When you’re on the front line of a budding business, charting a path through the ups and down can require laser focus, forward planning and intuition. Champion swimmer and small business owner Michael Klim shares four tips to help you keep swimming in the right lane.
Know your numbers.
It’s easy to shy away from the stats but don’t let the figures scare you. Gathering data can give you an independent and up-to-date picture of events, whatever your challenge. “After I suffered disappointment at the Atlanta Olympics, I started to log every session to learn more about myself — my times, my heart rates, my stroke counts, my stroke rate,” says Michael. “I wanted to make sure I was making the best decisions possible.”
Balance data with perspective.
While it’s important to dive deep into your numbers, don’t forget to come up for air. “I love the fact that I can access instant data using Xero to analyse our stocks and revenue,” says Michael, whose company Milk & Co stocks national stores and pharmacies with skincare products. “But these days I take a top-line approach. I’ve learned to take only what you need to make a decision.”
Have an anchoring point.
Knowing the enduring purpose of your brand can help you interpret data and business decisions when the waters get murky. “I thought our products would fly off the shelves; that after three or four years of business, Milk would be a global brand,” admits Michael. “We had to evolve to grow. To do that, you need a team with a purpose that aligns everything together.”
Know the metrics that matter.
Everyone measures success according to different standards — whether that’s financial returns or a feeling of freedom. Understand what matters to you and share it with your team. “Before, when I was fresh and green, I measured success by a digital clock or the amount of medals I’d won,” Michael says. “Now, it’s a different answer. It’s about being financially sustainable and having a good balance in life.”
Join the conversation at #BusinessGold
The post 4 tips to help hit your stride when building your business appeared first on Xero Blog.