The Mc Kinsey Way

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A Book Summary


Agenda1. Introduction to The Mckinsey Way2. The McKinsey Way of Thinking

1. Building the solution2. Developing the approach3. 80:20 and other rules

3. The Mckinsey Way of Working to Solve Business Problems

4. The Mckinsey Way of Selling Solutions5. Surviving at Mckinsey6. Life after McKinsey


The McKinsey Way• The world's most recognized consulting brand• 1923• 84 offices• 89 countries• 7000 professionals• 100 of the top 150 organizations• 90% of governments have consulted them• Top CEO’s and authors emerge from the FIRM


The McKinsey Way• Pre eminent position from superior talent• Meritocracy• All assignments or projects known as Engagements and

customers as Clients• Engagement Directors ED• Engagement Managers EM• Key drivers• Add Value• Lean backend engaging front end


Introduction to The Mckinsey Way

1. Building the solutiona) Three is a magic numberb) Client: Firm: YOUc) Firm’s problem solving process has three attributes

a) Fact basedb) Rigidly structuredc) Hypothesis driven

d) High quality analysisa) Facts compensate for lack of gut instinctsb) Process experts who know a little about a lot of thingsc) Facts bridge credibility gapd) MECE – mutually exclusive collectively exhaustivee) A good McKinsey list has no more than 5 top line issues to solve


Developing the approach• The problem is not always the problem• Don’t reinvent the wheel - 1• Frameworks - focus their thinking on the drivers of the problem• Forces At Work• If you have a hammer, then every problem looks like a nail• Strength: Intellectual tool box• Trust and Verify• Don’t make your facts fit your solution• Make sure your solution fits your client• Maxim: business realities always WIN!• Finite resources everywhere• Toll guarding the bridge – understand politics


80:20 and other rules• 80:20 rule is all about data and analysis• Don’t boil the ocean for a handful of salt• Find the key drivers – drill to the core of the problem – focus and ignore• The Elevator test• Pluck the low hanging fruit• Make a chart everyday – review learning gained• Hit singles• Let go – don’t try to do the work of the team• Look at the big picture• Just say ‘I don’t know’• Don’t accept I have no idea - Probe


The Mckinsey Way of Working to Solve Business Problems

1. McKinsey does not sell; it markets2. Sell without selling3. Seeks ‘ share of the mind.’4. Be careful what you promise: Structuring an

engagement5. Assemble the right team – never walk alone6. Get the mix right – intellectual horsepower,

experience, EQ7. Team Morale – never blame, self pity8. Practice development9. Make your boss look good10.Manage hierarchy11.Don't reinvent the Wheel - 2


The Mckinsey Way of Working to Solve Business Problems

11.Don't reinvent the Wheel – 212.Research Tips13.Interview Guide – pro typical question14.Listen, Guide, Paraphrase15.Interview in pairs16.The Columbo tactic17.Make interviewee feel reassured18.Write a Thank you note always19.Brainstorming


The Mckinsey Way of Selling Solutions

1. Structured presentations2. Diminishing marginal returns to effort3. Prewire everything4. Medium must not overpower the message5. One message per chart6. Internal Communications – keep info flowing7. Three keys: Brevity, Complete and Structure8. Confidentiality


The Mckinsey Way of Selling Solutions

9. Working with clients – keep them on our side10. Deal with hostility11. Engage client12. Get buy in throughout the organisation: Visibility13. Be rigorous about implementation14. Review Projects and learning15. Contribute to the databases


Surviving at Mckinsey

• Find a mentor• Respect people• Respect the support staff – they are few at the firm -

you need them even though they don’t make the money

• Recruiting style: Analytical, Judgment, Ethical, Fit with Firm, Academic track record, Above average IQ


Surviving at Mckinsey

• Lay some rules– One day a week forget work– Don’t take work home– PLAN AHEAD– Sharpen the Saw– Mobile phones, the Web and Laptop can wreck

your life


Life after McKinsey• Valuable lessons– Preserve your integrity– Be humble– Be Objective– Politics STARTS with YOU– Meritocracy– Execution and Implementation is key – Results

NOT Activity – Operation success patient died is not acceptable

– Professionalism


Life after McKinsey• Valuable lessons– Rigorous standard of information– Relentless drive for excellence NOT perfection– Power of Team Thinking

Documents

The Mc Kinsey Way