{"id":42934,"date":"2023-10-20T15:24:52","date_gmt":"2023-10-20T15:24:52","guid":{"rendered":"http:\/\/startupsmart.test\/2023\/10\/20\/top-10-fatal-start-up-mistakes-startupsmart\/"},"modified":"2023-10-20T15:24:52","modified_gmt":"2023-10-20T15:24:52","slug":"top-10-fatal-start-up-mistakes-startupsmart","status":"publish","type":"post","link":"https:\/\/www.startupsmart.com.au\/uncategorized\/top-10-fatal-start-up-mistakes-startupsmart\/","title":{"rendered":"Top 10 fatal start-up mistakes – StartupSmart"},"content":{"rendered":"
\"feature-fatal-mistakes-thumb\"<\/div>\n

\"feature-fatal-mistakes-thumb\"This article first appeared June 22, 2012.<\/em><\/p>\n

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With warnings of a second global financial crisis and consumers at home who refuse to part with their cash, it may seem like hard times are ahead for Australian small businesses.<\/p>\n

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Sadly, it appears that SMEs haven\u2019t exactly had much respite since the first GFC. Recent figures released by accountancy firm Taylor Woodings show that company collapses are up 13.6% on the same point last year.<\/p>\n

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These figures, and latest turmoil in Europe, shouldn\u2019t cause start-ups to panic \u2013 indeed, there are very positive factors such as the relative strength of the Australian economy and the ease of starting up \u2013 but it is perhaps more important than ever to avoid making potentially business-wrecking mistakes.<\/p>\n

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We\u2019ve spoken to the experts to compile the 10 mistakes your business can\u2019t afford to make in the current climate. Don\u2019t say we didn\u2019t warn you.<\/p>\n

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Click through the tabs below for each top tip:<\/p>\n

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1. Late payment complacency<\/h2>\n

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You don\u2019t have to be a rocket scientist, or even a rocket-selling entrepreneur, to realise that the rise in insolvencies is partially linked to the growing problem of late payment.<\/p>\n

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According to Dun & Bradstreet, two thirds of businesses take longer than the standard 30 day-period to settle their bills. The national average payment time on invoices has risen to 53.4 days and it doesn\u2019t look like improving any time soon<\/a>.<\/p>\n

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If you are owed money, don\u2019t be afraid to chase it. Set clear payment terms and hit the phones as soon as they are breached. Keep the calls going until you get paid. Good customers won\u2019t desert your business if you demand to be paid \u2013 only the cashflow-destroying ones.<\/p>\n

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If you are the debtor, try to negotiate favourable terms before it gets ugly. But also realise your place in the supply chain \u2013 it\u2019s likely that your tardiness will impact other small businesses.<\/p>\n","protected":false},"excerpt":{"rendered":"

This article first appeared June 22, 2012.   With warnings of a second global financial crisis and consumers at home<\/p>\n","protected":false},"author":2,"featured_media":60057,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[25,1],"tags":[],"_links":{"self":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/posts\/42934"}],"collection":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/comments?post=42934"}],"version-history":[{"count":0,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/posts\/42934\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/media\/60057"}],"wp:attachment":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/media?parent=42934"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/categories?post=42934"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/tags?post=42934"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}