Episode 24: Step-by-step Guide for every Accounting Practice’s Withdrawal Journey

What has changed in the accounting system? What are the latest trends and things to adopt for your accounting business?

In this episode of The Wize Guys, Brenton Ward, Jamie Johns, and Ed Chan talk about Your Withdrawal Journey – building a practice that runs without you. 

If you are frustrated in your current situation and don’t feel like you are withdrawing from certain functions quickly enough, our mentors have some advice for you plus the use of WizeHub. Learn more on this episode.

Timestamps:

1:19 - How life-changing is the current system for accounting firms
3:17 -  Why people are the greatest challenge and asset
4:28 - TIP #1: Train your people to do the job.
6:59 - The importance of stepping back
7:39 - TIP #2: Document everything ~ every process you have.
8:16 - TIP #3: Hone every structure for better leadership, flow, and productivity
11:39 - TIP #4: Encourage bottom-top and not top-bottom hierarchy.
12:39 - TIP #5: Be in control, and not be controlling.
13:25 - What are the danger zones and roadblocks in the withdrawal journey?
13:40 - How money should work for you and your business
15:26 - How to run and manage an accounting business
17:23 - Working IN the business vs Working ON the business
22:23 - How to make the resource mix right
27:08 - Reasons why you should take responsibility
28:21 - How to start building a business that can run without you
34:36 - How to hire strategically
36:02 - Understanding the concept of ‘I don’t have time.’
39:54 - Short-term vs. Long-term/ Urgent vs. Not Urgent/ Important vs. Not Important
42:50 - Top tips for success

Quotations:

“..people are our greatest challenge, but they're also our greatest asset.” - Ed Chan 

“Being busy is not the same as being productive.” - Ed Chan

“..the only difference between successful people and unsuccessful people is just simply the way they think.” - Brenton Ward

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PS: Whenever you’re ready… here are the fastest 4 ways we can help you fix and grow your accounting firm:

1. Download our famous Wize Freedom Strategy Map for FREE - Find out the 96 projects every firm owner must implement to build a $5M+ firm that can run without them - Download here

2. Need to Hire right now? Book a 1:1 FREE discovery call with our WizeTalent hiring coaches to help find your next team member the Wize Way – Click Here

3. Book a 1:1 Wize Discovery Session – Spend 30mins with our Wize CEO, Jamie Johns, a $7M firm owner who is ready to give you his entire business plan to build a firm that can run without you – Find out more here

4. Work with Jamie and our mentors for 8 weeks - Build a custom business plan for your firm - Apply here