"Where did all the money go?"

RUNLY NEWSLETTER #128
Thurs Sep 18th 2025

Now, I know money can be a bit of a taboo subject. But I think in this context it gives you an idea of what it's like running a growing product-based business.

(I actually wrote an article in June 2024, talking about how we genuinely ran out of money: runly.com.au/blogs/runly-newsletter/weve-run-out-of-cash)

This week I sat down with my accountant.

Numbers on the screen. Spreadsheets everywhere. Forecasts. Projections.

Halfway through, I turned to her and said:
“Where did all the money go?”

She looked back at me and said one word.

Product.

That’s the reality of running a product-based business. It’s not that the money vanishes (but it feels like it ha). It just moves.

From the bank account…
Into fabrics.
Into zippers.
Into stitching.
Into samples that never see the light of day.
Into stock that takes months to arrive.
Into prototypes that get scrapped.

That’s the cycle.

The truth is, for growing brands like ours, growth means buying more and more product up front.

The faster the growth, the bigger the investment to try and keep up with demand.

And honestly, I wouldn’t have it any other way - because this is how we keep improving and making the gear you run with, better.

Every vest you see today has gone through countless tweaks since version one.

At the Sydney Marathon a few weeks ago, a runner came up to me.

He’d bought one of our very first hydration vests two and a half years ago.

He picked up the same model on our display. Turned it over in his hands.
Looked at me and said: “I can’t believe how many little improvements you’ve made. The fit, the feel, the details. It’s awesome.”

That was cool to hear.

Because he was right. Most of the changes are subtle. But put together, they make a huge difference.

And my friends, that is where the cash goes.

Into collecting & implementing feedback.
Into testing with elite runners.
Into making tiny tweaks that most people never see…
But you feel them the moment you run.

So when I asked my accountant where the money went, she was spot on.
It went into product.
It went into progress.
It went into making Runly better.

Run well,
Robbie