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Cloud accounting software company, Xero, today announced the launch of their Business Gold advice guide, featuring insights from champion swimmer and gold medallist Michael Klim, to help small businesses succeed.
Xero research reveals 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.
That’s why Michael, a successful small business owner as well as world swimming champion, recommends any small business owner doesn’t follow the temptation to go it alone, but builds the best possible team around them to help them succeed. 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.
Michael first established the Aussie skincare range to help his transition from competitive swimming in 2008. Initially focused on products for men, Milk & Co and has since expanded into baby and women’s skin care, and began trading in China earlier this year.
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. Business Gold will also come as an eBook for small businesses to download.
Xero research suggests that collaboration and mentoring can play a key part in a business’ success or failure, by giving business owners the support to brainstorm solutions and learn from others who have bounced back from failure to flourish in their field.
Commenting on the partnership, Michael Klim said, “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. I’ve used Xero for more than two years now, so I’m really excited to help them share the tricks of the trade I’ve picked up from my experience as a professional swimmer and business owner.
“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.”
Trent Innes, managing director of Xero Australia, said, “The road to success can be long and arduous but small businesses owners don’t need to 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.”
Michael Klim’s five tips for business success:
- 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.