The Tony Elumelu Foundation (TEF) program aka Tefconnect is now at the document upload stage.
If you are at this stage, it means that you have passed the assessment stage and stand the chance to get to the pitching stage.
Probably now your business summary is already completed and ready for submission.
But there is a problem.
On the TEF DMS on the TEFconnect portal, you are required to upload a Business plan document as well as a financial document.
However, most TEFconnect candidates already have their financials well documented in their business summaries.
In fact, most candidates are already ignorantly uploading their business summaries twice as a business plan and as a financial document.
That is wrong.
So, what next? How do you submit your TEF business summary correctly with your business financials?
In this post, I’ll take you through the right process of uploading both your business summary and your business financials for evaluation.
The Importance of Business Financials
During one of the latest TEF Information sessions, the facilitator in charge of financials buttressed the need for any serious entrepreneur to have the financials updated. Not only does a business financial document signal to investors that an entrepreneur is accountable, it shows them their financial journey so far and what they are likely to do with their capital if and when funded.
In one of those sessions, a facilitator revealed that a particular investor invested $50,000 in a Nigerian startup just because the company had their financial document updated and ready.
Likewise, the TEF facilitators are going to fund mostly entrepreneurs who have convincing financials.
If You don’t upload your business financials, whether as a new or existing business, then your chances of getting the $5,000 TEF grant is very slim.
So, preparing and uploading your business financials as a separate document in the TEF DMS platform is very important to increase your chances of getting the TEF grant.
Before Uploading Your Business & Financial Summaries
Before uploading your Business & Financial Summaries, you would have passed the “Due Diligence” stage, where you have to upload your proof of address, Government-issued ID Card, and Passport Photograph.
If you have passed this stage, then you would see a bold green prompt at the top of your TEF account screen, which reads “Program Status: Active-qualified”
If you see this prompt, then it means that you have been verified and cleared to upload your business and financial summary documents.
If you don’t see the prompt or your verification is being delayed, then you may need to contact the TEF admins to help you resolve the issue.
Creating Your Financial Summary Document
Contrary to what is being meddled on the TEF platform by other candidates, it is important to have your financial summary on a separate document even if you have some financials in your Business Summary Document.
To create your Financial Summary Document, follow these steps:
Duplicate your original Business Summary Document or download it twice.
Edit the second Business Summary Document. Change the heading from “The Business Summary Document” to “The Business Financial Document” or “The Business Summary Document – Financials”
Remove the content in the body of the financial document. Leave your Business name at the top and your profile details on the front page which contains your Name, Email, Category, and date.
Now, you have an empty document with the financial heading and all your details at the top of the page. Now, all you have to do is create a table to start adding your business financials. Here’s a free financial template you can use.
If you are a new business, simply add your cash flow statement for the previous months of your business and a 12-month cash flow projection with the grant amount written under “Business Financing”. So, in essence, you are showing your business accounting in the previous months, and how your business will utilize the TEF business grant in the next 12 months.
Once you are done with your cash flow statements and projections, you will now have two documents; your Business Summary Document and your Business Financial Document. Now, you can head over to the TEF DMS to upload the two documents separately.
Login to your TEFconnect portal and go to the TEF DMS to upload your completed documents. Under “Business Plans”, upload your Business Summary Document, and under the “Financials”, upload your Business Financial Document. After uploading, submit and wait for the next phase
The deadline for submitting your Business Summary and Financials will be displayed on the DMS platform.
If you are shortlisted for the next phase, which is the Pitching Phase, then you will be notified in about a month’s time.