Small Business Owners Fighting To “make It” Big

Discussion in 'Press Releases' started by 10 Yetis, Jul 15, 2008.

  1. 10 Yetis

    10 Yetis UKBF Newcomer Free Member

    2,383 144
    Research by a leading accounting-software company has discovered the factors that contribute to small business owners feeling like they have “made it” into medium to large business owners.

    An accounting software company has carried out research within the small to medium sized enterprise market and found that the most common factor that makes small business owners consider their business to have “made it” is when they have made over £250k-£500k profit cleared and in their business bank account.

    The research from KashFlow found that the Top 5 business milestones that small business owners considered that they had to reach before considering their business to have made it were as follows;

    1.£250k-£500k cleared profit in the business bank account
    2.Won a business award
    3.Product or service having featured in national media editorial
    4.Purchased their own offices
    5.Large team of employees – (50 or above)

    It is worth noting that the number of employees small business owners consider they need to become a medium to large sized business is considerably lower than the European Union’s definition which states that 0-50 employees is classed as a small business and 250+ employees is classed as a medium sized business.

    As individuals, small business owners said that the Top 5 personal circumstances that would make them consider that they had created a successful business would be as follows;

    1.When they don’t have to work but choose to
    2.When they have a large cash amount in the bank (£1m+)
    3.When their mortgage is paid off
    4.When they can afford to own and run two homes
    5.When they can whisk friends and family off for all expenses paid holidays

    Speaking about the research findings the Managing Director of KashFlow, Duane Jackson said,

    “We commissioned the research in order to get a better understanding of our users goals and targets to help with our marketing and it is interesting to see the difference between what has historically been considered the benchmark for becoming a medium to large size business and what existing small business owners consider to be the parameters”.

    He continued, “I believe that the growth in the take up of online accounting software packages has meant that small business owners can now keep a much better track of their company’s real-time financial information which is obviously making them more confident that they can grow not only their business, but also their own personal wealth”.

    884 small business owners took part in the research which was commissioned by account software company KashFlow.

    KashFlow launched its flagship product, an online tool specifically designed to help owner-managers in small businesses manage their accounts, in mid 2005. Since that time it has quickly won a significant share of the valuable accounting software market along with launching a new direct-to-accountant division in late 2006.

    In late 2007 KashFlow won a Business Software Satisfaction Award, judged entirely by customer feedback, for the category of web-based accounting, beating the likes of Sage and Netsuite.

    The KashFlow accounting package is securely hosted online; requires no installation and can be trialled for 60 days for free by visiting www.kashflow.co.uk.

    The site also displays examples of feedback from actual users.

    www.kashflow.co.uk

    [FONT=&quot]END[/FONT]

    [FONT=&quot]Editors Notes[/FONT]

    [FONT=&quot]For further information or images to support this story, please contact Andy Barr, 10 Yetis Public Relations Agency, 01452 348211, [email protected][/FONT]

    [FONT=&quot]In 2007 KashFlow won a Sift Media award, judged entirely by customer feedback, for the category of web-based accounting beating the likes of Sage and Netsuite[/FONT]

    [FONT=&quot]In June 2008, KashFlow became the first accounting software package to be certified by PayPal for integration with its payment platform. PayPal and KashFlow now work in partnership to provide a seamless, end-to-end, payment processing and accounting system[/FONT]

    [FONT=&quot]KashFlow has received two rounds of venture capital funding from Lord Young of Graffham, former Secretary of State for Trade & Industry and ex Chairman of Cable and Wireless[/FONT]

    [FONT=&quot]KashFlow is simple to operate, with users instinctively knowing where to click to perform almost any accountancy task[/FONT]

    [FONT=&quot]KashFlow’s development is unique from any other in that user feedback is the key driver behind every new development and additional functionality[/FONT]

    [FONT=&quot]Owner managers are able to effectively manage their accounts with no need for software training or prior knowledge of accountancy[/FONT]

    [FONT=&quot]KashFlow has been featured in the likes of the Financial Times, Daily Mail, The Daily Telegraph, The Mail on Sunday and all the leading accounting titles.[/FONT]

    [FONT=&quot]Journalists can subscribe to a KashFlow press release and media announcement newsfeed by visiting the following link and clicking the RSS feed icon;[/FONT]
    [FONT=&quot]http://www.kashflow.co.uk/pressroom.asp [/FONT]
     
    Posted: Jul 15, 2008 By: 10 Yetis Member since: Nov 3, 2004
    #1
  2. Orange22

    Orange22 UKBF Newcomer Free Member

    52 6
    Very Interesting...
     
    Posted: Jul 15, 2008 By: Orange22 Member since: Jul 4, 2008
    #2
  3. Eleanor

    Eleanor UKBF Newcomer Free Member

    390 48
    Incredibly interesting, and I completely agree...

    But then I don't thinkI'll ever have £10,000 cleared in my bank, never mind £250,000... time to give in, me thinks :(
     
    Posted: Jul 18, 2008 By: Eleanor Member since: Mar 3, 2008
    #3
  4. garysumpter

    garysumpter UKBF Newcomer Free Member

    1,417 93
    So THATS why we were all invited to fill in the survey ;)

    G
     
    Posted: Jul 18, 2008 By: garysumpter Member since: Dec 4, 2007
    #4
  5. DuaneJackson

    DuaneJackson UKBF Legend Free Member

    9,523 1,118
    Why not? You need to know how much you have in the bank now, how much you want to have in there -and then work out the steps in between.

    If you think it's time to give in, and you genuinely want to - then do. No point wasting energy on something if your heart isn't in it.

    It can be frustrating if you only have £2.50 in the bank and you're aiming for £250,000. But if you aim for £250 (and work out how to get there) and then £2,500, and so on - then it becomes much more achievable. Not to mention less daunting.

    It is possible if you focus on it and have a plan. a few years ago I didn't have a pot for urination purposes, but now I'm doing reasonably well.
     
    Posted: Jul 20, 2008 By: DuaneJackson Member since: Jul 14, 2005
    #5
  6. Eleanor

    Eleanor UKBF Newcomer Free Member

    390 48
    This is a great way to achieve goals, after all, they say start small...

    I know how much I have in the bank and I know how much I need (I don't want tonnes of money, I have very little use for it at the moment other than to pay bills and debt).I know the exact steps I have to take to get there, only I'm running out of ideas to get to my goal before the wolves reach my door (10 days).

    I don't want to give in, but I'm thinking full time employment with someone else is beginning to become my only option. I'm thinking reasonably here... the last thing that I want to do is stop what I am doing because I'm bloody good at it and I love it... but I have my family to think about.

    Duane, thank you for the inspirational words... lets see if I can turn this around in 10 days... I know I can, somehow!
     
    Posted: Jul 21, 2008 By: Eleanor Member since: Mar 3, 2008
    #6
  7. Zionic

    Zionic UKBF Newcomer Free Member

    27 1
    lol £2.50, if only i were that lucky!!!
     
    Posted: Jul 21, 2008 By: Zionic Member since: Jul 20, 2008
    #7
  8. i234i

    i234i UKBF Ace Free Member

    2,284 242
    i was thinking the same haha :p
     
    Posted: Aug 17, 2008 By: i234i Member since: Jul 16, 2007
    #8
  9. oldeagleeye

    oldeagleeye UKBF Newcomer Free Member

    3,979 1,218
    Duane. This whole nubers game is getting more and more confusing. A few years ago an SME was described as having anything from 10 to 25 employees. In effect most of the bRitish workforce. Now it seems an SME is a business with 25 -50 employess. Anything less is a Micro Business.

    As far as your survey goes there have been many over the last few years which have showed that the owner of a SME believes he has made it when pre-tax profits show a min of £250,000. Not far off your own so we are talking bog standard numbers.

    What is diffrent about your own survey however is that you are at the front line and may be able to privide more interesting data like what sector of industry your contributers come from.

    I am thinking for example what may be a typical customers for Kashflow. A doctors surgery of say 4 partners. They don't need to employ 50 people to have £250K in the banks. They can earn that each with just 2 support staff.

    Again 4 partners in a firm of local solicitors can ejoy a joint income of over £ 1 million with a support team of just 4 or 5.

    In short it is what is behind the numbers that count and if you can expand on your survey I think it would prove extremely valauable not only to members but the Government.
     
    Posted: Aug 6, 2009 By: oldeagleeye Member since: Jul 16, 2008
    #9
  10. Camille-I

    Camille-I UKBF Newcomer Free Member

    122 5
    Good post, thanks........
     
    Posted: Sep 2, 2009 By: Camille-I Member since: Jun 1, 2009
    #10
  11. rhymz

    rhymz UKBF Newcomer Free Member

    24 0
    very intereting post
     
    Posted: Sep 26, 2009 By: rhymz Member since: Sep 23, 2009
    #11