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The mc kinsey way

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Chidirala Anil Shankar

The document provides tips and strategies for effective problem solving and consulting based on McKinsey & Company's proprietary methodology. It discusses establishing the right team and approach, finding solutions through fact-based analysis, ensuring solutions fit the client, and presentation skills. The key aspects are establishing the correct problem, not forcing preconceived solutions, focusing on the most important drivers, and getting buy-in from stakeholders.

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Madison Book Club Presenter: Anil Shankar
In short..Provides a through-the-keyhole perspective on the way this worldwide consulting institution approaches--and solves--the myriad professional problems encountered by its high-powered clientele. New and useful skills to everyone who wants to be more useful in their business.Explaining the highly structured, fact-based proprietary methodology that McKinseyites are taught to employ with their Fortune 100 clientsComplete with details on the entire process from first considering the basic situation at hand through finally selling a solution to the appropriate powers that be.
Few reviews……"Enlivened by witty anecdotes, THE MCKINSEY WAY contains valuable lessons on widely diverse topics such as marketing, interviewing, team-building, and brainstorming." --Paul H. Zipkin, Vice-Dean, The Fuqua School of Business "If more business books were as useful, concise, and just plain fun to read as THE MCKINSEY WAY, the business world would be a better place." --Julie Bick, best-selling author of ALL I REALLY NEED TO KNOW IN BUSINESS I LEARNED AT MICROSOFT. It's been called "a breeding ground for gurus." McKinsey & Company is the gold-standard consulting firm whose alumni include titans such as "In Search of Excellence" author Tom Peters, Harvey Golub of American Express, and Japan's Kenichi Ohmae.
Finding a solution Fact-basedYou must not fearthe facts. Hunt for them, use them, but don’t fear them Rigidly structuredMECE Hypothesis-driven* Defining the initial hypothesis. Generating the initial hypothesis. Testing the initial hypothesis.
Developing an approachThe problem is not always the problemSometimes a business problem will land on your desk and you will be told to solve it. Fair enough. But before you go rushing off in any particular direction, make sure you're solving the right problem – it may not be the one you were given
DON’T REINVENT THE WHEEL Most business problems resemble each other more than they differ. This means that with a small number of problem-solving techniques, you can answer a broad range of questions.These techniques may be somewhere in your organization, either written down or in the heads of your fellow employees. If not, use your experience to develop your own tool kit. McKinsey,
DON’T MAKE THE FACTS FITYOUR SOLUTIONAvoid the temptation to view your initial hypothesis as theanswer and the problem-solving process as an exercisein proving the IH. Keep an open and flexible mind. Don’tlet a strong initial hypothesis become an excuse for mentalinflexibility
MAKE SURE YOUR SOLUTION FITSYOUR CLIENTThe most brilliant solution, backed up by libraries of dataand promising billions in extra profits, is useless if your clientor business can’t implement it. Know your client. Know theorganization’s strengths, weaknesses, and capabilities—whatmanagement can and cannot do. Tailor your solutions withthese factors in mind.
SOME PROBLEMS YOU JUST CAN’T SOLVE . . .SOLVE THEM ANYWAYEventually, you will run into a brick wall that is tougher thanyour head. Don’t keep pounding; it has no effect on the walland does your head no good
DON’T BOIL THE OCEANWork smarter, not harder. There’s a lot of data out thererelating to your problem, and a lot of analyses you could do.Ignore most of them
80 / 20 and other rules to live by
Many factors affect your business. Focus on the most importantones—the key drivers.FIND THE KEY DRIVERS
THE ELEVATOR TESTKnow your solution (or your product or business) so thoroughlythat you can explain it clearly and precisely to yourclient (or customer or investor) in 30 seconds. If you can dothat, then you understand what you’re doing well enough tosell your solution
PLUCK THE LOW-HANGING FRUITSometimes in the middle of the problem-solving process,opportunities arise to get an easy win, to make immediateimprovements, even before the overall problem has beensolved. Seize those opportunities! They create little victoriesfor you and your team. They boost morale and give youadded credibility by showing anybody who may be watchingthat you’re on the ball and mean business.
MAKE A CHART EVERY DAYDuring the problem-solving process, you learn somethingnew every day. Put it down on paper. It will help you pushyour thinking. You may use it, or you may not, but once youhave crystalized it on the page, you won’t forget it.
Just say, “I don't know”Honesty includes recognizing when you haven't got a clue. Admitting that is a lot less costly than bluffing
Hit Singles• It’s impossible to do everything yourself all the time.• If you manage it once, you raise unrealistic expectations from those around you.• Once you fail to meet expectations, it is very difficult to regain credibility
LOOK AT THE BIG PICTUREFocussing day to day problems is good.However never ever forget the long term goalstake a step back, figure out what I’m trying to achieve, and then look at whatever I’m doing and ask myself, ‘Does this really matter?’”
DON’T ACCEPT “I HAVE NO IDEA”People always have an idea if you probe just a bit. Ask a few pointed questions—you’ll be amazed at what they know. Combine that with some educated guessing, and you can be well along the road to the solution.
ASSEMBLING A TEAMGETTING THE MIX RIGHTA LITTLE TEAM BONDING GOES A LONG WAYTAKE YOUR TEAM’S TEMPERATURE TO MAINTAIN MORALELet your teammates know why they are doing what they’re doingGet to know your teammates as people
MAKE YOUR BOSS LOOK GOODIf you make your boss look good, your boss will make you look good. That’s the quid pro quo of hierarchy.
Specific Research TipsStart with the annual reportLook for outliersLook for best practice
SIX TIPS FOR SUCCESSFUL INTERVIEWINGHave the interviewee’s boss set up the meetingInterview in pairsListen; don’t leadParaphrase, paraphrase, paraphraseUse the indirect approachDon’t ask for too much
BRAINSTORMINGPROPER PRIOR PREPARATIONThere are no bad ideasThere are no dumb questionsBe prepared to kill your babiesKnow when to say whenKnow when to say when
Presentation TipsComplete before 24 hrsDo open discussion atleast 12 hrs before presentationGood/Tight sleep before presentationCharts simplifies the pointLast but not the least “Never surprise the audience with your findings” (Prewiring is very much necessary)
IF YOU WANT A LIFE, LAYDOWN SOME RULESMake one day a week off-limitsDon’t take work homePlan ahead

More Related Content

The mc kinsey way

  • 1. Madison Book Club Presenter: Anil Shankar
  • 2. In short..Provides a through-the-keyhole perspective on the way this worldwide consulting institution approaches--and solves--the myriad professional problems encountered by its high-powered clientele. New and useful skills to everyone who wants to be more useful in their business.Explaining the highly structured, fact-based proprietary methodology that McKinseyites are taught to employ with their Fortune 100 clientsComplete with details on the entire process from first considering the basic situation at hand through finally selling a solution to the appropriate powers that be.
  • 3. Few reviews……"Enlivened by witty anecdotes, THE MCKINSEY WAY contains valuable lessons on widely diverse topics such as marketing, interviewing, team-building, and brainstorming." --Paul H. Zipkin, Vice-Dean, The Fuqua School of Business "If more business books were as useful, concise, and just plain fun to read as THE MCKINSEY WAY, the business world would be a better place." --Julie Bick, best-selling author of ALL I REALLY NEED TO KNOW IN BUSINESS I LEARNED AT MICROSOFT. It's been called "a breeding ground for gurus." McKinsey & Company is the gold-standard consulting firm whose alumni include titans such as "In Search of Excellence" author Tom Peters, Harvey Golub of American Express, and Japan's Kenichi Ohmae.
  • 4. Finding a solution Fact-basedYou must not fearthe facts. Hunt for them, use them, but don’t fear them Rigidly structuredMECE Hypothesis-driven* Defining the initial hypothesis. Generating the initial hypothesis. Testing the initial hypothesis.
  • 5. Developing an approachThe problem is not always the problemSometimes a business problem will land on your desk and you will be told to solve it. Fair enough. But before you go rushing off in any particular direction, make sure you're solving the right problem – it may not be the one you were given
  • 6. DON’T REINVENT THE WHEEL Most business problems resemble each other more than they differ. This means that with a small number of problem-solving techniques, you can answer a broad range of questions.These techniques may be somewhere in your organization, either written down or in the heads of your fellow employees. If not, use your experience to develop your own tool kit. McKinsey,
  • 7. DON’T MAKE THE FACTS FITYOUR SOLUTIONAvoid the temptation to view your initial hypothesis as theanswer and the problem-solving process as an exercisein proving the IH. Keep an open and flexible mind. Don’tlet a strong initial hypothesis become an excuse for mentalinflexibility
  • 8. MAKE SURE YOUR SOLUTION FITSYOUR CLIENTThe most brilliant solution, backed up by libraries of dataand promising billions in extra profits, is useless if your clientor business can’t implement it. Know your client. Know theorganization’s strengths, weaknesses, and capabilities—whatmanagement can and cannot do. Tailor your solutions withthese factors in mind.
  • 9. SOME PROBLEMS YOU JUST CAN’T SOLVE . . .SOLVE THEM ANYWAYEventually, you will run into a brick wall that is tougher thanyour head. Don’t keep pounding; it has no effect on the walland does your head no good
  • 10. DON’T BOIL THE OCEANWork smarter, not harder. There’s a lot of data out thererelating to your problem, and a lot of analyses you could do.Ignore most of them
  • 11. 80 / 20 and other rules to live by
  • 12. Many factors affect your business. Focus on the most importantones—the key drivers.FIND THE KEY DRIVERS
  • 13. THE ELEVATOR TESTKnow your solution (or your product or business) so thoroughlythat you can explain it clearly and precisely to yourclient (or customer or investor) in 30 seconds. If you can dothat, then you understand what you’re doing well enough tosell your solution
  • 14. PLUCK THE LOW-HANGING FRUITSometimes in the middle of the problem-solving process,opportunities arise to get an easy win, to make immediateimprovements, even before the overall problem has beensolved. Seize those opportunities! They create little victoriesfor you and your team. They boost morale and give youadded credibility by showing anybody who may be watchingthat you’re on the ball and mean business.
  • 15. MAKE A CHART EVERY DAYDuring the problem-solving process, you learn somethingnew every day. Put it down on paper. It will help you pushyour thinking. You may use it, or you may not, but once youhave crystalized it on the page, you won’t forget it.
  • 16. Just say, “I don't know”Honesty includes recognizing when you haven't got a clue. Admitting that is a lot less costly than bluffing
  • 17. Hit Singles• It’s impossible to do everything yourself all the time.• If you manage it once, you raise unrealistic expectations from those around you.• Once you fail to meet expectations, it is very difficult to regain credibility
  • 18. LOOK AT THE BIG PICTUREFocussing day to day problems is good.However never ever forget the long term goalstake a step back, figure out what I’m trying to achieve, and then look at whatever I’m doing and ask myself, ‘Does this really matter?’”
  • 19. DON’T ACCEPT “I HAVE NO IDEA”People always have an idea if you probe just a bit. Ask a few pointed questions—you’ll be amazed at what they know. Combine that with some educated guessing, and you can be well along the road to the solution.
  • 20. ASSEMBLING A TEAMGETTING THE MIX RIGHTA LITTLE TEAM BONDING GOES A LONG WAYTAKE YOUR TEAM’S TEMPERATURE TO MAINTAIN MORALELet your teammates know why they are doing what they’re doingGet to know your teammates as people
  • 21. MAKE YOUR BOSS LOOK GOODIf you make your boss look good, your boss will make you look good. That’s the quid pro quo of hierarchy.
  • 22. Specific Research TipsStart with the annual reportLook for outliersLook for best practice
  • 23. SIX TIPS FOR SUCCESSFUL INTERVIEWINGHave the interviewee’s boss set up the meetingInterview in pairsListen; don’t leadParaphrase, paraphrase, paraphraseUse the indirect approachDon’t ask for too much
  • 24. BRAINSTORMINGPROPER PRIOR PREPARATIONThere are no bad ideasThere are no dumb questionsBe prepared to kill your babiesKnow when to say whenKnow when to say when
  • 25. Presentation TipsComplete before 24 hrsDo open discussion atleast 12 hrs before presentationGood/Tight sleep before presentationCharts simplifies the pointLast but not the least “Never surprise the audience with your findings” (Prewiring is very much necessary)
  • 26. IF YOU WANT A LIFE, LAYDOWN SOME RULESMake one day a week off-limitsDon’t take work homePlan ahead