The Wize Way

Episode 34: The 12 Wize Tips of Christmas

In this episode of The Wize Guys Podcast, Brenton Ward, Jamie Johns, and Ed Chan get together to give The 12 Wize Tips of Christmas.

These 12 Wize tips revolve around the Wize DRS Model. Find out how you can start to implement these tips to scale your business. 

Timestamps:

2:30 - The Wize DRS Model

4:44 - TIP 1: Develop Your Growth Blueprint

11:06 - TIP 2: Turn On Performance Dashboards

20:44 - TIP 3: Install an Extraordinary Operations System

24:28 - TIP 4: Keep it Simple & Intuitive

25:41 - TIP 5: Create Deep and Narrow Teams

31:10 - TIP 6: Hire A-players

35:44 - TIP 7: Micro Training vs Micro Managing

40:47 - TIP 8: T.E.A.M - Together Everyone Achieves More

45:02 - TIP 9: Attract Ideal Clients

50:46 - TIP 10: Monetize your IP

54:28 - TIP 11: Master Tuck-ins

58:24 - TIP 12. Invest in freeing up time for yourself so you can focus on your business' growth

Quotations:

“So a business that runs without you is the goal, but the ultimate goal is to give the business owners, the firm owners, and the teams the freedom to be able to live the life they wanna live and have more choices and just basically not have a business that's completely reliant on you.” - Brenton Ward

“You're better off over-communicate than under-communicate. And if you over-communicate, just gets everyone on the same page, and everyone heading in the same direction.” - Jamie Johns

“There's a whole saying, ‘to be able to manage it, you've gotta measure it.’ If you don't measure things, you won't be able to manage them.” - Ed Chan

“So a business needs to be growing. If you're not growing, you're dying.” - Ed Chan

USEFUL LINKS:

• Download FREE eBook: The Accountant's 20-Hour Workweek Playbook

GET IN TOUCH!

Website: www.wizementoring.com

Facebook: https://www.facebook.com/wizementoring/

Twitter: https://twitter.com/wizementoring

Linkedin: https://www.linkedin.com/company/wizementoring/

Instagram: https://www.instagram.com/wize.guys/?hl=en

Email: [email protected]

Download the full transcript here.

________________  

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 Map for FREE - Find out the 101 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. Work with Jamie and our mentors for 8 weeks - Build a custom business plan for your firm - Apply here

FREE DOWNLOAD!! Accountants! Scale your business today 🚀

Accountants Highway to the Danger Zone Playbook is a guide for accountants and bookkeepers looking to overcome the barriers that are holding them back from growing their firms. Our playbook shows you exactly what tactics we used when growing our firm so you can replicate it in your business today!

Click here to download the Accountants Highway To The Danger Zone Playbook 👉 https://wizementoring.mykajabi.com/accountants-highway-to-the-danger-zone


Episode 33: Planning your 2023 business growth strategy

In this episode of The Wize Guys Podcast, Jamie Johns touched on how to determine your ideal turnover to reach your ideal income. This is part of the barriers to growth that will allow you to develop an effective business plan and growth strategy.

Find out the best tips in accounting business’ planning for 2023!

Timestamps:

0:43 - The concept of business plan and growth strategy

1:12 - How to figure out your ideal income

2:18 - Grab your FREE business plan template

3:28 - Step-by-step guide to creating your growth plan

Quotations:

“...part of overcoming the barriers to growth is to try and reach what your ideal turnover or fees are in order to reach your ideal income.” - Jamie Johns

USEFUL LINKS:

• Business Plan Template
• Download FREE eBook: The Accountant's 20-Hour Workweek Playbook

GET IN TOUCH!

Website: www.wizementoring.com

Facebook: https://www.facebook.com/wizementoring/

Twitter: https://twitter.com/wizementoring

Linkedin: https://www.linkedin.com/company/wizementoring/

Instagram: https://www.instagram.com/wize.guys/?hl=en

Email: [email protected]

Download the full transcript here.

________________  

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 Map for FREE - Find out the 101 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. Work with Jamie and our mentors for 8 weeks - Build a custom business plan for your firm - Apply here

Episode 32: The First 90 Days of onboarding a new recruit

RECRUIT - team structure, recruitment, management, leadership

In this episode of The Wize Guys, Brenton Ward, Jamie Johns, and Ed Chan talk about the importance of training your new recruits and why having a proper onboarding procedure equates to investing in the balance sheet of your firm.

Learn more on this episode to get you equipped in onboarding new recruits for your accounting firms!

Timestamps:

0:35 - Understanding the context of investing in a balance sheet
3:45 - The importance of attitude for client-facing post
4:42 - Difference between client fanatical from team fanatical
5:56 - Working IN vs Working ON
7:29 -  Tips for onboarding a finder, minder, and grinder
15:43 - Hiring an experienced VS fresh graduate
20:13 - How to communicate with clients
21:34 - Best training for senior client manager and senior production manager
23:04 - Assessing the improvement through review points
24:51 - How to build the framework for the first 90 days
35:46 - Why you should involve managers in the recruitment process
36:36 - Key steps in getting offshore team members set up and trained
46:46 - The risk for the 6-month probationary period
48:41 - Why 90 days is critical
51:09 - How much training do you do in the onboarding process?
51:41 - The importance of the ‘how-to’ videos 
53:21 - Is it worthwhile to hire part-time staff?
55:22 - How to measure productivity with outputs

Quotations:

“I often talk about how your staff is your greatest asset, but it's also your greatest challenge.” - Ed Chan

“Don't fix their mistakes, let them fix their own mistakes.” - Jamie Johns

USEFUL LINKS:

• Employee Handbook Template

GET IN TOUCH!

Website: www.wizementoring.com

Facebook: https://www.facebook.com/wizementoring/

Twitter: https://twitter.com/wizementoring

Linkedin: https://www.linkedin.com/company/wizementoring/

Instagram: https://www.instagram.com/wize.guys/?hl=en

Email: [email protected]

Download the full transcript here.

________________  

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 Map for FREE - Find out the 101 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. Work with Jamie and our mentors for 8 weeks - Build a custom business plan for your firm - Apply here

Episode 31: How To Test Potential Hires In Your Accounting Firms ┃For Grinders & Minders Role

In this episode of The Wize Guys, Brenton Ward, Jamie Johns, and Ed Chan discuss the pre-employment tests to conduct with candidates and give tips on how to find the right people with the right attitude for your Accounting Practice.

Learn the difference between the grinder and minder roles that will best suit the accounting posts within your firm.

Timestamps:

0:35 - The importance of having the right attitude
1:42 - Tips for hiring people for your accounting practice
2:45 - Why context in the test is essential in filtering applicants
3:22 - FREE Tool!! Accounting Tests for Wize Members
4:43 - 'I know how to do it’ vs 'Doing the actual task'
6:10 - Why speed is everything to accounting firms
7:49 - What does it take to be in the Minders Role
10:36  - Which personality test to use for green and blue persons
15:01 - Key takeaways for Grinders and Minders Role Testing

Quotations:

“Attitude is everything.” - Ed Chan

“Some accountants are not suited to our industry, so not all accountants are suited to our industry, and often they should go off and work in a commercial firm where speed isn't an issue, but for us, speed is everything.” - Ed Chan

“A blue person's more focused on numbers, while a green person's more people orientated.” - Ed Chan

“... the personality test testing works better with a minder finder than it does with a grinder.” - Ed Chan

USEFUL LINKS:

• FREE Tool!! Accounting Tests for Wize Members
• Download FREE eBook: The Biggest Secrets to Recruiting Qualified Accountants 
• Download FREE eBook: The Accountant's 20-Hour Workweek Playbook

GET IN TOUCH!

Website: www.wizementoring.com

Facebook: https://www.facebook.com/wizementoring/

Twitter: https://twitter.com/wizementoring

Linkedin: https://www.linkedin.com/company/wizementoring/

Instagram: https://www.instagram.com/wize.guys/?hl=en

Email: [email protected]

Download the full transcript here.

________________  

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 Map for FREE - Find out the 101 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. Work with Jamie and our mentors for 8 weeks - Build a custom business plan for your firm - Apply here

Episode 30: Client Portfolios: How to Allocate Clients to Teams Effectively

DESIGN - business planning, systems, processes, production, tech

In this episode of The Wize Guys Podcast, Ed Chan and Jami Johns with the Wize Mentors, Timothy Causbrook and Thomas Sphabmixay tackled client portfolios and how to allocate clients to teams effectively. This is important because it helps keep your staff balanced so they know what needs to be done day-to-day!

Discover how you can allocate clients among teams effectively in order not to overwhelm any given person or group with too many tasks at once.

Timestamps:

1:28 - The importance of building client portfolios
3:10 - Hiring tips: junior client manager vs senior client manager
4:52 - The roles of client managers within the traffic flows
12:14 - How to match accounting managers to clients
13:31 - The rule of thumb when it comes to identifying fees
15:28 - Why communication skills are critical in recruitment
17:11 - Who is more busy: accountants or bookkeepers
20:58 - The common challenges in structuring the client portfolios
26:37 - When is the ideal time to hire a senior production manager
31:49 - Tips and tools for managing client portfolios
38:23 - Defining what client-facing is
41:24 - Why capacity planning is essential to allocate time for A-D clients
44:53 - Key takeaways

Quotations:

“...owners tend to be client managers by nature.” - Tim Causbrook

“It's very important that whoever you choose as the client manager is a people person and can relate to different people.” - Jamie Johns 

USEFUL LINKS:

• Get to know more about the No Bypass Policy 
• Video 5.3 - How to Implement an Assistant Client Manager

GET IN TOUCH!

Website: www.wizementoring.com

Facebook: https://www.facebook.com/wizementoring/

Twitter: https://twitter.com/wizementoring

Linkedin: https://www.linkedin.com/company/wizementoring/

Instagram: https://www.instagram.com/wize.guys/?hl=en

Email: [email protected]

Download the full transcript here.

________________  

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 Map for FREE - Find out the 101 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. Work with Jamie and our mentors for 8 weeks - Build a custom business plan for your firm - Apply here

Episode 29: How to Transition from Top-down to Bottom-Up Management

In this episode of The Wize Guys Podcast, Brenton Ward, Ed Chan, and Jamie Johns talk about the difference between Top-Down Management versus Bottom-Up Management is similar to Command and Control versus Leadership by Empowerment.

Top-Down Management is about getting Control (Command & Control) whereas  Bottom-Up management is about Giving up Control (Leadership by Empowerment). 

Find out how you can start implementing Bottom-Up management in your Accounting practice so your team can run the business for you and prevent you from becoming a prisoner in your business. 

Timestamps:

0:35 - The importance of delegation
2:14 - Communication traffic vs production traffic
3:07 - How to allocate time with your people and clients
4:09 - Tips for handling A, B, C, and D types of clients
7:14 - How to manage difficult clients
10:15 - Ways to design bottom-up management
15:34 - What are the quad A & B activities

Quotations:

“The problem with delegation is that if you don't hire the right person and give them the right training and they'll make a mistake. You'll get discouraged by it and you'll feel like, ‘Oh, if you wanna do it right, you just gotta do it yourself.’” - Ed Chan

“We have an internal policy and procedure that any sensitive matters are not to be communicated with the clients via email.” - Jamie Johns

“It's really hard to differentiate between a client that's simply recalcitrant and a client that just needs more education and more training and changing their habits.” - Ed Chan 

USEFUL LINKS:

• FREE DOWNLOAD playbook to streamline your practice workflow system: The Accountants Systems Playbook 
• Download FREE eBook: The Accountant's 20-Hour Workweek Playbook

GET IN TOUCH!

Website: www.wizementoring.com

Facebook: https://www.facebook.com/wizementoring/

Twitter: https://twitter.com/wizementoring

Linkedin: https://www.linkedin.com/company/wizementoring/

Instagram: https://www.instagram.com/wize.guys/?hl=en

Email: [email protected]

Download the full transcript here.

________________  

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 Map for FREE - Find out the 101 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. Work with Jamie and our mentors for 8 weeks - Build a custom business plan for your firm - Apply here

Episode 28: Selling the sizzle not the sausage - Get paid for your advice with our 3-phase discovery, proposal, and production system

“Selling the sizzle and not the sausage is a philosophy that we have in Wize. What we mean by this is that the client manager is not necessarily the most technical person on the team.”

In this episode of The Wize Guys Podcast, Wize Mentors, Timothy Causbrook with Thomas Sphabmixay, and Kristy Fairbairn discuss how the three phases of the process ~ discovery, proposal, and production give every accounting practice the opportunity to scale their marketing, sales, service, revenue growth and M&A’s.

Timestamps:

0:35 - Reasons why sales are essential for your accounting firm
1:48 - The 3-phase framework system of discovery, proposal, and production
6:26 - Issue #1: Not charging for every service you do
7:19 - Issue #2: Dealing with ad hoc services
8:42 - Issue #3: No menu of services to offer
10:28 - Issue #4: No ideal leadership structure
11:16 - The importance of having a menu of services
12:51 - Issue #5: Budget constraints
16:07 - Issue #6: Needing more work
17:39 - Issue #7: Upselling client services
19:51 - Issue #8: Marketing the practice
25:53 - The best time to give a client proposal
26:45 - Issue #9: The irony of having low service rates
27:17 - Tips for training client managers
31:56 - The philosophy of selling the sizzle not the sausage
33:50 - Basic work vs ad hoc pricing

Quotations:

“When clients are coming to us, like we as advisers, whether you're a bookkeeper, your accountant, or your lawyer, it doesn't matter. We should take a step back to actually see how can we learn more about their problem.” - Thomas Sphabmixay 

USEFUL LINKS:

• Wize Vault Video 15.8 Developing Your Menu of Services 

GET IN TOUCH!

Website: www.wizementoring.com

Facebook: https://www.facebook.com/wizementoring/

Twitter: https://twitter.com/wizementoring

Linkedin: https://www.linkedin.com/company/wizementoring/

Instagram: https://www.instagram.com/wize.guys/?hl=en

Email: [email protected]

Download the full transcript here.

________________  

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 Map for FREE - Find out the 101 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. Work with Jamie and our mentors for 8 weeks - Build a custom business plan for your firm - Apply here

Episode 27: Why firms need scalable technology

In this episode of The Wize Guys Podcast, Jamie Johns delved into the use of technology in scalability. With scalability, it’s important to roll out your tools and systems to really anywhere in the world, at any time and any place.

In line with this, he introduced SharePoint, a handy software from Microsoft that allows users to easily access and navigate through all of the tools and programs they use in their firm. Watch the video to learn more about SharePoint and how it can help scale your firm, particularly in the technology area.

Timestamps:

0:35 - Reasons why technology is the 2nd barrier to scaling your practice
1:14 - Key Point #1: Sharepoint and CloudStack
3:52 - Key Point #2: Technology order
4:22 - Key Point #3: Security

Quotations:

“The second barrier to growth that it and all are talking about in step eight is the use of technology and scalability. So with scalability, it's really important that you can roll out your equipment or tools or systems to really anywhere in the world at any time at any place.” - Jamie Johns

“Do a technology audit you feel like, and use the technology audit to determine what systems are still server dependent versus what is cloud-dependent or cloud-based.” - Jamie Johns

USEFUL LINKS:

• Download FREE eBook: Accountants Highway to the Danger Zone Playbook
• Download FREE eBook: The Accountant's 20-Hour Workweek Playbook

GET IN TOUCH!

Website: www.wizementoring.com

Facebook: https://www.facebook.com/wizementoring/

Twitter: https://twitter.com/wizementoring

Linkedin: https://www.linkedin.com/company/wizementoring/

Instagram: https://www.instagram.com/wize.guys/?hl=en

Email: [email protected]

Download the full transcript here.

________________  

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 Map for FREE - Find out the 101 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. Work with Jamie and our mentors for 8 weeks - Build a custom business plan for your firm - Apply here

Episode 26: How to Get Your Capacity Plan Humming

“As Jamie uses that analogy with the glass of water you want to, if you want to grow, you've got to have that cup, not at the full at the ring...” 

In this episode of The Wize Guys, Brenton Ward, Jamie Johns, and Ed Chan talk about Capacity Plan – The most critical tool for a high-performing and profitable production and discuss how having a capacity plan in place is one of the fundamental tools they recommend for scaling a practice. They provide some insight into capacity planning and why it's so important to the growth of the business.

They also discuss what are the most common reasons for overcapacity. What are the negative outcomes because of this and what are suggested approaches to correcting this? Learn more on this episode to get you started to work on your capacity plan in place!


Timestamps:

1:11 - Understanding the context of a capacity plan
2:25 - The importance of having a capacity planner
5:04 - How to science right with your people
8:54 - The rule of thumb
10:20 - Tips for capacity planning
13:12 - Most common reasons for overcapacity
17:38 - Key points to work in capacity planning
23:29 - Reasons why you need spare capacity
28:02 - How to allocate productivity with training
30:12 - Is it ok to disclose staff salaries to the team?
32:04 - How to determine charge-out rates

Quotations:

“In our industry, productivity really gets the clarity because between charging right and productivity and the number of hours a person works, this is what your capacity is per person and wallet. It’s not an exact science. It's a really good guide, particularly if you're trying to grow your firm.” - Jamie Johns

“So just getting the balance rights important between servicing and growth. If you want to grow, you've got to spend more time in front of your clients.” - Ed Chan

USEFUL LINKS:

• FREE eBook: The Biggest Secrets to Recruiting Qualified Accountants 

GET IN TOUCH!

Website: www.wizementoring.com

Facebook: https://www.facebook.com/wizementoring/

Twitter: https://twitter.com/wizementoring

Linkedin: https://www.linkedin.com/company/wizementoring/

Instagram: https://www.instagram.com/wize.guys/?hl=en

Email: [email protected]

Download the full transcript here.

________________  

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 Map for FREE - Find out the 101 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. Work with Jamie and our mentors for 8 weeks - Build a custom business plan for your firm - Apply here

Episode 25: How to identify the best candidate for your practice

In this episode of The Wize Guys, Brenton Ward, Jamie Johns, and Ed Chan talk about why attitude is the most essential factor to consider when identifying the best candidate in the recruitment process.

Find out more about hiring people onshore and offshore for your accounting practice.

Timestamps:

0:35 - Hiring Onshore vs Offshore employees
1:19 - How outsourcing can help you save more resources
3:57 - The importance of attitude
5:05 - How to utilize technology in the recruitment process

Quotations:

“Absolutely the whole idea of running your business efficiently and to be able to make some profit and about pay your staff a decent wage, and to remain competitive with your competitors in terms of your fees. Everybody's got to win. Your clients are got to get the best price for your services. Your staff has to get paid really well. And you've got to make a profit.” - Ed Chan

“I always think every interaction you have with a candidate reflects their attitude is the most important thing because you cannot train, you cannot generally change someone's attitude.” - Jamie Johns

USEFUL LINKS:

• FREE eBook: The Biggest Secrets to Recruiting Qualified Accountants 
• Download FREE eBook: The Accountant's 20-Hour Workweek Playbook

GET IN TOUCH!

Website: www.wizementoring.com

Facebook: https://www.facebook.com/wizementoring/

Twitter: https://twitter.com/wizementoring

Linkedin: https://www.linkedin.com/company/wizementoring/

Instagram: https://www.instagram.com/wize.guys/?hl=en

Email: [email protected]

Download the full transcript here.

________________  

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 Map for FREE - Find out the 101 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. Work with Jamie and our mentors for 8 weeks - Build a custom business plan for your firm - Apply here