1. Introduction2. The McKinsey Way of Thinking 1. Building the solution 2. Developing the approach 3. 80:20 and other rules3. The Mckinsey Way of Working to Solve Business Problems4. The Mckinsey Way of Selling Solutions5. Surviving at Mckinsey6. Life after McKinsey7. Growth Model of Mckinsey.
McKinsey & Company was founded in Chicago in 1926 by James O. ("Mac") McKinsey, an accounting professor at the University of Chicago, Booth School of Business, who pioneered budgeting as a management tool. 84 offices in 89 countries 100 of the top 150 organizations 90% of governments have consulted them The Mckinsey Way book is writthen by Ethan M Rasiel
Firm’s problem solving process has three attributes Fact based Rigidly structured Hypothesis driven
The problem is not always the problem Don’t reinvent the wheel Frameworks - focus their thinking on the drivers of the problem Trust and Verify Don’t make your facts fit your solution Make sure your solution fits your client Finite resources everywhere Toll guarding the bridge – understand politics
80:20 rule is all about data and analysis Find the key drivers – drill to the core of the problem – focus and ignore Make a chart everyday – review learning gained Look at the big picture Just say ‘I don’t know’ Don’t accept I have no idea - Probe
1. McKinsey does not sell; it markets2. Be careful what you promise: Structuring an engagement3. Team Morale – never blame, self pity4. Practice development5. Make your boss look good6. Manage hierarchy7. Listen, Guide, Paraphrase8. Make interviewee feel reassured9. Write a Thank you note always10. Brainstorming
1. Structured presentations2. Internal Communications – keep info flowing3. Confidentiality4. Working with clients – keep them on our side5. Deal with hostility6. Engage client7. Be rigorous about implementation8. Review Projects and learning9. Contribute to the databases
Find a mentor Respect people Respect the support staff Recruiting style: Analytical, Judgment, Ethical, Fit with Firm, Academic track record, Above average IQ
Valuable lessons Preserve your integrity Be humble Be Objective Politics STARTS with YOU Professionalism Rigorous standard of information Relentless drive for excellence NOT perfection Power of Team Thinking
MAKE YOUR BOSS LOOK GOOD ASSEMBLING A TEAM DON’T ACCEPT “I HAVE NO IDEA LOOK AT THE BIG PICTURE MAKE A CHART EVERY DAY MAKE SURE YOUR SOLUTION FITS YOUR CLIENT DON’T REINVENT THE WHEEL
The McKinsey model argues that businesses should develop their growth strategies based on: Operational skills Privileged assets Growth skills Special relationships
Existing products to existing customers Existing products to new customers New products and services New delivery approaches New geographies New industry structure New competitive arenas
The mckinsey way book by Ethan M Rasiel. The mckinsey growth strategies, from http//:www.tutor2u.commckinseygrowthstategies. The mckinsey way from The MBA dairy of Ethan M Rasiel.