The Growth Code: How Elliot built a better Cyber-security business

Phronesis Security is Australia’s first B-Corp certified cybersecurity company. While understanding risk is a core part of their business, for founder Elliot Delley, the challenge came in finding the right accounting partner to give him confidence in how his own business was performing.

 

When Elliot Delley graduated with a degree in philosophy and communications, he didn’t picture himself leading one of Australia’s most forward-thinking cybersecurity firms.  

While many people think of cybersecurity as mainly a technological challenge, Elliot describes it as much more about understanding how data travels, how trust is created and how technology can serve a greater purpose. After working for several years with the Australian Signals Directorate, Elliot began to ask the question – is it possible to find purpose beyond profit? How can a for-profit business make a positive impact on the world. 

That search led Elliot to found Phronesis Security, Australia’s first B-Corp certified cybersecurity company, proving that data protection can serve both people and purpose.  

“Something that really appealed to me about cybersecurity, was that our everyday core business just creates so much good. I could have a corporate job that actually creates a lot of good in the process as well” says Elliot. 

Today, Phronesis Security works with government departments, businesses and charities, helping them secure their data, protect their customers and vulnerable people in the community.  

Building a purpose-driven business is rewarding, but isn’t without its own challenges. As Phronesis grew, Elliot found himself juggling it all – bookkeeping, invoices, compliance and strategic decision-making – while also trying to steer the business strategically and give his clients the best solutions.  

His previous accountant didn’t seem to fully understand his business model or the realities of working with government and large corporates, where long payment terms and complex contracts are part of the landscape. Their advice? Change your payment terms to two weeks. While well-intentioned, their advice missed the mark and didn’t align with the practical realities of working with government and large corporates. 

What was lacking for Elliot, was the proactive advice he needed to make informed decisions about the future of his business and how to grow and scale effectively.  

“Before I worked with Saward Dawson, I didn’t have full assurance that our accounts are being managed appropriately. I knew that for me to be able to grow my business the way I wanted to, I needed to focus on the things that I and only I could do. I needed people who are much better at the accounting and finance side to take over that as soon as they could.” 

From the very first conversation, Saward Dawson understood not just Elliot’s business, but the mission behind it. They took over bookkeeping, reconciliation, BAS and tax obligations, while providing monthly strategic discussions and financial forecasting. This partnership gave Elliot the clarity he needed to make confident and informed decisions about the future of his business. 

“One of the things I really liked about working with Saward Dawson is I wasn’t just engaging with an accountant. I was engaging with an entire team. But most importantly as well, I can talk to an advisor who would say to me okay, if you want to hire these three people over the next six months, this is what your cash position will look like then. That’s absolutely critical for me to think about my long term strategic decision making and just know that I can make those decisions with confidence.” 

With this guidance, Elliot could focus on what mattered most: growing and leading his company with purpose. With the help of the Saward Dawson team, the business continues to grow and helping the business achieve both it’s business and philanthropic goals. Phronesis recently made its largest financial donation to date, an achievement that brings Elliot great satisfaction. 

“The sooner that you feel comfortable delegating those critical back office functions to people that you know and trust, the sooner you can get on with growing your business with confidence.”