Hsmc Slides 2
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How to Succeed in Management Consulting By Victor Cheng Saturday, February 19, 2011
Copyright Notice Use of this document is subject to license agreement and may not be distributed to others without express written permission.
Copyright Victor Cheng, All Rights Reserved.
(c) Victor Cheng, All Rights Reserved
Saturday, February 19, 2011
Overview Section I: How a Consulting Firm Works Section II: Career Management Section III: Succeeding on a Project Section IV: Differentiating Yourself
(c) Victor Cheng, All Rights Reserved
Saturday, February 19, 2011
Overview Section I: How a Consulting Firm Works Section II: Career Management Section III: Succeeding on a Project Section IV: Differentiating Yourself
(c) Victor Cheng, All Rights Reserved
Saturday, February 19, 2011
Section III: Succeeding on a Project
Saturday, February 19, 2011
Section III: Succeeding on a Project 1. Project Lifecycle 2. Being Influential (when you’re new) 3. Managing Up 4. Time Management 5. Avoiding Common / Major Mistakes
(c) Victor Cheng, All Rights Reserved
Saturday, February 19, 2011
Section III: Succeeding on a Project 1. Project Lifecycle 2. Being Influential (when you’re new) 3. Managing Up 4. Time Management 5. Avoiding Common / Major Mistakes
(c) Victor Cheng, All Rights Reserved
Saturday, February 19, 2011
Consulting Project Lifecycle 1. Build initial client relationship 2. Sell project 3. Staff project 4. Deliver project 5. Sell next project
(c) Victor Cheng, All Rights Reserved
Saturday, February 19, 2011
Consulting Project Lifecycle & Roles Partner 1) Initial Client Relationship
X
2) Sell Project
X
3) Staff Project
X
4) Deliver Project 5) Sell Next Project
(c) Victor Cheng, All Rights Reserved
Saturday, February 19, 2011
Manager
X X
X
Consultant
X
Consulting Project Lifecycle & Roles: Troubled Project Partner 1) Initial Client Relationship
X
2) Sell Project
X
3) Staff Project
X
4) Deliver Project 5) Sell Next Project
(c) Victor Cheng, All Rights Reserved
Saturday, February 19, 2011
Manager
X X
X
Consultant
X
Consulting Project Lifecycle & Roles: Troubled Project Partner 1) Initial Client Relationship
X
2) Sell Project
X
3) Staff Project
X
4) Deliver Project 5) Sell Next Project
(c) Victor Cheng, All Rights Reserved
Saturday, February 19, 2011
Manager
X X
X
Consultant
X
Consulting Project Lifecycle & Roles: Troubled Project Partner 1) Initial Client Relationship
X
2) Sell Project
X
3) Staff Project
X
4) Deliver Project 5) Sell Next Project
(c) Victor Cheng, All Rights Reserved
Saturday, February 19, 2011
Manager
X X
X
Consultant
X
Consulting Project Lifecycle & Roles: Ideal Project Partner 1) Initial Client Relationship
X
2) Sell Project
X
3) Staff Project
X
4) Deliver Project 5) Sell Next Project
(c) Victor Cheng, All Rights Reserved
Saturday, February 19, 2011
Manager
X X
X
Consultant
X
Consulting Project Lifecycle & Roles: Ideal Project Partner 1) Initial Client Relationship
X
2) Sell Project
X
3) Staff Project
X
4) Deliver Project 5) Sell Next Project
(c) Victor Cheng, All Rights Reserved
Saturday, February 19, 2011
Manager
X X
X
Consultant
X
Consulting Project Lifecycle & Roles: Ideal Project Partner 1) Initial Client Relationship
X
2) Sell Project
X
3) Staff Project
X
4) Deliver Project 5) Sell Next Project
(c) Victor Cheng, All Rights Reserved
Saturday, February 19, 2011
Manager
X X
X
Consultant
X
Consulting Project Lifecycle & Roles: Ideal Project Partner 1) Initial Client Relationship
X
2) Sell Project
X
3) Staff Project
X
4) Deliver Project 5) Sell Next Project
(c) Victor Cheng, All Rights Reserved
Saturday, February 19, 2011
Manager
X X
X
Consultant
X
Consulting Project Lifecycle & Roles: Ideal Project Partner 1) Initial Client Relationship
X
2) Sell Project
X
3) Staff Project
X
4) Deliver Project 5) Sell Next Project
(c) Victor Cheng, All Rights Reserved
Saturday, February 19, 2011
Manager
X X
X
Consultant
X
1) Build Initial Client Relationship Referral Non-Profit Board Expertise Sharing (Speeches) Prior Relationship
(c) Victor Cheng, All Rights Reserved
Saturday, February 19, 2011
2) Sell a Project The Triggering Event Board asks CEO tough question (often on industry trends) Partner mention “blind spot” issue to CEO Problem situation no longer tolerable
(c) Victor Cheng, All Rights Reserved
Saturday, February 19, 2011
3) Staff a Project Varies by firm... commonly a match-making process Smart partners focus intensely on staffing (high leverage) You get a “vote” The more in demand you are, the more choices you get
(c) Victor Cheng, All Rights Reserved
Saturday, February 19, 2011
4) Deliver a Project 3 - 6 Month Engagement Manager structures issue tree or framework Each consultant gets one branch Check in with manager every 1 - 5 days
(c) Victor Cheng, All Rights Reserved
Saturday, February 19, 2011
Types of Consultant Work
Fact Pack (No Hypothesis) Hypothesis Testing
(c) Victor Cheng, All Rights Reserved
Saturday, February 19, 2011
Consultant’s “Weekly” Work Cycle 1. Sub-Hypothesis for the Week 2. Gather data (quantitative download or interviews) 3. Convert data into charts 4. Analyze charts for significance 5. Present conclusions to team • For Your Branch: a) refined hypothesis, 2) issue tree changes • Implications for: a) overall project, b) client (outside project scope) 6. Revise Next Week’s Work Plan / Present to Client
(c) Victor Cheng, All Rights Reserved
Saturday, February 19, 2011
5) Sell Next Project
Uncover new issues in current project... leading to follow-on project Strategy -> Implementation
(c) Victor Cheng, All Rights Reserved
Saturday, February 19, 2011
Section III: Succeeding on a Project 1. Project Lifecycle 2. Being Influential (when you’re new) 3. Managing Up 4. Time Management 5. Avoiding Common / Major Mistakes
(c) Victor Cheng, All Rights Reserved
Saturday, February 19, 2011
3 Types of Thoughts 1. Hypotheses 2. Conclusions / Implications 3. Process Decisions
•
How to get the data
•
How much analysis is needed
(c) Victor Cheng, All Rights Reserved
Saturday, February 19, 2011
How to be Persuasive When... You lack industry experience You lack functional experience Your lack consulting experience
(c) Victor Cheng, All Rights Reserved
Saturday, February 19, 2011
The Only Thing that is Persuasive (when you’re new) is...
(c) Victor Cheng, All Rights Reserved
Saturday, February 19, 2011
The Only Thing that is Persuasive (when you’re new) is...
A FACT
(c) Victor Cheng, All Rights Reserved
Saturday, February 19, 2011
Facts include...
Numerical data Themes from market interviews
(c) Victor Cheng, All Rights Reserved
Saturday, February 19, 2011
How to Argue for a Hypothesis
Quote people you interviewed
(c) Victor Cheng, All Rights Reserved
Saturday, February 19, 2011
How to Argue for a Conclusion Show the sequence of facts the inevitably leads to the conclusion Don’t say, “I think...” Instead say, “I KNOW.... and here are 3 facts that support this conclusion...”
(c) Victor Cheng, All Rights Reserved
Saturday, February 19, 2011
How to Argue for a Process Decision (e.g., Next Steps) The “Actionable Test” Suggest an alternative to current approach (faster, easier) Question how much precision is needed to make the decision
(c) Victor Cheng, All Rights Reserved
Saturday, February 19, 2011
Section III: Succeeding on a Project 1. Project Lifecycle 2. Being Influential (when you’re new) 3. Managing Up 4. Time Management 5. Avoiding Common / Major Mistakes
(c) Victor Cheng, All Rights Reserved
Saturday, February 19, 2011
Managing Up to... Well, Everybody
Managing your manager Clients
(c) Victor Cheng, All Rights Reserved
Saturday, February 19, 2011
When to Manage Up Schedule timing is unrealistic Requested analyses are overkill Getting the data will be much harder than others assume
(c) Victor Cheng, All Rights Reserved
Saturday, February 19, 2011
How to Manage Up Politely and respectfully point out an alternative approach If the goal is to accomplish X, instead of doing Y I think doing Z might be faster -- here’s why... (always have a reason) Link suggestion to something the other person wants Reduce risk of project running behind Avoid opening a “can of worms” (a new issue where there is insufficient data or time to fully address)
(c) Victor Cheng, All Rights Reserved
Saturday, February 19, 2011
Survival Skill: Managing Expectations Tip #1: Add buffer to your turnaround time estimates If it’ll take 1/2 day, say I’ll have for you in a day If it’ll take 5 days, say I’ll have it in 7 days Tip #2: Always under-promise, to make it easier to over-deliver
(c) Victor Cheng, All Rights Reserved
Saturday, February 19, 2011
Section III: Succeeding on a Project 1. Project Lifecycle 2. Being Influential (when you’re new) 3. Managing Up 4. Time Management 5. Avoiding Common / Major Mistakes
(c) Victor Cheng, All Rights Reserved
Saturday, February 19, 2011
To Get Promoted Without Working Too Hard, Write Good Powerpoint Headlines New Consultant Time Spent vs. Perceive Performance Comparison
10% Gathering Data
50%
40%
Creating Charts
40%
50%
(Excel/Powerpoint)
Determining Conclusions (Thinking / Powerpoint Headlines)
Source: I Made It Up (c) Victor Cheng, All Rights Reserved
Saturday, February 19, 2011
10% Time Spent
Perceived Performance
Spend More Time THINKING...
(c) Victor Cheng, All Rights Reserved
Saturday, February 19, 2011
Tools for “Thinking” More Effectively Allocate quality time just to THINK The answer is NOT in the computer... (it’s in your head) “So What ?” What are the “ripple effect” implications of this chart? Especially the 2nd and 3rd rings of the ripple (connect the dots) If this were my business...
(c) Victor Cheng, All Rights Reserved
Saturday, February 19, 2011
How / Where to Save Time Relentless application of 80/20 -- only do the minimal necessary McKinsey-ism: “Don’t boil the ocean... (just to get 1 cup of hot water)” Get clients to do work for you
(c) Victor Cheng, All Rights Reserved
Saturday, February 19, 2011
How to Apply 80/20 Rule in Practice
(c) Victor Cheng, All Rights Reserved
Saturday, February 19, 2011
80/20 Rule Tip #1: Top Down Analysis First Analyze higher lever hierarchies before lower level Global revenues before Continent revenues Continent revenues before Country revenues Country revenues before city revenues
(c) Victor Cheng, All Rights Reserved
Saturday, February 19, 2011
80/20 Rule Tip #2: Test Extremes of Data on Decision Identify HIGH and LOW end of range for a key metric (before you spend time getting the data) Does your decision CHANGE based on either extreme of the range? If NOT, the analysis is unnecessary
(c) Victor Cheng, All Rights Reserved
Saturday, February 19, 2011
Example: Deciding to Shutdown a Product Line Any product with gross margin charts -> presenting conclusion vs. hypothesis Manager checks end product only (not intermediate steps)
(c) Victor Cheng, All Rights Reserved
Saturday, February 19, 2011
Stage 3: Independent Problem-Solver & Client Management Forms own hypothesis Structures own issue tree Gathers data and performs analysis Presents conclusions, implications, revised hypotheses and next steps to client No oversight needed at any step of process Transition to managing others (Summer Associate, Analyst)
(c) Victor Cheng, All Rights Reserved
Saturday, February 19, 2011
Great Performance Toolkit
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Saturday, February 19, 2011
Great Performance Toolkit Insights Implications Specific Actions
(c) Victor Cheng, All Rights Reserved
Saturday, February 19, 2011
Insights Factually true, but counter-intuitive to client Client sees X symptoms as being caused by Y problem You discover X symptoms actually being caused by Z problem “Ah Ha” discovery in the business Prevent client from making catastrophic error... getting fired by board Paradigm shift
(c) Victor Cheng, All Rights Reserved
Saturday, February 19, 2011
Implications
(e.g., Identifying the Ripple Effect)
Usually 2nd order consequence (often not top of mind) Identifies new, yet still related, issue for client In doing competitor analysis, stumble upon M&A opportunity Creates new opportunities for follow-on work (for partner & manager)
(c) Victor Cheng, All Rights Reserved
Saturday, February 19, 2011
Specific Actions to Focus On 1. Possess Exclusive Knowledge About Some Aspect of Project 2. Pro-Active Analysis - Anticipate questions to be asked and pre-answer them 3. Great at Pointing Out Implications Clients appreciate it, partners value the opportunity to discuss follow-on work
(c) Victor Cheng, All Rights Reserved
Saturday, February 19, 2011
In Demand By Clients, Partners & Managers
Miscellaneous Thoughts (that didn’t fit anywhere else)
Who you work with matters a lot... choose wisely (both for career progression and enjoyment) Easier to impress people with longer working relationships, but the tradeoff is less diversity in your experiences
(c) Victor Cheng, All Rights Reserved
Saturday, February 19, 2011
Section IV: Differentiating Yourself 1. Good vs. Great Performance 2. Consultant vs. Trusted Advisor
(c) Victor Cheng, All Rights Reserved
Saturday, February 19, 2011
Trusted Advisor Traits 1. Access to harder to get data 2. Superior listening skills 3. More integrated or different perspective 4. Brings focus to issues overlooked by others
(c) Victor Cheng, All Rights Reserved
Saturday, February 19, 2011
1) Access to Harder to Get Data The constraint of existing systems Systems don’t capture the data Get it manually... very creatively (example: foot traffic counts, Subway) Cross-industry benchmarks
(c) Victor Cheng, All Rights Reserved
Saturday, February 19, 2011
2) Superior Listening Skills Better understanding of key issues -> Stronger hypotheses to be test quantitatively Listen to front-line employees to find “blind spot” issues (Examples subprime) My Secret: Speak to the people who never get to speak to the CEO
(c) Victor Cheng, All Rights Reserved
Saturday, February 19, 2011
How to be a Superior Listener Set context... a little flattery, what’s in it for them Don’t use judgmental language Body language - eye contact, forward posture Paraphrase to confirm understanding “Test” answers.... What about X scenario? What about Y scenario? Ask a LOT of follow-up questions to unexpected answers Transition from WHAT Questions to --> HOW and WHY questions
(c) Victor Cheng, All Rights Reserved
Saturday, February 19, 2011
3) More Integrated or Different Perspective Live in the “gap” between departments, divisions, org chart Cross-functional perspective Outside-In perspective Their customer’s perspective Basically ANY perspective OTHER than what is most common internally
(c) Victor Cheng, All Rights Reserved
Saturday, February 19, 2011
Brings Focus to Overlooked Issues Notices key issues overlooked by others (most often through superior listening)
Recognizes enormous significance of issue (significance almost always a secondary ripple effect consequence)
Translates key issue into understandable terms for client Raises client’s awareness about key issue, forces focus and action Example: Price War, Server Capacity
(c) Victor Cheng, All Rights Reserved
Saturday, February 19, 2011
Trusted Advisor Traits 1. Access to harder to get data 2. Superior listening skills 3. More integrated or different perspective 4. Brings focus to issues overlooked by others 5. The Fifth Trait
(c) Victor Cheng, All Rights Reserved
Saturday, February 19, 2011
The Trusted Advisor:
(c) Victor Cheng, All Rights Reserved
Saturday, February 19, 2011
The Trusted Advisor: Competence + Caring
(c) Victor Cheng, All Rights Reserved
Saturday, February 19, 2011
Trusted Advisor Traits 1. Access to harder to get data 2. Superior listening skills 3. More integrated or different perspective 4. Brings focus to issues overlooked by others 5. Caring
(c) Victor Cheng, All Rights Reserved
Saturday, February 19, 2011
Trusted Advisor Comparison Accenture IT High Performer Traits
Trusted Advisor Traits
1. Deep knowledge on systems and process improvement (experience)
1. Access to harder to get data
2. Doing your homework on client's situation
3. More integrated or different perspective
3. Grasps core issues and key drivers
4. Brings focus to issues overlooked by others
4. Genuine desire to help the client (Tip: Do not think you are better than them)
5. Consistency (c) Victor Cheng, All Rights Reserved
Saturday, February 19, 2011
2. Superior listening skills
5. Caring
Trusted Advisor Comparison Accenture IT High Performer Traits
Trusted Advisor Traits
1. Deep knowledge on systems and process improvement (experience)
1. Access to harder to get data
2. Doing your homework on client's situation
3. More integrated or different perspective
3. Grasps core issues and key drivers
4. Brings focus to issues overlooked by others
4. Genuine desire to help the client (Tip: Do not think you are better than them)
5. Consistency (c) Victor Cheng, All Rights Reserved
Saturday, February 19, 2011
2. Superior listening skills
5. Caring
Trusted Advisor Comparison Accenture IT High Performer Traits
Trusted Advisor Traits
1. Deep knowledge on systems and process improvement (experience)
1. Access to harder to get data
2. Doing your homework on client's situation
3. More integrated or different perspective
3. Grasps core issues and key drivers
4. Brings focus to issues overlooked by others
4. Genuine desire to help the client (Tip: Do not think you are better than them)
5. Consistency (c) Victor Cheng, All Rights Reserved
Saturday, February 19, 2011
2. Superior listening skills
5. Caring
Trusted Advisor Comparison Accenture IT High Performer Traits
Trusted Advisor Traits
1. Deep knowledge on systems and process improvement (experience)
1. Access to harder to get data
2. Doing your homework on client's situation
3. More integrated or different perspective
3. Grasps core issues and key drivers
4. Brings focus to issues overlooked by others
4. Genuine desire to help the client (Tip: Do not think you are better than them)
5. Consistency (c) Victor Cheng, All Rights Reserved
Saturday, February 19, 2011
2. Superior listening skills
5. Caring
Trusted Advisor Comparison Accenture IT High Performer Traits
Trusted Advisor Traits
1. Deep knowledge on systems and process improvement (experience)
1. Access to harder to get data
2. Doing your homework on client's situation
3. More integrated or different perspective
3. Grasps core issues and key drivers
4. Brings focus to issues overlooked by others
4. Genuine desire to help the client (Tip: Do not think you are better than them)
5. Consistency (c) Victor Cheng, All Rights Reserved
Saturday, February 19, 2011
2. Superior listening skills
5. Caring
Trusted Advisor Comparison Accenture IT High Performer Traits
Trusted Advisor Traits
1. Deep knowledge on systems and process improvement (experience)
1. Access to harder to get data
2. Doing your homework on client's situation
3. More integrated or different perspective
3. Grasps core issues and key drivers
4. Brings focus to issues overlooked by others
4. Genuine desire to help the client (Tip: Do not think you are better than them)
5. Consistency (c) Victor Cheng, All Rights Reserved
Saturday, February 19, 2011
2. Superior listening skills
5. Caring
Trusted Advisor Comparison Competent & Caring Family Doctor
Trusted Advisor Traits
1. Diagnostics & lab tests
1. Access to harder to get data
2. Listens to what is going on in your life, your medical history & symptoms
2. Superior listening skills
3. Identifies underlying causes to visible symptoms 4. Prescribes a course of action to resolve the problem 5. Cares about you & your family (c) Victor Cheng, All Rights Reserved
Saturday, February 19, 2011
3. More integrated or different perspective 4. Brings focus to issues overlooked by others 5. Caring
Trusted Advisor Comparison Competent & Caring Family Doctor
Trusted Advisor Traits
1. Diagnostics & lab tests
1. Access to harder to get data
2. Listens to what is going on in your life, your medical history & symptoms
2. Superior listening skills
3. Identifies underlying causes to visible symptoms 4. Prescribes a course of action to resolve the problem 5. Cares about you & your family (c) Victor Cheng, All Rights Reserved
Saturday, February 19, 2011
3. More integrated or different perspective 4. Brings focus to issues overlooked by others 5. Caring
Trusted Advisor Comparison Competent & Caring Family Doctor
Trusted Advisor Traits
1. Diagnostics & lab tests
1. Access to harder to get data
2. Listens to what is going on in your life, your medical history & symptoms
2. Superior listening skills
3. Identifies underlying causes to visible symptoms 4. Prescribes a course of action to resolve the problem 5. Cares about you & your family (c) Victor Cheng, All Rights Reserved
Saturday, February 19, 2011
3. More integrated or different perspective 4. Brings focus to issues overlooked by others 5. Caring
Trusted Advisor Comparison Competent & Caring Family Doctor
Trusted Advisor Traits
1. Diagnostics & lab tests
1. Access to harder to get data
2. Listens to what is going on in your life, your medical history & symptoms
2. Superior listening skills
3. Identifies underlying causes to visible symptoms 4. Prescribes a course of action to resolve the problem 5. Cares about you & your family (c) Victor Cheng, All Rights Reserved
Saturday, February 19, 2011
3. More integrated or different perspective 4. Brings focus to issues overlooked by others 5. Caring
Trusted Advisor Comparison Competent & Caring Family Doctor
Trusted Advisor Traits
1. Diagnostics & lab tests
1. Access to harder to get data
2. Listens to what is going on in your life, your medical history & symptoms
2. Superior listening skills
3. Identifies underlying causes to visible symptoms 4. Prescribes a course of action to resolve the problem 5. Cares about you & your family (c) Victor Cheng, All Rights Reserved
Saturday, February 19, 2011
3. More integrated or different perspective 4. Brings focus to issues overlooked by others 5. Caring
Trusted Advisor Comparison Competent & Caring Family Doctor
Trusted Advisor Traits
1. Diagnostics & lab tests
1. Access to harder to get data
2. Listens to what is going on in your life, your medical history & symptoms
2. Superior listening skills
3. Identifies underlying causes to visible symptoms 4. Prescribes a course of action to resolve the problem 5. Cares about you & your family (c) Victor Cheng, All Rights Reserved
Saturday, February 19, 2011
3. More integrated or different perspective 4. Brings focus to issues overlooked by others 5. Caring
The Mental Role Model: Brilliant Caring Doctor w/Great Bedside Manner
(c) Victor Cheng, All Rights Reserved
Saturday, February 19, 2011
Recap Section I: How a Consulting Firm Works Section II: Career Management Section III: Succeeding on a Project Section IV: Differentiating Yourself
(c) Victor Cheng, All Rights Reserved
Saturday, February 19, 2011
Section III - IV: Question & Answers
Saturday, February 19, 2011
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