Accounting Software company Kashflow, recently surveyed Small Business owners to evaluate what they perceive as the major factors in growing a company from Small to Medium sized in business.
The research revealed these top five milestones that small business owners consider they have to reach before they can consider their business to have grown to Medium size.
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)
Interestingly the European Union defines a Small Business as employing up to 50 people and Medium sized business has having 50 to 250 employees.
On a personal level, the top five things that small business owners would like to achieve to consider their business a success are 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
Have you made it BIG?
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