ORGANISATIONS hire management consultants to help them solve their most challenging business problems.
Senior management are busy people, and so consultants need to communicate their message clearly and concisely, preferably accompanied by some colourful powerpoint slides.
The irony, though, is that consultants have gone on to develop an industry jargon which is often completely incomprehensible to industry outsiders.
Below we outline some of the buzzwords and phrases that you are likely to come across if perchance you are dealing with consultants, or happen to be one.
Consulting Jargon 101
10,000 foot view: A high-level overview of the situation.
80/20 rule: A rule of thumb which holds that 80% of a business problem can be solved by focusing on 20% of the causal factors.
Add some colour: Make it more interesting/appealing/persuasive.
Adding value: Making a contribution.
AOB: Stands for “any other business” and might be used in a meeting agenda to block out time for miscellaneous discussion.
“At the end of the day”: A consultant may use this phrase before summarising the main thrust of her argument.
B2B: Stands for “business to business” and indicates that a business is aiming to sell to other businesses rather than to end consumers.
B2C: Stands for “business to consumer” and indicates that a business is aiming to sell directly to consumers rather than to other businesses.
Bandwidth: Capacity to take on additional work commitments. For example, “I don’t have any bandwidth this week”.
Big 3: McKinsey, Bain and BCG
Big 4: Deloitte, EY, KPMG, PwC.
Boil the ocean: Go overboard; undertake an excessive amount of analysis; fail to follow the 80/20 rule.
Buy in: Agreement; support. For example, “we need to get buy in from the client before finalising the report”.
CAGR: Compound annual growth rate.
Capacity: See “bandwidth”.
Charge code: A unique code provided for a project which can be used to record work-related expenses.
Circle back: Follow up with someone at a later point in time.
Close the loop: Completing an item on the agenda or topic of discussion with everyone being in agreement.
Core client: A client that has a long-standing relationship with the firm.
Deck: PowerPoint slides.
Deep dive: To conduct an extensive examination of a particular issue.
Deliverable: Work product that a consultant needs to provide to her manager or the client as part of a client engagement.
Development opportunity: A professional shortcoming or area for improvement that requires attention.
Due diligence: Comprehensive examination of all relevant issues, such as a review of the client’s business or industry.
Elevator pitch: A short persuasive summary of a proposal, which leaves the listener wanting to know more. Always end your elevator pitch with a call to action, for example “can I buy you a coffee next week to run you through the business model?”
Fact pack: A pack of information that provides the essential facts for a project/industry/company.
Granular: Focusing on the finer details, as in “this analysis needs to be more granular.”
Hard stop: A stated time after which the person will no longer be available to continue the meeting/discussion. For example, “I have a hard stop at 3 o’clock”.
Key: Critical; essential; required; important; central. For example, “the key issues are X, Y, Z.”
Let me play this back: Words used before providing a summary of the discussion from the listener’s perspective. This is a helpful technique which can allow a consultant to clarify their understanding of the key issues and at the same time sound intelligent by saying something even if the summary adds no additional insights.
Leverage: Make use of.
Low hanging fruit: Targets that are easily achievable, issues that can be quickly resolved, opportunities that can be readily exploited, or problems that are simple to solve. By picking the low hanging fruit first, consultants can demonstrate quick results, which can boost confidence in the project and help build initial momentum.
Lots of moving parts: Complex.
Managing upwards: Providing feedback to more senior employees.
MBB: McKinsey, Bain and BCG.
MECE: Pronounced “me see”, and stands for “mutually exclusive, collectively exhaustive”. It is a principle developed at McKinsey for grouping information into distinct categories which, taken together, deal with all of the options.
On the beach: In between assignments. Time spent on the beach may be spent in training or used for new business development.
On the same page: See things from the same perspective.
Opportunity cost: What you give up in order to pursue an opportunity; the value of the next best alternative.
Out of the box thinking: Lateral thinking; coming up with new ideas which don’t follow neatly from the data.
Ping: Contact someone, as in “I will ping you later via email.”
PIOUTA: Pulled it out of thin air.
Pipeline: Current and upcoming client engagements.
Production: A department of the consulting firm (often outsourced) that assists in producing material needed for presentations and meetings.
Pushback: Resistance or disagreement, as in “we received some pushback from the client.”
Right size: Downsize.
Sandwich feedback technique: A structure for providing feedback that resembles a sandwich – one positive comment, followed by a piece of constructive feedback, and ending with a positive comment.
Scope: Agreed set of deliverables for a client engagement.
Scope creep: When the client adds, or tries to add, additional deliverables which were not agreed in the initial project brief.
Sniff test: A common sense check of a particular idea, proposal or analysis.
Strawman: An initial draft providing an idea of what the final output will look like, and which is meant to be heavily criticised.
SWAG: Some wild-ass guess.
Take the lead: Take responsibility for something, as in: “Why don’t you take the lead on this project.”
Takeaways: The key points that should be remembered at the end of a discussion or meeting.
Touch base: To meet at a certain time to talk about the project.
Up or out: Many top consulting firms adopt an “up or out” policy. Employees are expected to advance up to the next level of responsibility or they will be counselled out of the firm.
Work stream: The tasks that make up a project.
Did we miss any buzzwords or phrases in this list? Let us know in the consulting forum.