Home topics news Credit: Bench Accounting News News 83 pct of SME owners admit to these costly mistakes Yajush Gupta July 18, 2023 Xero, the small business platform, has released new research uncovering valuable insights shared by Australian small business owners . The findings highlight that hiring inexperienced or unsuitable staff and engaging in unpaid or low-cost work are considered the most costly mistakes for over one in five (22 per cent) small business owners. The research, titled ‘Do Better Business,’ surveyed over 1,000 Australian small business owners and leaders. It not only sheds light on the challenges faced by these entrepreneurs but also provides invaluable lessons for businesses entering a new financial year and aspiring entrepreneurs. Will Buckley, Xero Australia Country Manager, emphasised the significance of small businesses, which constitute more than 97 per cent of all businesses in Australia, as vital components of local communities. He acknowledged that while running a small business can be rewarding, allowing individuals to pursue their passions and achieve flexibility, it also comes with a unique set of challenges, especially amidst a turbulent economic climate. As the new financial year begins, Buckley encouraged business owners to reflect on the past year and embrace key learnings that can pave the way for future success. The research revealed that owning a small business is an ongoing learning process, with a majority (83 per cent) of surveyed owners admitting to making costly mistakes throughout their journey. Apart from hiring challenges and unpaid work, working with ill-suited