How the hypothesis testing process helps frame the study

This is probably one of the most beautiful slides we have because of how it captures the entire process. You may have heard the phrase, “Hypothesis help frame the study.” In other words, hypothesis testing process sets the pace for the study. For many people, they don't really know what that means. In fact, I will have to say that 80% of people who use the word hypothesis and use hypotheses in their work don't use it correctly and don't even understand how it fits into the overall study structure, how hypotheses guide the process. I'm even referring to management consultants working for major firms who are not that familiar with the process. Or even those who are familiar with the process but are not good at it. Not everyone at BCG, McKinsey, Deloitte, PwC, et al. is skilled at this process. A lot of people are going to be managed out and don't fully understand the process. How the hypothesis testing process sets the pace for the study We’ve been hammering home an approach to doing consulting studies, including strategy studies, in various programs on StrategyTraining.com, and this is another way of explaining the approach. It's important to understand this…

The role of a CEO and why should consultants target CEOs

The Role of a CEO and Why Should Consultants Target CEOs What is the role of a CEO and why should consultants target CEOs? It's important to understand the difference between consultants targeting a CEO and targeting someone like the Chief Operating Officer, the head of Strategy, the Chief Marketing Officer, or even a divisional vice president. The differences are quite profound. The role of a CEO At the most fundamental level, the role of a CEO is to oversee everything that has an impact on the organizational health and performance of a company. A CEO has the authority to tackle any issue while the EVPs and other executives focus on their narrow domain of authority. The CEO can look at the work the CFO is doing, the work that the Chief Marketing Officer is doing, the work that the Executive VP of Beverage is doing, and what the Executive Vice President of Snacks is doing. The CEO has purview over everything and anything that, at that point in time and for the foreseeable future, has an impact on the organizational health and performance of the company. The point is, the role of a CEO is to wear many hats.…

McKinsey’s Marvin Bower, a Father of Management Consulting

McKinsey's Marvin Bower, a Father of Management Consulting Consulting as a profession is relatively new. It was brought into prominence, at least in the USA, by Marvin Bower from McKinsey & Company. Many management consultants don’t know who Marvin Bower was. Marvin Bower was a legendary man. He had a vision of what management consulting should be, which he brought into reality while sticking to high values and maintaining an unbelievable level of integrity. He knew what was required to build respect for McKinsey, and did not compromise to make a quick buck. He showed an unprecedented level of commitment to the firm. For example, when it was time to sell his shares, he sold it at book value, whereas he could have taken the company public and made a fortune during his exit. Who is Marvin Bower A lot of McKinsey's current success is due to the momentum which was built by Marvin Bower and some other earlier partners such as Bill Matassoni, a close friend of Marvin Bower, and Kevin P Coyne. You can read more about Marvin in Bill Matassoni's memoir on Amazon, "Marketing Saves the World." https://youtu.be/x1IrrcOL9g4 Marvin Bower was a courageous man. He built McKinsey…

What is an IT Consultant

What Is an IT Consultant and How To Become One IT consultants assist clients with technology-related issues. It involves such work as developing technology strategies (which, of course, should be done based on business unit strategy, which in turn should be based on corporate strategy). IT consultants also conduct technology assessments, where they evaluate a company's current technology infrastructure and systems to find areas for improvement and development. They also design and implement technology solutions based on the specific needs of the client. Of course, clients may need ongoing technical support, which may also be provided by IT consultants. Because of their area of expertise, consultants need to stay on top of technology trends and have a good understanding of risks and how to maximize the benefits of technology investments clients may be considering or should be considering. The work environment for IT consultants IT consultants often work for large consulting and professional services firms like Deloitte, PwC, KPMG, E&Y, etc. As a result, their work environment is not that much different from that of other consultants. Although projects are often longer in duration and more time is spent on the client's site. Of course, there are also boutique consulting…

Strategic Ways to Use Your Competitors’ (Internal + External) Flaws

As you have elected to be a part of the FIRMSconsulting community, today I am going to share with you another piece from a new book/program we are working on. It is focused on how to achieve a sustainable competitive advantage by uncovering flaws in your thinking and thinking of your competitors. This is from writing that I have done this afternoon. I hope you enjoy it. Thinking distorts and alters reality One of the ways to achieve a sustainable competitive advantage is by identifying flaws in thinking of your competitors, and in your thinking. Identifying flaws in thinking of competitors should always be an element of competitor analysis. It is not possible to see the world in which we live without distortion. First of all, the reality is richer than our ability to comprehend it. Second of all, our limiting elements, such as biases and blind spots, do not allow us to see reality as it is. We always see it as distorted. In addition, thinking about reality further alters reality. This lack of correspondence between our thinking and reality sounds demotivating and frustrating. But there is no reason for despair. In many ways, it is good news. It is good news because…

The Ultimate Guide to Working With Business Consultants

Guide to Working With Business Consultants What Is a Business Consultant? A business consultant is a professional who provides expert advice to organizations to help improve their performance. They analyze a company's operations, identify areas for improvement, and develop strategies to achieve specific goals. Why Hire a Business Consultant? A business consultant can bring value to a company in several ways: Provides outside expertise and objective perspective. Helps identify and solve problems. Offers new ideas and approaches. Supports in planning and decision-making. Improves efficiency and increases profitability. Facilitates growth and competitiveness. Brings specialized skills and knowledge to the table. What Does a Business Consultant Do? A business consultant typically: Assesses the needs and challenges of a company. Develops and implements solutions to improve business operations. Offers expert advice on strategy, planning and decision-making. Analyzes data and market trends to identify areas for improvement. Works with company stakeholders to set and achieve goals. Facilitates communication and collaboration within the company. Monitors progress and provides ongoing support. Stages of a Business Consultant’s Process The typical stages in a business consultant's process are: Assessment: Analyze the current state of the business and identify areas for improvement. Strategy development: Develop a plan for addressing…

The Ultimate Guide To Consulting Skills For Advancement From Manager and Above

Consulting Skills as a Competitive Advantage Developing strong consulting skills such as the ability to communicate in a way that holds the attention of the room, the ability to solve complex problems in a structured and effective way, and the ability to build a peer-level relationship with the most senior executives of major companies. Developing strong consulting skills can be the competitive advantage that will allow you rise above the average and gain the momentum, respect, and opportunities you want. Not everyone working for major consulting firms have strong consulting skills. Similarly, you can develop strong consulting skills without ever working for a major consulting firm. In this post we are going to explore how to achieve career advancement from manager and above, and how to use consulting skills to help you achieve career growth. What is Career Advancement? Career advancement refers to the upward trajectory of someone’s career. Top professionals know the importance of professional and personal development. For anyone in the corporate world having a secure job to go to each week is important, but it is not enough. Humans crave progress. If we do not grow, we degrade. We do not stay still. Our skills deteriorate. So…

The Ultimate Guide To Consulting Skills For Advancement From Manager and Above

Advanced Management Consulting Courses, Training, Resources & Consulting Knowledge Management Library

Advanced Management Consulting Courses, Training, Resources & Consulting Knowledge Management Library Effective training in the management consulting industry is not easy to find. There are a lot of management consulting courses taught by people who spent their whole careers in academia, and some management consulting courses are taught by very junior consultants who spent 1-2 years in consulting before starting to teach consulting skills. When I was starting out as a management consultant, I immediately encountered this issue: a lack of effective training in management consulting. A lack of effective management consulting courses and training internally within large consulting firms and a lack of effective training and courses externally. So when I had a chance to start my own business, it became clear to me that the business I had to start was a business related to providing the world's most advanced management consulting courses and training. I wanted to develop powerful training and courses for the management consulting industry that I was searching for when I was starting out as a young consultant but could not find. I then embarked on a journey of working with top partners from major consulting firms to help develop what I believe, and…