American Express Reveals

'The Best Money I Ever Spent on My Small Business'

LONDON, September 21, 2017 /PRNewswire/ --

Just under three quarters (71%) of small business owners say that investing in their company is the key to long term success according to research from American Express. However, concerns about cash flow (30%) to help fund future growth are considered to be the biggest challenge currently facing small businesses, ahead of forecasting the impact of external factors such as Brexit (21%) and prioritising the multiple needs of their business (14%).

Video: http://mma.prnewswire.com/media/558815/AMEX_Compilation.mp4

With small businesses owners ranking branding and marketing (25%), new hires (19%) and specialist equipment (15%) as the most important areas of investment, American Express asked five small business owners to share their stories of the best money they ever spent to help secure future success.

  
    Smarter:             A pioneer in the Internet of Things, Smarter launched the
                         world's first wi-fi kettle in 2013.
    Money well spent:    A £100 prototype
                         Starting Smarter with a vision for an affordable connected home,
                         Christian Lane invested £100 in creating a working prototype
                         iKettle.  A £1 million contract followed that enabled the
                         business not only to go into production, but grow and diversify
                         with fridge cams and a wi-fi coffee maker now in its connected
                                                                                   home offer.
  
    Uniform2Go           Bridgend based manufacturer and wholesaler of school uniforms
    Money well spent:    Branding
                         As a start-up competing for business with established uniform
                         suppliers, Emma Rees invested early in creating a strong brand
                         identify for Uniforms2Go.  Leveraging the identity online, in
                         marketing and in-store, Emma credits the branding as helping
                         establish Uniforms2 Go as a credible business that now supplies
                         The Prince's Trust and more than 250 schools in the UK as well as
                                                                                             some overseas.
  
    Server Density       SaaS (Software as a Service) business providing server and website
                         monitoring to customers all over the world    
    Money well spent:    Technology and Services:
                         Founded by David Mytton in 2009, Server Density was borne out of a
                         business problem David encountered while running another business.
                         The software solution that was needed didn't exist, so David and a
                         friend, Harry Wincup created it. Continuously checking websites
                         and systems globally to see if they are online and how quickly
                         their pages are loading, the software triggers alerts to the team
                         whenever there is a delay or an error.  David describes the
                         ongoing investment in essential technology required to run Server
                                                                                                                        Density effectively 24/7 as the best money spent on the business.
  
   Each Peach           Childcare and education service for babies through to five year
    Childcare            olds
    Money well spent:    Recruitment agency fees
                         Founder Kate Peach is passionate about childcare and cites a
                         significant agency fee to find a new nursery manager in 2015 with
                         enabling her to both grow Each Peach and diversify her portfolio.
                         Kate has since created Peacharno a childcare training and
                         consultancy service and has ambitions to add five more nurseries
                                                                                    to the Each Peach brand.
  
    Catalyst 2           Web hosting company managing around 20,000 domains including those
                         of international brands and charities   
    Money well spent:    Office environment
                         Paul Redpath set up his first business at the age of 15 alongside
                         studying and by the time he graduated, Catalyst 2 was up and
                         running.  Paul believes his best investment was his first member
                         of staff as well as the expense of the office space and equipment
                         needed to facilitate his first new joiner. He says the impact on
                                                                                            the business and his own work life balance was immediate.