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Your friends in the Envoy’s Alliance share crafting materials and collaborate to create new items more efficiently. You only need to spend 1 day of downtime before attempting your skill check and subsequently beginning to reduce the item’s effective cost.
A written formula for an item helps you create it with less difficulty. This has two functions. First, it reduces the time needed to start Crafting from 2 days to 1, as you have less preparation to do. Second, you can Craft uncommon and rarer items if you're able to acquire their formulas. See Formulas for information on formulas.
From a strict reading of the boon, you still need 1 day to prepare your crafting with the workshop, as the boon was written before the Remaster, which changed how Crafting works. The boon is still useful as a budget saver for common items, as you don't need a formula for those items since your Envoy Alliance buddies are helping you with them. But you will need the formulas for those uncommon and rarer items!
Now... you could petition that the Envoy's Alliance Crafter's Workshop be able to reduce prep time to 0 if you have a formula. I could see that, since it's certainly easier to craft in an already prepared workspace with all the materials provided. But it would require our beloved leadership team to make an official ruling on the matter.
Perhaps we can bump this thread up after Gen Con, when the team has had a chance to breathe, and can better consider the ramifications of cutting a day off crafting in the milieu of Organized Play.
Hmm