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The Good Old WIP Around At The Team Meeting

A team meeting at its core has the purpose of sharing information efficiently and provide scope for discussion around what is being hared. A good team meeting assists teams in aligning on the topics of discussion, air any concerns or obstacles and have clarity on future actions.

Sometimes a team meeting may be called a WIP, which stands for works in progress, and is generally an update on how the projects are overall progressing and if there needs to be further action from other members to assist in the progression.

The exact purpose of a team meeting is decided by the topics in the agenda and the business needs of the meeting and your organization.

Your team meeting might be business-critical – a place where company developments or valuable information or training are shared. Team meetings can also be where your staff are able to spend time together informally and share what’s on their mind.

Not only does a team meeting allow you to catch yourself up on what your team is currently working on (and get you acquainted with how things are travelling), a team meeting also allows you to:

  • Improve and boost team morale
  • Ensure that your team is constantly learning and upskilling
  • Provide transparency within the team about what is happening, when and why
  • Allow the team to have the chance to re-centre themselves, and know their set priorities and goals for the next month.

A team meeting does not necessarily have to be an overly formal meeting. It can be as simple as a quick discussion with everyone at the start of the week to lay out what is needed from each other, and where things are tracking. As long as there is regular communication between members of the team during the meetings, issues can be brought up, actioned and resolved quickly during team meetings.

To ensure that your team meetings are used effectively, ensure that you are fully prepared with what you require from it. Making a list of topics for discussion, how the projects are progressing and any immediate concerns you might have will help facilitate discussions during the meeting.

If you’re someone who often finds it difficult to make large lump sum payments for goods or services, you may want to consider looking into “Buy Now Pay Later” services.

Buy now pay later essentially means that, rather than paying in a full lump sum payment for a product or services rendered, there may be an option to pay through instalments of a certain amount over a set period to make the sum of the full amount in total. This method should allow you to pay in full for the product or service without overly straining your finances – you pay back what you can, as agreed upon when you begin the buy now pay later service.

Some popular buy now pay later services include Afterpay, Zip Pay, Brightepay, and some credit card networks such as  Mastercard and Visa, can offer buy now pay later arrangements.

Though it can be a convenient, immediate solution, it may be challenging to juggle the necessary repayments with other financial commitments. It’s not always the most appropriate method for people, and you should bear in mind your situation and ability in paying back the amounts. 

Before you sign up, keep in mind: 

  • It becomes easier to overspend with buy now pay later services, so know your limits on what you can and can’t afford.
  • You will be charged fees and costs to use the service, which can add up to a princely sum in and of itself.
  • Keeping track of your payments can be tricky if you’ve signed up for multiple services.
  • It could affect your loan applications for a car or mortgage as lenders consider buy now pay later spending just as much as your credit score.
  • Late repayments can appear on your credit report, which affects your ability to borrow money in the future.
  • Layby can be a cheaper alternative to buy now pay later, with no account-keeping or late fees to consider

If you are someone who could make use of BNPL services, you may wish to:

  • Ensure that when using the BNPL service, you stick to a set limit on what you spend so that you can comfortably pay it back later. 
  • Aim only to have one BNPL account at a time to manage payments through, rather than confuse yourself with multiple payments across different providers.
  • Always budget for bills, loan payments and BNPL payments, and 
  • Rather than use your credit card for payments to your BNPL account, consider linking to your debit account instead.

If you would like assistance in planning your financial future, help in managing your budget or some friendly advice, see us for a chat about what we can do for you.

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John Briggs

Jane Noller has been my accountant for the last 15 plus years. I can testify to Jane’s professionalism and expeditious manner in dealing with the day to day issues that surrounds our business accounting.

John Briggs

Registered Building Certifier

David and Alison Parker

I have been consulting J L Noller and Co. (more specifically Jane) for six years and during this time I have found her to be professional, efficient and easy to discuss all accounting and taxation matters with. Her office team are all polite and friendly also.

David and Alison Parker

Business Owner

Carl Gillmore

I have used Jane & the team for the last 6 years for all of my business & personal accounting needs. They have always been professional, easy to talk to & available when we have needed assistance.

Carl Gillmore

Carl Gillmore Landscape

John Briggs

Jane Noller has been my accountant for the last 15 plus years. I can testify to Jane’s professionalism and expeditious manner in dealing with the day to day issues that surrounds our business accounting.

John Briggs

Registered Building Certifier