The Wize Way

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

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 23: How to Set Up Your Accounting Firm's Meeting Rhythm

TIME and FOCUS  ~ are two important factors for work productivity. Now, how to achieve both without losing the other?

In this episode of The Wize Guys, Brenton Ward, and Jamie Johns talk about the importance of setting up meeting structures in your firm to help your teams improve productivity, save time, reduce hassle, and attain goals. 

So, make sure to grab a pen and paper for another action-packed episode.

Timestamps:

0:52 - The importance of having team meetings
2:35 - Management vs Leadership
3:50 - Why you should create an extraordinary system
4:09 - The concept of daily huddles
5:36 - Best practices for a meeting
7:19 - 3-question guide to achieving a seamless flow
9:14 - The argument of losing time

Quotations:

“There are so many benefits to having the right meetings and also running the meetings right. And I think it was Peter Drucker who said, management is doing the right things, but leadership management is doing things right.” - Jamie Johns

“...one of the main principles from the aim of Michael Gerber's book in the south often prefer to, but it's all about systematization. And if we create a system in each of these meeting structures, we increase the chances of them being implemented into the fabric of the business and into the culture.” - Brenton Ward

“...there's always, that allows for that priority to the filters at the top. And everyone else on that team instantly knows that that becomes a priority. This is the power of the daily huddle.” - Jamie Johns

“I think it's not about perfection, it's about improving…like Ed, said, it's not an exact science, but providing you're doing it and you've got 80% of it, right? And it works and achieves the goals, which are filtering the priorities to the top and ultimately services servicing your clients.” - Jamie Johns 

GET IN TOUCH!

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

Website: www.wizementoring.com

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

Twitter: https://twitter.com/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 22: Let's talk about REFERRALS! How to build a solid referral program and system in place

In this episode of The Wize Guys, Ed Chan with Wize Mentors, Thomas Sphabmixay, and Timothy Causbrook discuss how having a referral program in place increases the chances of getting quality referrals and keeping the business of these clients. They also shared insight on understanding Quad activities and how tracking client NPS as part of the Fab5 KPIs can also lead to a much more streamlined referral system.

Find out how a solid referral program and the system can help your accounting practice to scale up.

Timestamps:

0:55 - How to implement a referral process
1:35 - Why referrals are the most efficient way to leverage
2:18 - The importance of client service and communication
3:29 - What is the ideal time to respond to clients
4:10 - Understanding the service industry
4:23 - How to create a communication client policies 
5:49 - Why client approval meeting is essential
7:33 - Tips for giving value to clients
11:45 - The positive impact of having your clients involved
12:36 - Understanding the emotional bank account
13:43 - How to build a solid referral system
15:03 - The biggest challenge with referrals
16:43 - How habits can affect leading
17:19 - The importance of being patient
19:21 - Why you should know your team member’s full potential
22:59 - How to build a referral strategy
23:32 - Understanding the different concepts of quad activities
28:49 - Why the first year is all about investment
30:51 - The importance of having the right mindset
33:01 - Best strategies and attitude to make your team ready
35:45 - How client tracking can boost referrals
40:50 - Why it is more expensive to win a new client than your existing client
42:34 - How to take action

Quotations:

“..if you don't focus on the client, you're not going to get referrals from them… The senior client manager's role is to talk to the clients and to have a bridge between the production team and the clients. So they're communicating at the client's level.” - Ed Chan

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 21: How To Improve Your Accounting Firm’s Sales Process ┃ Wize Mentoring  Business Tips

“According to statistics, 80% of sales are made on the fifth to the 12th point of contact.”

In this episode of The Wize Guys, Brenton Ward, Jamie Johns, and Ed Chan talk about Jamie’s journey running his firm, Sky Accountants. 

As Jamie was able to develop a successful selling system and an effective sales process that helped them achieve significant growth, find out how you can add divisions in your organization that you should focus on and the selling system that you should start implementing in your own firm.

Timestamps:

0:35 - Jamie’s successful journey with Sky Accountants
2:27 - Why client communication is important
2:59 - Understanding the LAPS system
3:15 - The importance of calling your leads
3:35 - Why speed is critical to sales
3:51 - How to keep your leads alive
5:48 - Why leadership is important
6:56 - Ways to use the calendar with your leads’ follow-up
8:25 - How to make your team involved in the sales process

Quotations:

“..one of the most important aspects is replying.” - Jamie Johns

“If you don't follow up the lead, you just won't have the organic growth that you otherwise may have had.” - Jamie Johns

“..people get busy, we all get busy. My mentality was, and I always kept staying at Sky is it's no until it's a no.” - Jamie Johns

“one of the reasons why the deep and narrow team structure is so important is because we need the senior client managers to have that capacity, whether they're off the tools to have the ability to manage the lead inflow and actually nurture leads and engage in the sales process.” - Brenton Ward

USEFUL LINKS:

• Learn more about the LAPS System

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 20: Micro-training your team - how to teach them about the deep and narrow team structure

In this episode of The Wize Guys, Brenton Ward with Jamie Johns, and Ed Chan share the principles of a deep and narrow team structure for every accounting practice.

Find out how to lead your team in transitioning, implementing, and embracing a whole new concept and process. The Wize Mentors discuss the most common challenges that practice owners face when training their client managers and production team. Also, hear some ideas on how to overcome if you have a staff who pushes back on this objective.

Timestamps:

0:35 - The concept of deep and narrow teams
1:44 - Best ways to address and transition to a new structure
3:35 - How to manage traffic: communication and production areas
4:23 - That ‘football analogy’ of a team structure
5:29 - Most common challenges and pushbacks to face in transitioning
7:13 - Idea #1: Don't be discouraged.
7:42 - Idea #2: It takes time to change habits.
8:26 - The importance of having your team understand the objectives
9:29 - Idea #3: Encourage to lead.
10:56 - Idea #4: Manage resources properly.
11:55 - The analogy of a production triangle
14:05 - Different forms of pushback
15:03 - Idea #5: Choose the senior people.
15:55 - Idea #6: Conduct 1-on-1 discussion.
16:49 - Idea #7: Educate the team.
17:08 - Why complexity kills businesses
17:46 - Idea #8: Be persistent and consistent.
18:35 - Which is more effective: 1-on-1 discussion vs group meeting
20:33 - Idea #9: Do it efficiently, but manage effectively.
22:12 - Idea #10: Do it slowly.
25:10 - How to handle losing people along the process
26:04 - The importance of ‘No Bypass Policy’
27:12 - Idea #11: The body-system reporting.
28:07 - How structure is related to your internal processes
28:41 - Idea #12: Stop undermining and delegate.
30:14 - Idea #13: Follow the hierarchical system.
31:14 - Idea #14: Empower the team.

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 19: How Accounting Firms Can Track their Performance┃Best Approach to Measure KPIs

In this episode of The Wize Guys, Brenton Ward, Jamie Johns, and Ed Chan discuss how they track their own firms' KPIs over the years and why it's important for Accounting Practice Owners to track their numbers.

So, make sure to grab a pen and paper for another action-packed episode.

Timestamps:

0:34 - How to monitor your team’s KPIs
1:23 - How to start your own accounting firm
1:50 - The importance of stepping back
2:31 - ‘Why running companies is like raising kids’
3:02 - The analogy of driving a car
3:24 - The Wize Fab 5 Key Performace Indicators
3:56 - How to be in control without controlling
4:20 - That concept of being a ‘winner’
5:06 - How culture can affect your business
5:49 - Why Fab 5 is the best dashboard for every accounting practice
6:11 - Understanding the difference between running it as a practice and from business
7:01 - Why top-down management can’t scale a business
8:46 - Why bottom-up kind of management is better
9:33 - How to create a business that runs without you
10:39 - Timesheets: YES or NO?
11:17 - Extraordinary systems vs Extraordinary people

Quotations:

“I think the problem is that there is confusion between running it as a practice versus running it as a business. And if you run it as a practice, that means you're managing it from the top down… But the problem with that kind of management system from top-down is that you can't scale that business and you become a prison in that business because if I take you out of there, that's the end of the business... But if you want to grow and scale it, you need it to be managed from the bottom up, not from the top down.” - Ed Chan

USEFUL LINKS:

• Download FREE eBook: The Accountants Recruitment Secrets 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 18: How to Create a Perfect Work Schedule for your Accounting Team ┃Wize Mentoring

In this episode of The Wize Guys, Brenton Ward with Jamie Johns and Ed Chan discuss workflow scheduling and how to plot work for the next few months. 

If you just wait for work to come in, you'll tend to become overwhelmed, stress your staff out and frustrate your clients. You have a choice to just sit there and wait for the work to come in or take control of the situation and lead. If you want to become a good leader, it's important to plan out the next 12 months based on the capacity planner of your firm.

So, don’t forget to grab a pen and paper for another action-packed episode!

Timestamps:

0:35 - Understanding the concept of work scheduling
2:03 - Why leading is important
2:16 - How capacity levels can affect productivity
2:41 - How to deal with clients’ work
3:45 - The importance of sending out letters
4:01 - The 80-20 rule in work scheduling
6:07 - How to schedule workflow
7:43 - Why you should educate clients
8:06 - The importance of managing work schedules based on capacity
8:52 - How helpful are the workflow scheduling tools
10:06 - Why bookkeeping is more self-driven with deadlines
11:42 - How to handle budget and forecast strategies with clients
13:04 - Building Capacity vs Advertising
15:43 - How to balance on and off marketing
18:33 - Tips for encouraging clients to come in
20:01 - What you measure is what you can manage
20:28 - How to plan out your capacity
22:47 - Key takeaways

Quotations:

“The 80-20 rule, as long as you get 80% of people following it, then you can manage the last 20%.” - Ed Chan

“You should have time… If you turn the engine on and don't let the wind blow the sails.” - Ed Chan

“The more metrics you can use to manage your business are good, but you don't want paralysis by analysis. So you need to sort of keep it as simple as possible, but you may focus that around the ideal team.” - Jamie Johns

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 17: Managing the Production and Communication Traffic in your Accounting Firm | Wize Mentoring

In this episode of The Wize Guys, Brenton Ward with Ed Chan discusses how you can overcome the biggest challenges of managing your firm’s traffic flow by looking at how traffic flows in an organization, how it should be moving, and dissecting the types of traffic that go into your firm.

Find out more about communication traffic management and some useful tips in responding to emails that you can best apply in your accounting practice or business process.

Timestamps:

0:51 - How to dissect traffic flow 
0:59 - 2 Different types of traffic
1:10 - What is the communication traffic?
2:11 - How sales process is related to your traffic flow
2:14 - Tips for responding to clients’ emails
4:11 - The importance of taking ownership and leadership in communication
5:19 - How people’s personalities can affect workflow and productivity
6:19 - Figuring out the right people for a position

Quotations:

“You've got to take leadership because if you don't take leadership of that conversation, the client will just think that you're happy to just give the time away for free.” - Ed Chan

“..you've got to work it so that everybody's in their flow. And the deep and narrow structure is the best way to manage the traffic flow. Because you've got people who are really good at talking to people, managing client's expectations. They're people-people. They're good at communicating with people like them. So they're in their flow. If they're a senior client manager, and then you've got people who are really good production people and, and keep them in their float. And if you, if you have this narrow deep structure, you find that people are a lot more productive. They are a lot happier.” - Ed Chan

USEFUL LINKS:

• Download FREE ebook: The Accountants Systems Playbook to streamline your practice workflow system

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 16: The Best Plan in Running a Discovery Session for Your Accounting Firms ┃Wize Mentoring Business Tips

“I know of no more encouraging fact than the unquestionable ability of man to elevate his life by conscious endeavor.” - Henry David Thoreau 

In this episode of The Wize Guys, Brenton Ward with Jamie Johns, and Ed Chan share their insights about the need for a discovery session for every accounting practice.

As Ed has been through many, if not all, of the challenges you have faced in growing your Accounting business. Typically we get into business to earn more money and have more time and freedom only to find our reality is the exact opposite. We work more hours than we ever have and spend more time away from our family and if we were to divide the money we earn by the time we spend earning it, it's very little and not a good return on investment.

To find out how to ensure that you are not a prisoner in your own business, Ed and Jamie will give a thorough outline of how you can start to design or redesign your business to achieve the ROI of your end goals.

Timestamps:

1:06 What are discovery sessions?
2:41 How to determine the pains and challenges in your practice
4:02 The power of retirement investments
5:55 Why you should start to invest in businesses
6:10 Why is it that Warren Buffett invests in a direct business and what his 4 criteria are for investing? 
8:37 Comparing the ROI of your business vs the share market vs property investment
12:12 How to identify your capital value, passive income, and ROI
14:44 Why you should start to build something
15:29 The importance of having the right mindset
18:09 The journey from self-employed > business > investment
18:58 What are the questions to ask in a discovery call
22:27 Which is a better business model: partnership vs corporation
24:06 Key takeaways on why you should start your own discovery calls

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 15: Learn how to become a BETTER LEADER┃Three Keys to Leadership for your Accounting Practice

In this episode of The Wize Guys, Brenton Ward with Jamie Johns, and Ed Chan discuss the three key areas of leadership that accounting business owners should focus on. 

Because as the leader of your firm, your priorities should be leading yourself, leading the business, and leading others. Find out how you can be a better leader for your team and achieve better results.

Timestamps:

0:36 The overarching areas of leadership
1:08 Why a  firm is a reflection of the owner
2:01 Why you should be good at leading others
2:05 How being friendly and inspirational helps
2:32 How to achieve better results with leadership
3:06 The ideal successful firm setup
4:14 Understanding that ‘bypass policy’
6:16 Simple steps to becoming a better leader
6:57 The importance of solutions and outcomes in decision making

Quotations:

"..it's often said over the years that a firm is a reflection of the owner..” - Jamie Johns

“There any obvious gaps in what you would implement it or the leadership skills that you kind of identified within the business that you had and you've since worked on bridging..” - Brenton Ward

“We're talking about leadership as a whole, and now talking about leadership in three different areas, the whole conversation becoming a better leader can be somewhat overwhelming.” - Brenton Ward

“One said that don't try and change others to try and change yourself first. That's easier said than done a natural and natural state is that it's everybody else's fault, not mine. And you crack this, everybody else's fault, then you can't change things unless you change yourself first. “- Ed Chan

“So if you focus your attention on the solution, you find solutions, but if you look for problems, then you find those as well. And if your excuse, you find those as well.“ - Ed Chan

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