Good financial management is essential to any small business, as former swimming star Hayley Lewis can testify. And it is her experience juggling financials that franchise network First Class Accounts is drawing on to help promote the need for bookkeeping among the small business community.

The franchise has partnered with the Olympian who will share her journey in business through a series of video blogs.

“Having spent a large part of my life in a swimming pool, I didn’t have any formal business training, in fact I’d never even had a job before so I was completely blind to the key aspects of running a business, let alone a successful one,” Lewis said. 

“When I started the swim school in 2002 I didn’t understand what it meant to maintain cash flow or lodge BAS – even the concept of paying employees holiday and sick leave was foreign to me.”

She said she struggled with the day-to-day juggling act of managing the financial aspects of the swim school as well as delivering quality swim lessons. 

“With overheads like rent and employee wages, maintaining healthy cash flow was critical to the type of business I was running and enlisting the help of a bookkeeper early on would have made the first two years so much easier.

“First Class Accounts’ research shows that plenty of other small businesses across Australia are the same, with just one fifth outsourcing their bookkeeping last year.”

Lewis said after closing the school it was a smooth transition to the gift shop despite a completely different business offering.

“Retail has presented completely different challenges, but the lessons learnt running the swim school have been invaluable. Establishing a strong business plan and regularly monitoring profit and loss are critical to any businesses success.”

First Class Accounts executive chairman Clive Barrett said Hayley’s small business experience and mainstream popularity formed the perfect partnership to promote the franchise’s offering.

“While many small business owners enjoy the flexibility of running their own business, many struggle to keep on top of basic bookkeeping, so we’re delighted to have Hayley on board to share how she’s overcome hurdles throughout her business journey and how professional assistance has made that easier.”