Are you a firm owner struggling to balance growing your business and enhancing your skills? Discover how Jamie Johns transformed his journey from an overworked accountant to a successful business owner using the Rule of 33%.
The Rule of 33% is one of the Wize core principles — it’s about spending a third of your time learning from a mentor, a third collaborating with peers, and a third teaching others. Learn how this simple yet powerful framework can streamline your personal life and professional growth.
If you need expert career guidance on implementing the Rule of 33% to enhance your personal life and business, schedule a discovery call with Wize Mentor Jamie Johns by using the link here.
Understanding the Rule of 33%
The Rule of 33% is at the heart of all we do at Wize. A good mentor is someone who has achieved success and can provide guidance in the accounting industry. We believe you are the average of the 5 people you spend most of your time with. Spending time with a potential mentor or having a mentoring relationship is the best way to achieve growth and success.
By following the Rule of 33%, individuals can better define and achieve their career goals through structured mentorship relationships and peer collaboration. Here’s the breakdown:
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Spend 33% of your time with mentors.
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Share 33% of your time with like-minded peers.
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Give 33% of your time to teaching and mentoring others.
So, let’s explore why each segment is critical to personal life and professional development and, more importantly, how this rule can shape your accounting business for long-term success.
1. Spend a third of your time with mentors
Investing time with mentors is foundational. A mentor is someone who has achieved success in your given industry. This first “33%” pushes you outside of your comfort zone to adopt a new mindset, actions, habits, and skills to gain the same result as a mentor who has already walked the path.
As you progress in your career, seeking new mentors who have navigated similar challenges can provide fresh perspectives and valuable insights.
Find a mentor who has built a self-sustaining firm that largely runs without them. Learn how a mentor manages their operations, client relations, and marketing approaches, and integrate these learnings into your business.
2. Spend a third of your time with like-minded peers
Being a firm owner can be lonely, surrounded by the demands and challenges of steering a firm.
Spend a third of your time with your people who are walking a similar path, facing the same level of boundaries, and striving for similar goals. This is not just about your existing network; it’s about building a community where you can exchange ideas, challenge each other’s thinking, and push each other to be better.
Join accounting groups or networks where you can openly discuss firm growth strategies, such as scaling through process improvements or creating sustainable work environments. These interactions often provide practical, actionable insights you can apply directly to your firm.
Remember, as we say at Wize, “iron sharpens iron,” and it’s through these interactions that we refine our strategies and strengthen our businesses. So, let’s not underestimate the power of spending time with them is a vital part of our journey to success.
3. Give a third of your time to teaching and mentoring others.
As the old saying goes, “To teach is to learn twice.”
This part of the Rule of 33% is about passing on the wisdom you’ve gained. It’s about helping those who are where you once were, guiding them through their challenges, giving tips and advice on what to focus on, and helping them seize their opportunities. This isn’t just altruistic; it’s practical and beneficial for your growth as well.
Moreover, mentoring relationships can be incredibly rewarding in gaining experiences and new challenges. It allows you to give back to the community that supports you, fosters a culture of continuous learning, and leads your industry as a mentor. It helps build a legacy of knowledge and expertise that goes beyond your direct influence as a mentor.
Applying the Rule of 33 in Your Accounting and Bookkeeping Firm for better work-life balance
Integrating the Rule of 33% into your firm is about more than just personal development; it’s about creating a sustainable growth model that leverages mentorship, peer collaboration, and effective systems to ensure longevity and success. By using this rule, you can build a firm that not only meets current client and market demands but is also poised for future growth.
Engage with WizeGrowth to further enhance your journey. We provide structured guidance and strategic mentorship tailored specifically to the needs of accounting and bookkeeping professionals.
Experiencing the Rule of 33% with WizeGrowth
Mentorship is at the heart of the Rule of 33% and is a core component of the WizeGrowth program. By connecting you with professionals and successful firm owners like mentors Jamie Johns and Ed Chan, WizeGrowth ensures that you receive expert guidance that is both inspirational and practical.
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One-on-One Mentorship: Direct access to talk to one mentor who can provide personalized advice and nurture their experiences in overcoming industry-specific challenges.
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Group Masterclasses: Regular masterclasses allow for the ability to share knowledge and resources among mentees and mentors, facilitating a collaborative learning environment.
Case Studies and Success Stories
Jamie Johns, CEO of Sky Accountants, credits the Rule of 33% with transforming his accounting business, going from five days a week to just one day a week, and increasing his firm’s revenue by seven-fold after working with his mentor Ed Chan, the Co-Founder and Non-Executive Chairman of Chan & Naylor.
The Rule of 33% is foundational to our WizeGrowth program, which empowers accountants and firm owners all around the world to replicate the successful model that Jamie built to achieve business growth and success.
So, embracing this balanced approach through WizeGrowth through a mentor will not only streamline your practice but also create a more enjoyable and less overwhelming career path, helping you achieve success on your terms. This transformation is not just about improving numbers; it’s about creating a thriving business environment where you and your staff can find professional fulfillment.
Are you ready to transform your accounting or bookkeeping firm? Start applying the Rule of 33% today and watch as you build a firm that not only meets but exceeds expectations.
Spend 30 minutes with our Wize Mentoring CEO and mentor, Jamie Johns, a $7M firm owner ready to share his entire business plan to build a firm that runs without you.
Discover how WizeGrowth can make this your reality and find out more about our comprehensive support system designed for your success. Find out more here!