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(1)How to Succeed in Management Consulting By Victor Cheng Saturday, February 19, 2011.

(2) 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.

(3) 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.

(4) 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.

(5) Section III: Succeeding on a Project. Saturday, February 19, 2011.

(6) 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.


(8) 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.

(9) 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.

(10) 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.



(13) 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.





(18) 1) Build Initial Client Relationship Referral Non-Profit Board Expertise Sharing (Speeches) Prior Relationship. (c) Victor Cheng, All Rights Reserved. Saturday, February 19, 2011.

(19) 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.

(20) 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.

(21) 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.

(22) Types of Consultant Work. Fact Pack (No Hypothesis) Hypothesis Testing. (c) Victor Cheng, All Rights Reserved. Saturday, February 19, 2011.

(23) 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.

(24) 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.


(26) 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.

(27) 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.

(28) The Only Thing that is Persuasive (when you’re new) is.... (c) Victor Cheng, All Rights Reserved. Saturday, February 19, 2011.

(29) The Only Thing that is Persuasive (when you’re new) is.... A FACT. (c) Victor Cheng, All Rights Reserved. Saturday, February 19, 2011.

(30) Facts include.... Numerical data Themes from market interviews. (c) Victor Cheng, All Rights Reserved. Saturday, February 19, 2011.

(31) How to Argue for a Hypothesis. Quote people you interviewed. (c) Victor Cheng, All Rights Reserved. Saturday, February 19, 2011.

(32) 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.

(33) 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.


(35) Managing Up to... Well, Everybody. Managing your manager Clients. (c) Victor Cheng, All Rights Reserved. Saturday, February 19, 2011.

(36) 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.

(37) 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.

(38) 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.


(40) 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.

(41) Spend More Time THINKING.... (c) Victor Cheng, All Rights Reserved. Saturday, February 19, 2011.

(42) 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.

(43) 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.

(44) How to Apply 80/20 Rule in Practice. (c) Victor Cheng, All Rights Reserved. Saturday, February 19, 2011.

(45) 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.

(46) 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.

(47) Example: Deciding to Shutdown a Product Line Any product with gross margin <50% must be cut Average gross margin for X product line 20% Gross margin of top 3 products (representing 60% of sales): 25%. No need to calculate gross margins for all 400 items in category. (c) Victor Cheng, All Rights Reserved. Saturday, February 19, 2011.

(48) 80/20 Rule Tip #3: Analyze a Sample vs. Entire Population Interview 10 field managers vs. all 100 field managers Interview 10 field managers in-person Survey other 90 field managers via email (to be inclusive). (c) Victor Cheng, All Rights Reserved. Saturday, February 19, 2011.

(49) 80/20 Rule Tip #4: Get Clients to do the Work for You. Ask them to do TWO steps for you instead of just one.. (c) Victor Cheng, All Rights Reserved. Saturday, February 19, 2011.

(50) Example A: Instead of this... Say This.... “How do I get an account to download data from the mainframe?”. “Can you do a mainframe data export for me matching this excel spreadsheet template?. (c) Victor Cheng, All Rights Reserved. Saturday, February 19, 2011.

(51) Example B: Instead of this... Say This.... “It would be great if you could introduce me to 10 of your customers so I can interview them.”. “It would be great if you could call 10 of your customers and schedule interviews for me for next Thursday starting at 9am running 45 minutes each.”. (c) Victor Cheng, All Rights Reserved. Saturday, February 19, 2011.


(53) Most Common Mistakes 1. Descriptive Headlines vs. Conclusion Headlines on Charts 2. Using long winded communication with partners vs. top down concise synthesis (emails, voicemails, hallway conversations). •. Always start with the conclusion FIRST!. 3. Talking too much, listening too little (especially with clients). (c) Victor Cheng, All Rights Reserved. Saturday, February 19, 2011.

(54) Remember This? New Consultant Time Spent vs. Perceive Performance Comparison. 10% Gathering Data. 50%. 40%. Creating Charts. 40%. 50%. (Excel/Powerpoint). Determining Conclusions (Thinking / Powerpoint Headlines). (c) Victor Cheng, All Rights Reserved. Saturday, February 19, 2011. 10% Time Spent. Perceived Performance.

(55) Descriptive Headline: New Consultants Only Spend 10% of Time on Writing Headlines, Even Though It Represents 50% of Perceived Job Performance New Consultant Time Spent vs. Perceive Performance Comparison. 10% Gathering Data. 50%. 40%. Creating Charts. 40%. 50%. (Excel/Powerpoint). Determining Conclusions (Thinking / Powerpoint Headlines). (c) Victor Cheng, All Rights Reserved. Saturday, February 19, 2011. 10% Time Spent. Perceived Performance.

(56) So What? What Does That Mean?. (c) Victor Cheng, All Rights Reserved. Saturday, February 19, 2011.

(57) Conclusion Headline: 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). (c) Victor Cheng, All Rights Reserved. Saturday, February 19, 2011. 10% Time Spent. Perceived Performance.

(58) Worst Mistakes 1. You don’t know the answer to a question, and pretend that you do... and get caught by partner or client. •. When you don’t know... confidently say you do not know... never make it up. 2. You offend a junior client, word spreads, and now they refuse to work with you and your firm 3. Your numbers are wrong; client finds mistake before partner / manager. (c) Victor Cheng, All Rights Reserved. Saturday, February 19, 2011.

(59) In other words... “Don’t be a lying *sshole who can’t do math” . Notice the Very Clear Conclusion Oriented Headline (c) Victor Cheng, All Rights Reserved. Saturday, February 19, 2011. - Victor Cheng.

(60) Section IV: Differentiating Yourself. Saturday, February 19, 2011.

(61) Section IV: Differentiating Yourself 1. Good vs. Great Performance 2. Consultant vs. Trusted Advisor. (c) Victor Cheng, All Rights Reserved. Saturday, February 19, 2011.


(63) Good Performance vs. Great Performance Good Performance. Great Performance. Creates assigned deliverables effectively, independently and without error. Makes the client and the client’s business better. (c) Victor Cheng, All Rights Reserved. Saturday, February 19, 2011.

(64) The “Secret” to Great Performance Activity-Oriented vs. Results-Oriented. (c) Victor Cheng, All Rights Reserved. Saturday, February 19, 2011.

(65) The Evolution of Performance Stage 1: No Glaring Problems Stage 2: Task-Level Independence Stage 3: Independent Problem Solver & Client Management. (c) Victor Cheng, All Rights Reserved. Saturday, February 19, 2011.

(66) Stage 1: No Glaring Problems No numerical mistakes Doesn’t say embarrassing things to client Gathers data and performs accurate analyses Can create a presentation Willing to take feedback (hint: ask for it). (c) Victor Cheng, All Rights Reserved. Saturday, February 19, 2011.

(67) Stage 2: Task-Level Independence Can take hypothesis from manager or partner Gather data -> charts -> presenting conclusion vs. hypothesis Manager checks end product only (not intermediate steps). (c) Victor Cheng, All Rights Reserved. Saturday, February 19, 2011.

(68) 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.

(69) Great Performance Toolkit. (c) Victor Cheng, All Rights Reserved. Saturday, February 19, 2011.

(70) Great Performance Toolkit Insights Implications Specific Actions. (c) Victor Cheng, All Rights Reserved. Saturday, February 19, 2011.

(71) 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.

(72) 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.

(73) 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.

(74) 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.


(76) 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.

(77) 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.

(78) 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.

(79) 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.

(80) 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.

(81) 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.

(82) 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.

(83) The Trusted Advisor:. (c) Victor Cheng, All Rights Reserved. Saturday, February 19, 2011.

(84) The Trusted Advisor: Competence + Caring. (c) Victor Cheng, All Rights Reserved. Saturday, February 19, 2011.

(85) 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.

(86) 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.






(92) 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.






(98) The Mental Role Model: Brilliant Caring Doctor w/Great Bedside Manner. (c) Victor Cheng, All Rights Reserved. Saturday, February 19, 2011.

(99) 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.

(100) Section III - IV: Question & Answers. Saturday, February 19, 2011.

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