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Beyond the Bottom Line: What Defines Success for Small Businesses in 2024?

In the entrepreneurial world, it's often said that "Cash is King", but with all due respect, Your Majesty, we do not live in a monarchy anymore. Don't get me wrong, a lack of cash flow is still the primary reason small businesses fail, and given the nature of my industry, I can attest to the importance of every penny. Yet, in 2024, a new form of currency is gaining traction—one that transcends the dollars in your wallet and encompasses the richness of community ties and the wealth of personal satisfaction.


This sentiment is echoed in a recent QuickBooks survey of nearly 2,000 U.S. small business owners. The survey sheds light on what truly matters to entrepreneurs today: financial security, community impact, and personal fulfillment.


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Redefining Success in 2024

The survey debunks the myth that financial gain is the sole measure of success. Here are some key takeaways:


Money Matters, But It's Not Everything

Revenue is important, but a surprising 65% of respondents would be content with earning less than the national average of $351,000 needed to feel successful this year. Setting realistic financial goals is crucial, with 64% confident in meeting their targets. However, 70% admit their happiness hinges on achieving those goals, highlighting the financial pressures many small businesses face. 


Success is a Family Affair and a Personal Journey

Providing for loved ones reigns supreme, with "providing for my family" ranking as the top metric for success across generations. Millennials prioritize community contributions alongside family, while Gen Z business owners value personal fulfillment highly.


Building Wealth Through Business Ownership

Nearly 90% of respondents credit business ownership with helping them achieve personal financial goals like saving for a home, paying off debt, and improving credit scores.  Interestingly, many view entrepreneurship as a more viable path to wealth creation than traditional homeownership.


The Power of Community

The survey highlights the symbiotic relationship between small businesses and their communities.


Local Love

An overwhelming 89% of respondents agree on the importance of consumer support for small businesses.  Over 70% feel backed by their communities through word-of-mouth promotion, positive reviews, and a conscious effort to "shop small."


Giving Back  

Small businesses are the lifeblood of many communities.  Survey results show that 55% of a small business's annual revenue comes from local customers.  These businesses reinvest their success by promoting community growth, creating jobs, and improving the quality of life in their neighborhoods.  Moreover, 85% of owners have actively supported local causes within the past year.


Kim Arden Consulting: Your Partner in Achieving Your Vision

At Kim Arden Consulting, we understand that success for small businesses goes beyond just the bottom line. That's why we take a holistic approach to your finances, helping you not only achieve financial security but also build a fulfilling and impactful business.


Free Consultations: We offer free consultations to discuss your specific needs and goals. 

Customized Solutions:  We don't offer a one-size-fits-all approach. We tailor our services to fit your unique business and budget.

 

Focus on Growth: By taking care of your finances, we empower you to focus on growth and achieving your vision for the future.


Schedule your free consultation today and let Kim Arden Consulting be your partner on the road to long-term success. Together, we can build a business that thrives financially and contributes meaningfully to your community.

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At Kim Arden Consulting, we're here to help you navigate your financial journey with ease. We understand that every business is unique, and we're committed to providing personalized, virtual accounting and bookkeeping services that align with your specific needs.

Whether you're a small business owner seeking to streamline your financial operations, a high net worth individual looking for meticulous bookkeeping, or someone in need of specialized QuickBooks Online support, have you covered.

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