At Aquila, we’re not about lengthy policies and procedures that keep people from doing their best work.

So our policy on expenses is just three words: Be a founder.

<aside> 💰 This means high ownership: If you wouldn’t want to stand before the whole team and justify your spending in Aquila’s best interests, then it isn’t good spending.

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We don’t have any rules, approvals, or limits. Still, everyone should pause for thought (and, where appropriate or unsure, speak to the capabilities manager) before swiping a card, and everyone is responsible for calling out unnecessary spending when they see it.

Generally, each day we delay our critical path has an enormous opportunity cost that can be quantified by daily company burn; our rule of thumb is each day is $10k. Any purchase that speeds us up enough to recoup this burn should be immediately executed.

We are a capital-intensive business. Most of our cash needs to be invested in building Lightway systems and growing our team, and that's great because Lightway and our team generate revenue, which fuels our growth and overall progress towards our mission. While Billy has raised the big bucks, that money is finite and comes with a price tag, so every dollar needs to be spent with maximum impact.

The scale should not be confused with success. Just because we have more money than we did a few years ago doesn’t mean we get looser with our spending. We must resist the temptation of lifestyle creep and carefully look after our cash.

We trust you to use your judgement and spend Aquila’s money like a founder.  But at the same time, we know sometimes ‘good’ spending looks different for different people.  Below are some examples to ensure we are all aligned on what ‘good’ and ‘bad’ spending looks like.

If you have any questions or doubts about specific purchases, check in with Ruby, Billy, or the tech leads.

Good spenders:

• Treat Aquila’s money like their own and are wary of lifestyle creep. They know every dollar counts, so they look for the best deal when buying anything - from flights to accommodation, even a 12-pack of beer for the energy bank next door. They think carefully before they swipe, weighing up if this purchase moves the ball forward for Aquila, and their thinking doesn’t change when Billy raises more money. Quite the opposite - they get a kick out of saving money for the company.
• Plan (this is Aquila after all—operational excellence is king). Book airport car parks before arriving at the airport. Book flights in advance rather than the day before, and check all available flights and carriers before locking them in.
• Always ask, “Is that your best price?” They know it never hurts to ask for a better price (the worst someone will say is no!), significantly when we're snowballing and plan on spending $100k with a supplier over the next six months. You might even say they are addicted to the thrill of saving money and getting discounts for Aquila.
• Run a clinical process with their credit card and receipts. They know that while it’s a bit of admin, it’s best for Aquila, so they make it happen. They only buy food when working outside their typical region and only fill up their ute for work trips.

Bad spenders:

• Are swipe-happy and don't think twice about spending Aquila’s money, acting like it will never run out. Instead of hitting up the cheap and cheerful BP Superwash, they pay someone else more $$ to do it. Instead, they choose their first accommodation without checking out more affordable options (even worse, they stay at a fancy hotel).
• Don't prioritise planning. They leave booking a flight at the last minute, arrive in a city with no accommodation booked, and expect to find a cheap hire car available on the spot. They don't plan ahead of time and end up carelessly wasting our capital.
• Don’t even consider negotiating and have likely never done it. They spend more money than necessary to avoid a challenging conversation with a supplier. They don’t see the point of negotiating and would rather pay the price because it’s not their money.
• Are sloppy. They need to be chased for receipts, don't know who has their card details, and don't keep track of all transactions. They fill up their work ute on Aquila for personal weekend road trips and leave their ute service so long that it costs Aquila a lot more than necessary when it's finally done.

What are the consequences for poor spenders?