Month: March 2021

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Why you need an after-McKinsey retreat

Prefer to listen to or view this article?

If your company is using an outside strategy consulting firm like McKinsey, what is the best step to take after they leave? If their expensive advice is so useful, why might you still require another planning meeting?

Many of the most successful companies around the world avail themselves of the research services provided by firms such as McKinsey & Co, Bain & Company and Boston Consulting Group (BCG). Their formula is often the same: a prospective client presents them with a difficult problem. To find solutions, they assemble a team of young, bright MBA’s who tackle the issue in an intense three to four-month sprint. Working long nights and weekends, they delve into their database of past projects and proprietary data, relying on the stellar advice of their global network of experts.

Compared to the internal resources of the typical client, they have an unmatched ability to bring a firehose of assistance to a threatening blaze.

However, don’t believe for a second that they are providing a complete solution to your troubles. Instead, their final presentation is actually just the start. Here’s why.

#1 – They Solve Narrow Problems

An outside expert isn’t geared to tackle a wide range of your company’s complex issues. They agree to focus on a sharp, well-defined scope: a tight problem definition that is clear to both sides. Given their brief tenure, they define problems that can actually be solved in a short timeframe.

Initially, it may seem strange to you, their client. The consultants appear to be trying to do less, actively resisting the temptation to do more. This sometimes lead to tensions. Some look at the huge price-tag (US$1-2 million) and believe that at that level, every issue should be resolved by their high-powered team.

But that’s not how it works, with good reason.

As expert problem-solvers, they operate a bit like surgeons. Within their narrow specialty, they are called into crisis situations to tackle your organization’s issues no-one else can. They represent an immediate investment of time and money to carry out a critical intervention. As such, it’s unprofitable and unwise for them to “boil the ocean”. Their value lies in their ability to go deep very quickly, not to understand a great deal of complexity.

That’s why, when their job is done, they need to walk away. They should never usurp the responsibility for the long-term health of the company. That should remain the primary job of you, the client. Likewise, the implementation of their recommendations should not be in their role.

#2 – Their Solutions Have an Expiry Date

An outside consultant’s advice might be the best possible answer to a given problem…right up until the date their intervention ends. After that, all bets are off.

Case in point: if COVID-19 has taught us anything, it’s the fact that dramatic disruptions do take place. Imagine if, after receiving a consultants’ report, a pandemic were to break out. The unfortunate timing could render the contents meaningless.

This is why it’s critical for clients to act on specific advice immediately, never allowing it to languish. Does this mean that they should rush to implement the suggestions without question?

#3 – Outside Experts Aren’t Your Company’s Primary Strategists

Ultimately, the fact is that consultants can’t understand the entirety of your business in just a few months. This means they shouldn’t become your organization’s chief strategists. That job remains in the executive team, led by the CEO.

Whether their recommendations confirm, deny or augment prior wisdom, your senior managers should consciously incorporate them into their thinking. But there’s a caveat. Not every recommendation they made is worth pursuing. Why? They simply cannot take into account all the factors necessary to lead your business into the future.

As such, the chances of their report being completely correct are low, especially in the areas in which they tend to be weak: cultural differences, human resources and change management. While their technical analysis might be on point, it won’t be perfect.

Turning their findings into something valuable requires some hard, additional work, regardless of the price-tag paid. Your team’s combined wisdom is needed to treat the expert advice as only a single input among many: an element of the organization’s strategic management, but never a replacement.

The final decisions remain in the hands of your executives. They must now plan a complete strategy, short and long term, that builds on the report. The first post-McKinsey meeting is therefore just the start of a new planning cycle, albeit one that has the advantage of some fresh insights.

This article was originally published in the Jamaica Gleaner.

Posted on

Why you need an after-McKinsey retreat

Prefer to listen to or view this article?

If your company is using an outside strategy consulting firm like McKinsey, what is the best step to take after they leave? If their expensive advice is so useful, why might you still require another planning meeting?

Many of the most successful companies around the world avail themselves of the research services provided by firms such as McKinsey & Co, Bain & Company and Boston Consulting Group (BCG). Their formula is often the same: a prospective client presents them with a difficult problem. To find solutions, they assemble a team of young, bright MBA’s who tackle the issue in an intense three to four-month sprint. Working long nights and weekends, they delve into their database of past projects and proprietary data, relying on the stellar advice of their global network of experts.

Compared to the internal resources of the typical client, they have an unmatched ability to bring a firehose of assistance to a threatening blaze.

However, don’t believe for a second that they are providing a complete solution to your troubles. Instead, their final presentation is actually just the start. Here’s why.

#1 – They Solve Narrow Problems

An outside expert isn’t geared to tackle a wide range of your company’s complex issues. They agree to focus on a sharp, well-defined scope: a tight problem definition that is clear to both sides. Given their brief tenure, they define problems that can actually be solved in a short timeframe.

Initially, it may seem strange to you, their client. The consultants appear to be trying to do less, actively resisting the temptation to do more. This sometimes lead to tensions. Some look at the huge price-tag (US$1-2 million) and believe that at that level, every issue should be resolved by their high-powered team.

But that’s not how it works, with good reason.

As expert problem-solvers, they operate a bit like surgeons. Within their narrow specialty, they are called into crisis situations to tackle your organization’s issues no-one else can. They represent an immediate investment of time and money to carry out a critical intervention. As such, it’s unprofitable and unwise for them to “boil the ocean”. Their value lies in their ability to go deep very quickly, not to understand a great deal of complexity.

That’s why, when their job is done, they need to walk away. They should never usurp the responsibility for the long-term health of the company. That should remain the primary job of you, the client. Likewise, the implementation of their recommendations should not be in their role.

#2 – Their Solutions Have an Expiry Date

An outside consultant’s advice might be the best possible answer to a given problem…right up until the date their intervention ends. After that, all bets are off.

Case in point: if COVID-19 has taught us anything, it’s the fact that dramatic disruptions do take place. Imagine if, after receiving a consultants’ report, a pandemic were to break out. The unfortunate timing could render the contents meaningless.

This is why it’s critical for clients to act on specific advice immediately, never allowing it to languish. Does this mean that they should rush to implement the suggestions without question?

#3 – Outside Experts Aren’t Your Company’s Primary Strategists

Ultimately, the fact is that consultants can’t understand the entirety of your business in just a few months. This means they shouldn’t become your organization’s chief strategists. That job remains in the executive team, led by the CEO.

Whether their recommendations confirm, deny or augment prior wisdom, your senior managers should consciously incorporate them into their thinking. But there’s a caveat. Not every recommendation they made is worth pursuing. Why? They simply cannot take into account all the factors necessary to lead your business into the future.

As such, the chances of their report being completely correct are low, especially in the areas in which they tend to be weak: cultural differences, human resources and change management. While their technical analysis might be on point, it won’t be perfect.

Turning their findings into something valuable requires some hard, additional work, regardless of the price-tag paid. Your team’s combined wisdom is needed to treat the expert advice as only a single input among many: an element of the organization’s strategic management, but never a replacement.

The final decisions remain in the hands of your executives. They must now plan a complete strategy, short and long term, that builds on the report. The first post-McKinsey meeting is therefore just the start of a new planning cycle, albeit one that has the advantage of some fresh insights.

This article was originally published in the Jamaica Gleaner.

Posted on

How to Say No and Become More Productive

Is there a way to turn down requests from other people and thereby increase your productivity? In the changing world we live in, you may have to say more No’s.

“If you want to get something done, ask a busy person.” This old saying has an element of truth: there are certain people who are able to manage scores or hundreds of tasks at a time, without a single one falling through the cracks. If they agree to add your task to their list, consider yourself privileged: there’s a high chance it will be done with quality.

However, experience suggests that the quote should be changed slightly to add a coda: “…but they are likely to say ‘No’.” The fact is that these busy people are black and white with their Yes’s and also their No’s. In order to reliably deliver, they must say “No” to many requests. Even worse, as their reputation grows, they turn down far more tasks than they accept.

As such, their calendar might be full. But what is it full of? Carefully curated tasks which they juggle with precision. They have balanced all the demands in their life and chosen the right blend of commitments. How are they able to pull off this trick?

1. Manage Tasks Using a List or Calendar

As you imagine, they don’t use memory to manage their tasks: there are too many. Instead, they have a system set up using lists and/or a calendar. They treat their tasks with importance and their time as a limited and precious resource. When someone asks them to complete a task, they don’t accept right away…they pause.

Their pregnant pause is not meant to be rude, but to consider, as a serious professional, what they should commit themselves to. Which prior commitments should be denied or postponed?

It’s a bit like visiting the doctor. Your medical practitioner doesn’t just tell you which medication to take based on your (supposed) list of symptoms. Instead, he/she performs a trained diagnosis. Their professional code of ethics guides them.

If there were such a code for the rest of us, it could be: “I don’t dispense time without careful consideration of all my commitments”. With a boss, for example, you may include the requestor in the decision, while showing him/her your calendar: “What should I put aside in order to complete this new task?”

This code-driven pause separates the novices from the practiced professionals.

2. Build Relationships

However, most of us are afraid to say “No” because we are taught, as children, to be nice or good, giving away our power to adults. We still fear the supposed fallout.

I have worked with top executives who routinely tell their ill-tempered bosses fake “Yes’s”. The result? Chaos. Eventually, the boss adapts by asking several people to do the exact same task.

To get past the fear at the root of the problem, author William Ury suggests the following approach to decline requests from anyone.

Step 1 – concretely describe your interests and values, while being as positive as possible

Step 2 – explicitly connect your “No” to your values/interests

Step 3 – explore other options to satisfy the request

For example: “This year I have committed to living a balanced life and making sure my son passes his GSAT’s. Tonight is set aside to help him, so I can’t be at your Zoom call. How about another night this week?”

For those who are productive, either a “Yes” or a “No” can build relationships. However, it takes skill to bring this off in real-time, under pressure from someone who is in power.

A long-term commitment to deliver better quality “No’s” only leads to more skill in this area.

3. Disavow Lesser Channels

In today’s remote environment, we receive requests via a number of channels. How do we respond effectively via text, video or audio when face-to-face communication is impossible?

The answer is to use the most interactive medium possible. If it means a video-chat or phone call, take the time needed. More interactive channels allow the opportunity to react in real-time.

However, if you must use text (the least preferred option), follow Ury’s formula. Do so and you’ll not only be protecting your calendar, but showing the respect that demonstrates your professionalism.

When they return to you with a future request, they’ll remember: you don’t play around with your commitments and you take care of people who approach you for help.

Francis Wade is the author of Perfect Time-Based Productivity, a keynote speaker and a management consultant. To search prior columns on productivity, strategy, engagement and business processes, send email to columns@fwconsulting.com

Posted on

How to Say No and Become More Productive

Is there a way to turn down requests from other people and thereby increase your productivity? In the changing world we live in, you may have to say more No’s.

“If you want to get something done, ask a busy person.” This old saying has an element of truth: there are certain people who are able to manage scores or hundreds of tasks at a time, without a single one falling through the cracks. If they agree to add your task to their list, consider yourself privileged: there’s a high chance it will be done with quality.

However, experience suggests that the quote should be changed slightly to add a coda: “…but they are likely to say ‘No’.” The fact is that these busy people are black and white with their Yes’s and also their No’s. In order to reliably deliver, they must say “No” to many requests. Even worse, as their reputation grows, they turn down far more tasks than they accept.

As such, their calendar might be full. But what is it full of? Carefully curated tasks which they juggle with precision. They have balanced all the demands in their life and chosen the right blend of commitments. How are they able to pull off this trick?

1. Manage Tasks Using a List or Calendar

As you imagine, they don’t use memory to manage their tasks: there are too many. Instead, they have a system set up using lists and/or a calendar. They treat their tasks with importance and their time as a limited and precious resource. When someone asks them to complete a task, they don’t accept right away…they pause.

Their pregnant pause is not meant to be rude, but to consider, as a serious professional, what they should commit themselves to. Which prior commitments should be denied or postponed?

It’s a bit like visiting the doctor. Your medical practitioner doesn’t just tell you which medication to take based on your (supposed) list of symptoms. Instead, he/she performs a trained diagnosis. Their professional code of ethics guides them.

If there were such a code for the rest of us, it could be: “I don’t dispense time without careful consideration of all my commitments”. With a boss, for example, you may include the requestor in the decision, while showing him/her your calendar: “What should I put aside in order to complete this new task?”

This code-driven pause separates the novices from the practiced professionals.

2. Build Relationships

However, most of us are afraid to say “No” because we are taught, as children, to be nice or good, giving away our power to adults. We still fear the supposed fallout.

I have worked with top executives who routinely tell their ill-tempered bosses fake “Yes’s”. The result? Chaos. Eventually, the boss adapts by asking several people to do the exact same task.

To get past the fear at the root of the problem, author William Ury suggests the following approach to decline requests from anyone.

Step 1 – concretely describe your interests and values, while being as positive as possible

Step 2 – explicitly connect your “No” to your values/interests

Step 3 – explore other options to satisfy the request

For example: “This year I have committed to living a balanced life and making sure my son passes his GSAT’s. Tonight is set aside to help him, so I can’t be at your Zoom call. How about another night this week?”

For those who are productive, either a “Yes” or a “No” can build relationships. However, it takes skill to bring this off in real-time, under pressure from someone who is in power.

A long-term commitment to deliver better quality “No’s” only leads to more skill in this area.

3. Disavow Lesser Channels

In today’s remote environment, we receive requests via a number of channels. How do we respond effectively via text, video or audio when face-to-face communication is impossible?

The answer is to use the most interactive medium possible. If it means a video-chat or phone call, take the time needed. More interactive channels allow the opportunity to react in real-time.

However, if you must use text (the least preferred option), follow Ury’s formula. Do so and you’ll not only be protecting your calendar, but showing the respect that demonstrates your professionalism.

When they return to you with a future request, they’ll remember: you don’t play around with your commitments and you take care of people who approach you for help.

Francis Wade is the author of Perfect Time-Based Productivity, a keynote speaker and a management consultant. To search prior columns on productivity, strategy, engagement and business processes, send email to columns@fwconsulting.com