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The mc kinsey way
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The mc kinsey way

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  • 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 clients
    Complete 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-based
    You must not fearthe facts. Hunt for them, use them, but don’t fear them
    Rigidly structured
    MECE
    Hypothesis-driven*
    Defining the initial hypothesis.
    Generating the initial hypothesis.
    Testing the initial hypothesis.
  • 5. Developing an approach
    The 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 SOLUTION
    Avoid the temptation to view your initial hypothesis as the
    answer and the problem-solving process as an exercise
    in proving the IH. Keep an open and flexible mind. Don’t
    let a strong initial hypothesis become an excuse for mental
    inflexibility
  • 8. MAKE SURE YOUR SOLUTION FITSYOUR CLIENT
    The most brilliant solution, backed up by libraries of data
    and promising billions in extra profits, is useless if your client
    or business can’t implement it. Know your client. Know the
    organization’s strengths, weaknesses, and capabilities—what
    management can and cannot do. Tailor your solutions with
    these factors in mind.
  • 9. SOME PROBLEMS YOU JUST CAN’T SOLVE . . .SOLVE THEM ANYWAY
    Eventually, you will run into a brick wall that is tougher than
    your head. Don’t keep pounding; it has no effect on the wall
    and does your head no good
  • 10. DON’T BOIL THE OCEAN
    Work smarter, not harder. There’s a lot of data out there
    relating 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 TEST
    Know 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 FRUIT
    Sometimes in the middle of the problem-solving process,
    opportunities arise to get an easy win, to make immediate
    improvements, even before the overall problem has been
    solved. Seize those opportunities! They create little victories
    for you and your team. They boost morale and give you
    added credibility by showing anybody who may be watching
    that you’re on the ball and mean business.
  • 15. MAKE A CHART EVERY DAY
    During the problem-solving process, you learn something
    new every day. Put it down on paper. It will help you push
    your thinking. You may use it, or you may not, but once you
    have 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 PICTURE
    Focussing day to day problems is good.
    However never ever forget the long term goals
    take 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 TEAM
    GETTING THE MIX RIGHT
    A LITTLE TEAM BONDING GOES A LONG WAY
    TAKE YOUR TEAM’S TEMPERATURE TO MAINTAIN MORALE
    Let your teammates know why they are doing what they’re doing
    Get to know your teammates as people
  • 21. MAKE YOUR BOSS LOOK GOOD
    If you make your boss look good, your boss will make you look good. That’s the quid pro quo of hierarchy.
  • 22. Specific Research Tips
    Start with the annual report
    Look for outliers
    Look for best practice
  • 23. SIX TIPS FOR SUCCESSFUL INTERVIEWING
    Have the interviewee’s boss set up the meeting
    Interview in pairs
    Listen; don’t lead
    Paraphrase, paraphrase, paraphrase
    Use the indirect approach
    Don’t ask for too much
  • 24. BRAINSTORMING
    PROPER PRIOR PREPARATION
    There are no bad ideas
    There are no dumb questions
    Be prepared to kill your babies
    Know when to say when
    Know when to say when
  • 25. Presentation Tips
    Complete before 24 hrs
    Do open discussion atleast 12 hrs before presentation
    Good/Tight sleep before presentation
    Charts simplifies the point
    Last but not the least “Never surprise the audience with your findings” (Prewiring is very much necessary)
  • 26. IF YOU WANT A LIFE, LAYDOWN SOME RULES
    Make one day a week off-limits
    Don’t take work home
    Plan ahead

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