Duane Jackson, Founder & CEO, KashFlow Software Ltd
KashFlow is an online tool specifically designed to help owner managers in small businesses manage their accounts. KashFlow’s aim is to take the boredom out of managing a company’s accounts and to make the day to day tasks easier to achieve so that less small businesses neglect this area.
KashFlow keeps accounts management simple: it requires no installation, software training or prior knowledge of accountancy.
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.
Hello Duane, Thanks for your time, Welcome to YHP.
What are your five tips in running a company successfully?
1) Be thick-skinned. People will tell you your idea is rubbish; potential customers will close the door on you. Especially in the early days. You need to be able to pick yourself up and persevere
2) Don’t be too thick skinned. If enough people are telling you your idea is rubbish and you can’t get any customers – you need to be prepared to accept the slim possibility that you’re wrong and the rest of the world is right
3) Be decisive. Don’t spend days agonising over a decision. Make a decision and go with it.
4) Keep in control of the cash. You need to know at all times who owes you money, who you owe money and how much cash you have.
5) Delegate. Although other people are unlikely to do things to the high standard that you want, you have to accept that you can’t do everything yourself.
What is your definition of success?
Having my company at a stage where I can go away for a year and when I come back not only is it still running, but it’s actually continued to grow.
How do you overcome setbacks and failures in business?
I think it’s important to look at today and tomorrow and not worry too much about yesterday.
How do you become a more successful entrepreneur?
By reading about other entrepreneurs and learning from their advice and experiences.
What is your definition of an entrepreneur?
I seen an entrepreneur as someone that has the balls to venture into the unknown to try and make their idea a success. Whilst most other people just talk about doing it
What are your thoughts on the recession and how do you think businesses, especially small businesses can benefit from it?
A recession is a great time to start or grow a business! Here are 5 reasons why:
1) Forced unemployment or redundancy
If you’re unemployed, then great - you have no other demands on your time.
If you are employed, especially by a big company, then there may be a redundancy package on offer. So not only can you leave and get up and running with your new business - but you can do so with some cash.
2) Cheaper Advertising and Marketing
Due to less demand, you’ll be able to advertise your new business venture at much lower rates now than this time last year.
3) More talented people
A year ago, it was very hard to find good people on the job market. Now the situation has reversed and there are lots of people - talented people - looking for work.
4) Lower salary expectations
its competition that drives up prices. There are less jobs available hence less competition to employ people. So the salary you need to pay to get good staff is lower than it was.
5) Companies looking for more value
Due to money being tighter, companies are more willing to change suppliers if you can offer them better value for their money.
Taken from a recent blog post I wrote about the same topic. My blog is at http://blog.kashflow.com
Name your top 3 entrepreneurial book every entrepreneur should read and why?
Rich Dad, Poor Dad by Robert Kiyosaki – this book really opens your eyes up to the world of money – both managing your own and making more.
The E-Myth Revisited by Michael Gerber – this book really only becomes relevant when you’ve been in business for 6 months to a year. It’s only then that you can relate to what Gerber says in this book and put his advice into action.
How To Get Rich – Felix Dennis. This is a very frank and entertaining book. It probably only contains a few lessons for the budding entrepreneur, but it’s a great read.
Thank you Duane these are great tips for young entrepreneurs and also young business owners out there.
0800 848 8301
Read the KashFlow blog: http://blog.kashflow.com/