Wize Mentoring’s impact on Factor 1 Accounting, one of its oldest clients, has been transformational. Before joining Wize, Terry Chung, a partner of Factor 1, was working too much, and the company’s culture was focused more on production than on people. Factor 1 wanted to be more contemporary in its approach to accounting services while retaining traditional values.
The company sought help from Wize Mentoring, attracted by the success story of Ed Chan, Wize Mentoring’s co-founder, who was able to grow Chan & Naylor into the fastest-growing accounting firm for five years in a row.
“Because Ed knew what we were going through – our pain points and our operational issues – we got a lot of value from Ed as an advisor like he was on our advisory board. I think Jamie came on board later on as well and became part of our advisory board. So that’s where at the early stage we got the true value from Wize. It’s just their insights were priceless. So it was strategic that and it was one of the biggest decisions that we made. Yes, to engage Wize.” Terry exclaimed.
Wize Mentoring helped Factor 1 address two important issues that were crucial for the company’s success – service excellence and operational efficiency. Factor 1 recognized that salespeople had talents that accountants may not have. Wize Mentoring provided the guidance and insights that helped the company develop its sales strategy. In addition, Wize Mentoring’s deep and narrow structure empowered everyone in the company to work in a role they enjoyed, which helped improve talent retention.
“The Wize model has helped us transition to different roles within the firm. David acts as the CEO, which means he could look at and focus on marketing and growth strategies. Whereas my role is more suitable to who I am, the operational side is in terms of operations, and quality production. So it compliments quite well with each other.” Terry added.
The WizeVault Step-by-Step blueprint helped Terry complete the Wize Mentoring program, and he credits his team’s growth and success to his experience with Wize Mentoring. The Wize Mentoring program was seen as a journey rather than a program, and Terry’s team is taking the same journey so that they can understand and take in the same experience Terry had.
“The whole journey with Wize, it’s only beneficial if you go with it with the common word is open-minded, but we say, well what is open-minded? Well for us it’s about being okay to be vulnerable to suggestions, being okay to accept other people’s views, and being absolutely critical of our own processes.” Terry said.
The insights that Wize Mentoring provided were priceless for Factor 1, and the company’s relationship with Wize Mentoring has been ongoing. Wize Mentoring helped the company resolve operational issues, and the advice provided was valuable. Factor 1’s relationship with Wize Mentoring has been transformational, and it has helped the company grow substantially by meeting market expectations.
Wize Mentoring’s philosophies were pushed through a wide and flat operational structure, and the company’s pool of accounts grew. Factor 1’s decision to engage Wize Mentoring was strategic and crucial for the company’s success.
“So we’re treating this as a journey. I know it’s sometimes it’s seen as a program to be undertaken. Then when you finished the program, it’s great, you’ve graduated. But we’re taking this as a journey with us.” Terry said.
Terry and his team found the program to be a journey that reinforced the message of the themes pushed out to the company’s team members. Factor 1 is now a different company than it was 7 years ago, and Terry credits Wize Mentoring for helping them reach their goals. The journey has been transformational, and the team still relies on the guidance they receive from Wize Mentoring as they navigate their future success.
Factor 1 experienced a fruitful journey to success with our team, and we’re ready to help you achieve your own success story. Our mentors offer personalized guidance and support to help you overcome challenges and elevate your business.
With Wize Mentoring by your side, you’ll have the tools you need to seize the future and achieve your goals. Don’t miss out on this opportunity to work with a team that truly cares about your success.
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PS: Whenever you’re ready… here are the fastest 3 ways we can help you transform your accounting/bookkeeping practice:
1. Get our practice transformation Friday tips to your inbox – Every week Ed Chan shares a tip on his experience of building a $20million firm that still runs without him – start getting your Friday Tip emails here
2. Download our famous eBook The Accountants 7-Hour Workweek Playbook – This book is for any accounting practice owner looking to buy back their time, make more money and have more freedom – Download here
Take a look at the app we use to run our own $4million firm in just 7-hours a week – Take a look here