The Rule of Three

David Hadley • March 5, 2024

Looking back through blogs I have written in the past and recently being reminded of the rule of three I thought it appropriate to revisit this view.

I recall reading two articles in relation to how to perform better in business. Both these articles listed 7 techniques/attitudes each to assist you in performing better in your business. There was a duplication of 2 items that both listed, giving a combined total of 12. Having to concentrate on 12 items at once could possibly overwhelm you. It would also make the challenge of completing them appear very daunting. Then I noted that one of the articles suggested to pick three items and concentrate on them over the next week or so. This as you may have heard us mention before refers to the ‘rule of three’.  

Some time ago I attend a seminar where an ex US Marine spoke of the rule of three. This is something that the United States Marine Corp believes strongly in. They believe that the rule dictates that a person should limit his or her attention to three tasks or goals. Anything more and you can become overextended and confused. They experimented with a rule of four and found that effectiveness plummeted.

Three things can easily be remembered, anymore and our retention suffers especially if under stress.

You can apply the rule of three to most things in life whether its business or private.

As this is a business blog let’s look at how we could apply it for a business. If business is struggling at the moment, take a hard look at what is going wrong and list the three most important areas that need improving? Concentrate on those, even seek assistance if required. 

 If business is going well, look at the three things you are doing right and don’t let them deteriorate. You can also look at three things that could disrupt your success and protect them.

With the two articles I received the three that stood out to me were;

  1. Enjoyment/ Business is fun:  We are in business or in the work force for a long period of time. If we don’t enjoy what we do our performance will suffer. A British Psychologist “Dr Robert Holden” often emphasises that you can either choose to have a good or bad day. A good easy read about this is the book ‘Fish’ written by Stephen C. Lundin, Harry Paul and John Christensen.  I have discussed this book in previous blogs.
  1. I know I can: As Henry Ford said, “If you think you can or you think you can’t, you are right”. Take control, own it and be accountable for it
  1. I don’t know what I don’t know. Personal and professional growth requires an open mind and a willingness to try new things. If you think you know it all, you close your mind to new things and therefore do not develop and grow. 

Remember don’t try and take on too much as each will lose their effectiveness.

The post The Rule of Three appeared first on Green Taylor Partners.

More GTP Articles

By Holly Nuske August 26, 2026
How to Process Payday Super in MYOB & Xero From 1 July 2026, employers are required to pay superannuation at the same time employees are paid. To avoid ATO penalties, super contributions must generally be received by the employee’s super fund within 7 business days of payday. If you use MYOB or Xero payroll, the process is straightforward, but it is important to submit and authorise super payments as soon as possible after each pay run. Processing Payday Super in MYOB Super is processed directly through MYOB. The super amounts will prefill based on the pay runs processed. To process and authorise super in MYOB: In MYOB, go to ‘Payroll’ then click ‘Super payments’ It will ask you to ‘login’, click login Click the green ‘create super payment’ button in the top right corner Select all super payments (these should all be from the pay run just processed), and click ‘record’ Click ‘yes’ and continue to authorise payment Click ‘authorise’ Click ‘get code’ which will send an SMS to the authorised mobile number Enter the code into the ‘authorisation code’ field and click ‘authorise’ The ‘Success!’ message should appear, and the status updated to ‘processing’ Once the payment is processing, you do not need to do anything else, the super payment will be automatically direct debited from your nominated bank account. Processing Payday Super in Xero Super is processed directly through Xero. The super amounts will prefill based on the pay runs processed. To process and authorise super in Xero: In Xero, go to ‘payroll’ then click ‘superannuation’ Click ‘add super payment’ or click into the box ‘X unpaid contributions’ Select the super payments (if multiple, then select all) Click ‘submit for approval’ on the right-hand side Click ‘continue to approve’ Enter the SMS authorisation code sent to your phone, then click ‘verify and pay’ Once approved and verified, the batch status updates to ‘processing’ Once the payment is processing, you do not need to do anything else, the super payment will be automatically direct debited from your nominated bank account. Need assistance with Payday Super? If you’re unsure whether your payroll setup is ready for these requirements, contact your accountant. We can help review your payroll processes and ensure super payments are being processed correctly and on time.
By Jarrod Kemp August 20, 2026
How long can you chase a debt? Unpaid debts are a fact of life in business. But there is a limit on how long you can legally recover them — and it’s something that often gets overlooked until it’s too late. So, how long do you actually have? The short answer In most cases (including Victoria), you’ve got 6 years to take legal action to recover a debt. After that, the debt becomes what’s called “statute-barred.” That doesn’t mean it disappears, but it does mean: you can’t enforce it through the courts, and your leverage to recover it drops significantly It’s not always a straight 6 years Here’s where it gets tricky. The 6-year clock doesn’t just run and expire, it can reset. If the debtor: makes a payment (even a small one), or acknowledges the debt in writing the clock starts again from that date. We see this a lot with older debtor balances that have had small, sporadic payments over time. A few quick exceptions Just to round things out: Court judgment? You may have up to 12–15 years to enforce it Secured debts (e.g. property)? Usually longer again ATO debts? Different rules entirely, they don’t follow the same 6-year limit Practical tips for managing old debts This is where it really matters for business owners. If you’ve got older receivables sitting there, here are a few simple checks: 1. Know the age of your debts Don’t just look at the balance, look at when it was last paid or acknowledged That’s what determines your real timeframe. 2. Don’t leave recovery too long If a debt is getting close to 6 years: consider escalating it earlier or making a call on whether it’s worth pursuing Waiting too long can remove your legal options completely. 3. Be careful with partial payments Even a small payment: can restart the 6-year clock which can work in your favour (or against you) 4. Clean up your books regularly Old debts sitting on the balance sheet can: overstate your financial position create tax complications Regular reviews help you decide whether to recover, write off, or formally deal with them. The takeaway As a rule of thumb: 6 years is your window for most debts but the timing isn’t always obvious and small actions can reset the clock If you’ve got older debts sitting there and aren’t sure where they stand, it’s worth reviewing them sooner rather than later, a quick check now can save you losing the ability to recover them altogether.
August 6, 2026
Minimum Wage Increase Effective from 1 July 2026 Australian workers received a pay rise following the Fair Work Commission's 2026 Annual Wage Review. From 1 July 2026, the National Minimum Wage increased to $26.44 per hour, while minimum award wages increased by 4.75%. These new rates applied from the first full pay period starting on or after 1 July 2026. For employees, the increase may provide some relief from ongoing cost-of-living pressures. It's a good idea to review your payslip and ensure your employer has applied the updated rates correctly. For business owners, the change serves as an important reminder to review payroll systems, employee classifications and award coverage to ensure the new rates have been applied correctly. As the increase took effect from the first full pay period on or after 1 July 2026, employers who have not yet updated their wage rates should act urgently. Any underpayments should be identified and rectified as soon as possible to avoid ongoing compliance issues and potential penalties. Reviewing wages now can help ensure your business remains compliant and employees receive their correct entitlements.  If you're unsure whether the increase affects your business or your employees, Green Taylor Partners can help you understand your obligations and ensure you remain compliant.
By Jessie Lakin July 16, 2026
New ATO App Feature Helps Protect You From Scam Calls With tax time approaching, scam activity always ramps up and unfortunately, many of these scams involve fraudsters pretending to be from the Australian Taxation Office (ATO). To help combat this, the ATO has recently introduced a new feature within its app that allows you to verify whether a call is genuinely from the ATO in real time. You can read the official announcement here: ATO launches new app feature to stop scam calls What Is the New “Verify Call” Feature? The ATO has introduced a new “verify call” function in its mobile app that allows you to confirm if a call is genuinely from the ATO - while you are still on the phone. It works in real time and gives you an immediate answer, helping remove the guesswork when you receive an unexpected call. The goal is simple: put control back in your hands so you can quickly identify and shut down scam attempts. How It Works If you receive a call from someone claiming to be from the ATO, you can: Open the ATO app on your phone Log in securely Select the “verify call” option If the call is legitimate, you will receive a confirmation notification within approximately 30 seconds. If you do not receive a notification, you should treat the call as a scam and hang up immediately. What To Do If You Receive a Scam Call If you receive a suspicious call, SMS, email or social media message: Do not reply, click on any links or download any attachments. Visit verify or report a scam to check or report it. Call the ATO immediately on 1800 008 540 , if personal information or payment has been shared with a scammer. Visit ato.gov.au/scamsafe for more information on how to protect personal information and stay safe from scammers.
By Kerry Schultz July 16, 2026
As we move into the new financial year, there is a noticeable shift in conversations with clients across Western Victoria. Whether you operate a grain and livestock enterprise, a family-owned retail store, or a manufacturing business servicing regional Australia, the themes remain remarkably similar. Many regional businesses are generating strong earnings, but are also facing increasing tax, compliance and cash flow pressures. The Three Issues We're Discussing Most With Clients 1. Cash Flow Remains King Despite profitability improving for many businesses, cash flow continues to be the biggest challenge. Higher wages, increased superannuation costs, rising insurance premiums and elevated interest rates mean that profitable businesses can still feel cash constrained. For primary producers, fluctuating commodity prices and seasonal conditions add another layer of complexity. For retailers, consumer spending remains selective, while manufacturers continue to face margin pressure from labour and input cost increases. The businesses performing best are those that actively monitor: Debtor collection times Inventory levels Business debt levels Capital expenditure decisions Tax and superannuation obligations Strong cash flow management is becoming a greater competitive advantage than ever before. 2. The Compliance Environment Is Tightening The Australian Taxation Office continues to increase its focus on data matching and compliance activities. Areas attracting attention include: Trust distributions Division 7A loans Superannuation compliance GST reporting Property and capital gains transactions Business versus private expenditure claims Many business owners are surprised by how quickly information is now shared between government agencies, banks and regulators. Our advice remains simple: Good record keeping has never been more important. The cost of addressing compliance issues after the event is almost always higher than investing in quality systems and advice upfront. 3. Superannuation Is Becoming More Important One of the most significant changes affecting employers is the continuing evolution of superannuation obligations. Industry commentary during EOFY 2026 has focused heavily on the upcoming Payday Super regime, alongside increased employer super obligations and payroll system readiness from 1 July 2026. [wealthworks.com.au] , [aimsaustralia.com.au] , [moula.com.au] For business owners, superannuation should no longer be viewed solely as a compliance matter. It is increasingly becoming a strategic tool for: Tax planning Retirement funding Intergenerational wealth transfer Succession planning Asset protection For successful farming families and private business owners, the ability to move wealth into the superannuation environment often remains one of the most effective long-term planning opportunities available.  Looking Ahead No one can accurately predict weather patterns, interest rates or global markets. What we can control are the fundamentals. The most successful businesses in regional Victoria continue to focus on: ✅ Understanding their financial position ✅ Managing cash flow carefully ✅ Investing in people and systems ✅ Reviewing structures regularly ✅ Planning for succession early ✅ Seeking advice before decisions become problems Businesses that plan proactively almost always have more options than those that wait until issues arise. The start of a new financial year is an ideal time to step back, review where your business is heading, and ensure your structure, finances and strategy remain aligned with your long-term objectives.
More Posts