The 10 biggest (and painful) mistakes we see with 100s of businesses

In business, it's often the decisions you DON'T MAKE that become some of your best decisions of all time. That's why, in this episode of the Australian Business Podcast Owen Rask, Jordan Kidis, and Danil Goloubev detail the 10 biggest mistakes that 100s of business owners make every week. The 10 mistakes include: Being naive or ignoring it will not make your tax problems disappear (i.e. ignoring the tax debt/lodgements) Poor financial management (overcapitalising is a killer) Div7a -- is it "free" money from your business or a debit loan -- let's ask the ATO! Failing to reinvest in the business Putting off scaling/hiring/investing in equipment/people/marketing because you're scared Pricing to win work and failing to make money -- be prepared to say no as time goes on An over-reliance on a handful of clients (e.g. tradies) Doing the same thing over and over again expecting a different result -- insanity! GST - it's a thing Listening to pub talk Australian Business Podcast resources Owen Rask’s free business course Ask a question Get a business health check from Grey space This Australian Business Podcast Episode is for founders, business owners and investors in private companies. Join 2,300+ students in our free business course! If you liked this episode, don’t forget to consider taking our free business course and tuning into the Australian Business Podcast episode one, in which I shared my journey. Love the Australian Business Podcast? Let me know about it by leaving a review on Apple or Spotify.  If you want to help me out with the course, right now the best thing you can do is subscribe and review this podcast in Apple or Spotify. Please use the “Ask a question” menu link on the Rask websites, or leave your questions in the Apple Reviews. ✅ Grey Space Advisory – accounting today for a smarter tomorrow Do you get stuck worrying about your business’ finances? Or what needs to be paid to ATO, employees, Super funds and so on? The Australian Business Podcast is proud to announce that our sponsor, Grey Space Advisory, is offering all business owners a financial health check. Jordan and Danil’s expert team of accountants will conduct a review of your tax structure, bank set-up, ATO obligations and reporting, business insurance and provide some advice on how to manage all of this — for just $99! Book a $99 business health check with the Grey Space Advisory team and tell them Owen sent you. ☕️ Rumble Coffee Roasters — our OG sponsor & coffee genius! Rumble Coffee Roasters is dedicated to helping you drink better coffee. Knock-out blends, world-class single origins, bold espressos and flavour-filled filter roasts. Rumble Coffee prides itself on personal relationships with producers and customers alike. Tell them Rask sent you.  *** The information on this website and in our podcasts is general financial and tax information only. That means, the advice does not take into account your objectives, financial situation or needs. Because of that, you should consider if the advice is appropriate to you and your needs, before acting on the information. If you don’t know what your needs are, you should consult a trusted and licensed financial adviser or tax agent. Learn more about your ad choices. Visit megaphone.fm/adchoices