own margin pressures.      

There is still ample opportunity for business to work the unutilised asset – cash.   At the same time as the above announcement, there are a large range of banks offering relatively significant returns from overnight to 1 week 1 month and 1 year plus terms, so it is worth shopping around for the best returns.    

“For now, it’s unlikely a cut in the base rate to 0.25 per cent will result in charges. But this is certainly something to be wary of further down the line if you are a small business owner with cash in the bank. It may be a good reason to shop around for a different bank, one that commits not to impose charges,“ writes Ben Chu, Economics Editor at the Independent.

We at Strongjones urge all businesses spend time reviewing market alternatives for their cash surplus. This would be as simple as a marketplace review – taking a few minutes, allowing you to continue your primary banking relationship without any change. This combined with straightforward cashflow management allows the business to extract additional income for minimal effort.

We provide SMEs solution to manage cash and maximize returns and are happy to discuss our solutions further and we aim to provide solutions that every business should be seeing from their banks in some form. Our startup is presently taking on Beta Group customers – contact us to learn more.  

Akoni helps businesses make the most of their cash. Follow us on Twitter @akonihub or connect with us here.

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How SMEs are using FinTech and cloud tools for Growth and Profitability

How SMEs are using FinTech and cloud tools for Growth and Profitability

There is much talk about the disruption of FinTech innovation, and not much in terms of understanding the business impact. In particular, small and medium-size enterprises, who can benefit in terms of financial leverage, use various online tools to increase productivity, streamline processes, improve reporting and the business balance sheet. In the age of digital innovation, FinTech is providing solutions that can benefit small enterprises as much as it does the retail market. We aim to present a few pragmatic options for you to explore.