UKBF user name: DuaneJackson
Real name: Duane Jackson
Company name: KashFlow Software Ltd
Website: www.kashflow.co.uk
Contact: 0800 848 8301
1. How did you start your organisation?
I started KashFlow in 2004 because I was very frustrated at the complexity of all the bookkeeping and accounting programmes that were then available for my fledgling web development business. I was sure that there was no need for accounting software to be so intimidating and full of jargon so I set out to prove it.
2. What services does your business offer?
The award-winning software that KashFlow offers is incredibly easy to use for small business owners with no accountancy training. We also have a Partner Programme for what we call 'modern, forward-thinking accountants'.
3. What were the main challenges you faced when starting up?
The main challenges I faced when starting up were a lack of experience, capital and credibility. I had no business experience and had been out of work for a number of years due to problems in my personal life. With no family around there was no one to turn to for either advice or financial support.
All three problems were solved by meeting just one person. I met Lord Young of Graffham, former Cable & Wireless chairman and once Secretary of State for Trade and Industry, at the launch of a business incubator in Hackney.
Lord Young immediately grasped the premise underpinning the business and thought it would make a good investment. He became an investor in the business and has been a great mentor and sounding board for me.
In January 2008 he became chairman of the company to help us manage the phenomenal growth it is experiencing.
4. How would you rate the success you've achieved?
The business has been very successful, very quickly - more so than I had expected. It has recently been valued at over £2m, making me a paper millionaire!
We were very lucky with the timing, I don’t think I could repeat the same success as quickly with another product. There was a definite need for software that would help you do your company accounts without being either boring or scaring you to death – and we happened to be able to deliver it in the right way, at the right time, and whilst nobody else was doing it.
5. How has UK Business Forums benefited your organisation?
When I first joined UKBF, KashFlow was a new in-house project with hardly any users. The forums have been central to the success we’ve had with KashFlow. We still get lots of new customers from UKBF every week, mainly down to existing customers raving about it whenever anyone asks for advice on accounting software. And as a source of advice from people with more experience than me or even just a different viewpoint, it's been invaluable.
It's not just new customers that KashFlow gets from UKBF. KashFlow's accountant, PR firm, design company, printers and many other suppliers have all been found via UKBF. If ever there was a business that grew up on a business forum, KashFlow is it.
6. What are your plans for the future?
We've had a number of very tempting offers to sell KashFlow to some of the more established software companies. Whilst I don't see myself still running it personally in 10 years time, for now I’m enjoying running and growing the business too much to walk away.
7. What are your three tips for business success?
Put the customer first – if you can delight your customers then they'll stay with you a long time and recommend your product or service to others.
Focus – once you get into business, you get the business bug. Everywhere you look you see money-making opportunities. It’s quite hard to remain disciplined and focus on your core business.
Finally and perhaps most importantly, you need determination and resilience. It can be very hard and sometimes demoralizing experience to run a start up business. You need to be able to pick yourself up and keep on working on your vision.
Duane Jackson is a moderator on UK Business Forums.
Real name: Duane Jackson
Company name: KashFlow Software Ltd
Website: www.kashflow.co.uk
Contact: 0800 848 8301
1. How did you start your organisation?
I started KashFlow in 2004 because I was very frustrated at the complexity of all the bookkeeping and accounting programmes that were then available for my fledgling web development business. I was sure that there was no need for accounting software to be so intimidating and full of jargon so I set out to prove it.
2. What services does your business offer?
The award-winning software that KashFlow offers is incredibly easy to use for small business owners with no accountancy training. We also have a Partner Programme for what we call 'modern, forward-thinking accountants'.
3. What were the main challenges you faced when starting up?
The main challenges I faced when starting up were a lack of experience, capital and credibility. I had no business experience and had been out of work for a number of years due to problems in my personal life. With no family around there was no one to turn to for either advice or financial support.
All three problems were solved by meeting just one person. I met Lord Young of Graffham, former Cable & Wireless chairman and once Secretary of State for Trade and Industry, at the launch of a business incubator in Hackney.
Lord Young immediately grasped the premise underpinning the business and thought it would make a good investment. He became an investor in the business and has been a great mentor and sounding board for me.
In January 2008 he became chairman of the company to help us manage the phenomenal growth it is experiencing.
4. How would you rate the success you've achieved?
The business has been very successful, very quickly - more so than I had expected. It has recently been valued at over £2m, making me a paper millionaire!
We were very lucky with the timing, I don’t think I could repeat the same success as quickly with another product. There was a definite need for software that would help you do your company accounts without being either boring or scaring you to death – and we happened to be able to deliver it in the right way, at the right time, and whilst nobody else was doing it.
5. How has UK Business Forums benefited your organisation?
When I first joined UKBF, KashFlow was a new in-house project with hardly any users. The forums have been central to the success we’ve had with KashFlow. We still get lots of new customers from UKBF every week, mainly down to existing customers raving about it whenever anyone asks for advice on accounting software. And as a source of advice from people with more experience than me or even just a different viewpoint, it's been invaluable.
It's not just new customers that KashFlow gets from UKBF. KashFlow's accountant, PR firm, design company, printers and many other suppliers have all been found via UKBF. If ever there was a business that grew up on a business forum, KashFlow is it.
6. What are your plans for the future?
We've had a number of very tempting offers to sell KashFlow to some of the more established software companies. Whilst I don't see myself still running it personally in 10 years time, for now I’m enjoying running and growing the business too much to walk away.
7. What are your three tips for business success?
Put the customer first – if you can delight your customers then they'll stay with you a long time and recommend your product or service to others.
Focus – once you get into business, you get the business bug. Everywhere you look you see money-making opportunities. It’s quite hard to remain disciplined and focus on your core business.
Finally and perhaps most importantly, you need determination and resilience. It can be very hard and sometimes demoralizing experience to run a start up business. You need to be able to pick yourself up and keep on working on your vision.
Duane Jackson is a moderator on UK Business Forums.
