The Wize Guys

Episode 106: Time Management for Accounting & Bookkeeping Practice Owners

May 15, 2024 • Wize Mentoring for Accountants and Bookkeepers • Season 1 • Episode 106

Share episode

Never too late to scale your business and achieve freedom! 

Explore the transformative approach of the WizeGrowth program and get 1:1 hands-on help with Wize Mentors who are business owners themselves. We have helped a hundred firm owners and you can be the next one. See if you qualify: https://forms.zohopublic.com.au/wizementoring/form/WizeGrowthDiscovery/formperma/xWwns0wTLoKShmR0jlg0VMaW0FHVQ-V4UdDDecy9aYM

_________________________


Ever felt chained to your desk, drowning in paperwork while the clock laughs at your overtime?

In this week's episode of The Wize Guys  Podcast, Brenton Ward, Ed Chan, and Jamie Johns discuss the importance of time management and how you can master it to be an effective leader. 

Find out some effective time management strategies using Dr. Stephen Covey's time management quadrant that works for Chan & Naylor and Sky Accountants.

This episode isn't just theory; it's a road map from someone who's navigated the rough terrain of business ownership and come out on the other side. We'll explore the common pitfalls that trap accountants in a cycle of endless production, and how our guest broke free, reshaping his approach to work. It's a conversation packed with actionable insights and a testament to the fact that with the right strategies, even the busiest accountants can find an equilibrium between their spreadsheets and their sanity. Join us for stories that will inspire you and advice that could redefine your workdays!


________________
PS: Whenever you’re ready… here are the fastest 3 ways we can help you transform your accounting/bookkeeping practice:

1. Join 40,000+ subscribers to our transformation Friday tips – Every Friday, our Wize Mentor and Thought Leader of the Year, Ed Chan will send one actionable insight from his experience of building a $20 million accounting firm that still runs without him – Subscribe here

2. Download one of our famous Wize Accountants Growth Playbooks – Our FREE Playbooks on how to build and scale your firm are more valuable than most PAID business coaching programs! See for yourself – Download here

3. Join the waiting list for a free login to the world's best accounting business intelligence software for scaling your firm. Take a look at the app we use to build our own $10million firm in just 7-hours a week – Get a FREE login here

Ed Chan:

My practice was really, really small and I was working like 100 hours a week. Then I don't know if any of you remember this, but BRW used to have a section where they used to interview a very successful accountant. You know, I used to read that because that was in my field talking about fellow accountants, and anyway, there was this particular story about a guy that I used to work with, you know, side by side, and we worked for the same employer and his business was 10 times the size of mine, and then, you know, I found out that he worked a fraction of the time that I worked out.

Brenton Ward:

From Wize Mentoring is The Wize Guys Podcast, a show about accounting and bookkeeping practice owners and the many stories, lessons, and tips from their experience of transitioning from a time- poor practice to a business that runs without them. I hope you enjoy and subscribe! When we come into the professional environment, what are you seeing in terms of accountants managing their time or grappling with the issue? Is it the same as what you experienced all those years ago?

Ed Chan:

Yeah, absolutely! Exactly the same. We all, like, grew up in the same taking, following the same pathway. And, uh, you know we spent time in division four, which is the production division so that shapes the way we think. D ivision 4 means that you're working in quad a and we'll talk about A, B, C, and, D or 1, 2, 3, and 4 later on. But you know to work in the Quad A and then, and when you leave from that division four environment because you're on the production line if you like, and then you come in and run your business, then you run your business with the same mentality as you run it when you're in Division 4, on the production line.

Ed Chan:

That's the reason for it and every accountant goes through it. And unless you can break out of that and see the light, if you're like like me and you took Dr. Stephen Covey to make me see the light then you're going to be able to interpret that and then apply it to your practice because often you might know the theory but you don't know how to apply it in in a business such as ours. Because dr ste Stephen Covey talks about the theory but often the how is missing. It's up to you to interpret it. So, absolutely, we all went down the same path and that's why we all ended up on the same path, except for the few who've been able to get out of that situation. Absolutely.

Brenton Ward:

So, on that note, I think we should dive into the actual strategy that we're going to cover today. There are many different time management strategies. There are many different ways people like to look at this topic, but this is one that's very close to you because it's one that has dramatically changed the way in which you operate. So take us back to the origins of you, coming across Dr. Stephen Covey's quadrant, what sort of state you were in at the time, and how this affected you and the journey.

Ed Chan:

Yeah, my practice was really, really small and I was working like 100 hours a week. And then I don't know if any of you remember this, but BRW used to have a section where they used to interview a very successful accountant. I used to read that because that was in my field, talking about fellow accountants. And anyway, there was this particular story about a guy that I used to work with. You know, it's side by side and we work for the same employer and his business was 10 times the size of mine. And then, you know, I found out that he worked, that he worked a fraction of the time that I worked out that I worked and I couldn't understand how he could do that. And then he put me onto the book and then, you know, the quadrants and all that sort of came from there.

Ed Chan:

Because, you know, I was just looking, I was at a crossroads and I was looking at, I was trying to find an answer to how I could get around this problem, because I was only 30 at the time and I couldn't see myself sustaining another two years of the work I was doing, let alone another 30 years, because I was early 30. So he started me on this journey by recommending that I read a book. But the book is quite difficult to read. I had to read it several times, which is very, very. He uses a lot of deep psychology and he doesn't use a lot of examples with your own business and your own practice. So a lot of it, and then the interpretation of that is my own interpretation.

Brenton Ward:

I see. So, Jamie, I'll cut to you for a second, because you've read Dr. Stephen Covey's book as well over the years, and when Ed introduced this topic to you when you were at a certain point in your journey, had you thought about your time management in this light before, or how were you considering your time at that stage?

Jamie Johns:

Yeah, I hadn't considered it in terms of Dr. Stephen Covey's time management quadrant and it's I think it goes back to what you said earlier, Brenton like we're not educated in how to manage or how to manage your own time other than what you might do in your private life, or even if you go to university and you've got to manage your time and your schedule like that. So once I started working with Ed, it took me back to 1991, actually, when I read 7 Habits, and took me back then. But the difference with when I started working with Ed was how it applied to an accounting practice, how it applied to a service firm, and then how it applied to myself and the leaders that I was trying to develop within my own firm. So I think the key is that the theory is the one thing, but I want to emphasize what Ed said. It's about the practical, everyday application of the theory and you know Ed, to his credit, worked that out. How did it apply to Ed and therefore how does it apply to all of us?

Brenton Ward:

Thanks for tuning in. If you liked this episode, please remember to subscribe and leave us a five-star review. For more practical, Wize tips on how to build a business that runs without you, head over to wizementoring. com/p odcast to download a free copy of The Accountant's 20-Hour Workweek Playbook. We've included a link in the show notes below. See you on the next episode!