What’s on your EOFY shopping list? 🛒
Things that should be on your radar this month 👀
- PwC is well and truly in the government’s bad books after being caught feeding their clients loopholes in tax policy that they themselves helped create, and it’s making the government rethink its relationships with private enterprises.
- Elon Musk is (once again) spouting an incredibly unpopular opinion: That work from home is “immoral” (🙄). We loved this opinion piece about why he’s wrong.
- Power prices are set to soar again in the coming months, and the peak body representing small businesses has warned this will put many businesses under significant strain.
- In great news for Paytron users: The Aussie payment platform has been acquired by industry giant OFX. They’ll still be operating as Paytron, and we’re looking forward to seeing what’s next for them with more resources at their disposal.
- FinTech Australia has developed this amazing interactive infographic that visualises Australia’s fintech ecosystem – it’s so encouraging to see this sector flourishing (and we’re looking forward to trying even more home-grown tech).
Tech recs that’ll make you want to sit at your desk
⌨️ DROP mechanical keyboard: If you haven't noticed the growing trend towards aesthetic mechanical keyboards: Congratulations, you’re a normal person (but you’re also missing out big time). This keyboard is the perfect gateway drug for anyone looking to level up their typing experience.
🖱️ Microsoft Surface Arc mouse: We’re obsessed with this mouse and can’t see ourselves using another any time soon – it’s ergonomic *and* functional (without looking like a spaceship).
🔋 ALTI desk mat: Putting down a desk mat is an easy way to make your workspace feel 10 x more comfortable and professional. We’ve been eyeing off this wireless-charging one for a little while now.
The highs 📈 and lows 📉 of small business life
📈 This month, we’ve been writing quite a few more proposals than usual. While balancing the time we spend on these with work for our current clients can be challenging, there’s something so invigorating about coming up with creative ideas for how we can service new businesses.
We pride ourselves on thinking outside the box, so having the freedom to develop creative solutions with prospective clients is a highlight of running our own business. Plus, who doesn’t love a few new clients on the books!
📉 While we love writing proposals, they definitely add to the number of plates we’ve got spinning each month. Juggling existing client work, new business proposals, new client onboarding, our own admin and more is a daunting task, and we’ve had to make sure we’ve got robust processes in place to allocate enough time to get everything done.
It’s taken quite a while to get our workflow processes to a comfortable place – spending time thinking about how you’re going to get work done (instead of just doing the work in front of you) is tough, and it requires a bit of discipline.
We’ve found that when we’ve got a lot on (like we did this month) we have to tweak how we’re working, which takes up valuable time. It’s worth it though, and gives us a framework for the next time we’ve got a lot on our plate.
Productivity hacks 👩💻
- We’re not huge fans of time tracking at work – if you’re meeting deadlines and feel like you’ve got a good work-life balance, who cares how long individual tasks take you? However, if there’s one thing we’d recommend actively allocating time for in your day it’s this: Procrastination.
It’s nearly impossible to lock in 7.5 hours of complete focus every day – our brains just aren't wired that way. While we’d usually put our noses up at regimenting your work breaks, the Pomodoro technique might be a great place to start if you’re struggling to incorporate downtime into your day.
A five-minute break is plenty of time for a quick chat, a cup of tea (or your stimulant of choice), or even just to doom-scroll LinkedIn for a while (@Project Alfred, thank us later). You’ll be surprised by how refreshed you can feel after just five minutes.
- This might seem obvious, but you’d be surprised how often we see businesses that don’t do this: Build 👏 an 👏 effective 👏 strategy.
A good strategy is the guiding light for all your business decisions. If you feel like you’re working yourself to the bone but seeing minimal business growth, you’re likely spending time on tasks that don’t align with your strategy.
Having a single source of truth to reference when making decisions not only makes the decision-making process easier, but also helps you articulate why something isn’t worth your time, energy or money.
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With the end of financial year fast approaching, we’re preparing ourselves for the question we get from friends, family and clients every June: “What can I buy to increase my tax deduction?”
Our answer? Only things you *actually* need. We know, it’s a boring answer, but too many business owners see EOFY as a chance to splurge. While the prospect of a hefty tax deduction is tempting, don’t forget that the money you’re spending isn’t free (a certain Schitt’s Creek scene comes to mind).
If you’ve got cash to spend: Don’t run out and buy an iPad you’ll never use. Instead, think about purchases that you could move forward to this financial year, or make an upfront investment in your team’s training and development. Just make sure your investments are considered and practical, never impulsive.
That's just our two pennies' worth.
- Liam and Amy, co-founders of Project Alfred
(changing the way people think about accounting)
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Liam is participating in Movember and raising money for Beyond Blue to support their efforts in mental health awareness and support. Every donation made on Liam’s fundraising page will be matched by Project Alfred - so if you can afford it, we’d love you to contribute. … And a reminder: every donation is tax deductible!
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