Leading cloud accounting software provider, Xero recently announced the launch of the Business Gold advice guide, featuring insights from champion swimmer and gold medallist Michael Klim, to help small businesses succeed.
Xero research reveals that a third of successful small business owners turn to mentors or support groups for business advice, compared to just 14 per cent of businesses who ran a closed business.
Two in every five Australian small businesses fail or close after just five years of operation, according to the Australian Bureau of Statistics.
Trent Innes, managing director of Xero Australia, stressed that the road to success can be long and arduous but small businesses owners needn’t go it alone.
“Support is an important and often overlooked element of success. We’re excited to bring Business Gold to Aussie small businesses to help take them to the top of their game and succeed,” he explained.
What makes Michael Klim a great business mentor?
Michael, who was originally born in Poland, made his Australia Olympic team debut in the 1996 Atlanta Olympic Games.
However, apart from being a world swimming champion, Michael is a successful small business owner. He first established the Aussie skincare range Milk & Co to help his transition from competitive swimming in 2008.
Initially focused on products for men, the company has since expanded into baby and women’s skin care, and began trading in China earlier this year.
He recommends any small business owner not to follow the temptation to go it alone, but build the best possible team around them to help them succeed.
“I’ve swum my fair share of competitions around the world, and I can say with confidence that the pressures of running a small business surpass that of swimming the 4×100 Medley Relay,” commented the aquatics champ.
“As an athlete I constantly sought to acquire a great knowledge of myself, my strengths and weaknesses. Knowing my limits in the pool was one thing I could always depend on, and it’s a rule I now apply to business.”
It’s one of the five key tips he shares in Business Gold, launched by Xero to give thousands of Aussie small businesses the tools they need to succeed and thrive.
What pointers does the champ have for SMBs?
Klim has five pointers that he believes can be hugely beneficial to entrepreneurs setting out in the choppy waters of business.
- Stay focussed and mindful – give tasks your full focus, but know when to relax to avoid burnout.
- Build a strong team – it’s important to surround yourself people that push and inspire you to surpass your personal best.
- Change with the game – stay on your toes and be ready to adapt to changes, the success of your business may depend on it.
- Work towards a goal – have a set number of goals every week and work towards them.
- Be curious – don’t get complacent, gather as much knowledge as you can because there is always room for improvement.
So what exactly does Business Gold entail?
Business Gold brings Michael’s winning advice to small business owners in a five-chapter video series, drawing on how on his professional swimming career on the world stage has shaped his approach to business.
Each chapter will focus on how small business owners can overcome hurdles, hit their stride, work as a team, change with the game and sustain their success.
Ladies and gents, the first chapter from Michael and Xero…