As leaders, human capital is the most valuable asset we have. Managing people is rewarding, but sometimes we could all use a hand in navigating its complexities. Read on to learn about 9 tips that will make every manager and HR professional’s life easier, and unlock the latent potential in your organisation to drive your […]
Category: Business
“Persistence” and “perseverance” are buzzwords you will find in almost every job description and in almost any interview. This article suggests that giving these words such stature and priority in the world of work is a mistake, since persistence alone may do more harm than good. Persistence refers to the notion of continuing a course […]
From the growth of digitalisation and globalisation to hybrid work arrangements employed during the pandemic, society is continuing to evolve. These changes have been accompanied by a shift in business’s approach to management. Understanding the rapidly changing business environment will be essential to ensure efficient and effective leadership going forwards. Change 1: From engaging to […]
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Your Network is Your Net Worth
If you choose to pursue an MBA, you will surely learn a lot. One of the most consistent lessons that you will learn from the first to the last day of your MBA is the power of networking. From classmates to professors, guest lecturers, alumni, and LinkedIn connections – your duty is to increase and […]
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Mastering Cold Outreach
One of the best ways to learn is from other people. People are databases of knowledge. Through conversation, you can tap into a professional’s experiences, opinions, and network. The art of mastering cold outreach is one that takes practice but can become an incredibly useful tool. This article will explain how to make the most […]
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Networking: If You Wait, You Are Late!
Whether you are an undergraduate social sciences major, an MBA candidate, or a doctorate engineer, it is never too early to start networking. Many students spend too much time focused on the present: whether it’s homework assignments, working a part time job, or looking forward to the weekend. While those may be important, being a […]
COVID-19 has been a mixed bag for the world of work. Whilst for some it has been a wholly negative experience, bringing redundancy, social isolation, and new erratic working conditions, for others it has brought immeasurable benefits. One such benefit is the ‘humanisation of the professional’. No longer is the label ‘professional’ disassociated from the […]
“Consulting has traditionally been and is still a boys club, particularly at management level”, female McKinsey Consultant. “A lot of times I found myself the only female in the room with another 10-15 males during the steering co-meeting”, BCG project leader. Despite a drive to make equality of opportunity a norm of modern workplaces, women are […]
Curiosity is a word frequently associated with childhood or domestic pets. When a child is experiencing the world around them for the first time and interacting with their new surroundings, we say they are curious. In the context of pets, curiosity is known to have killed the cat. This post asserts that curiosity is more […]
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The Importance of Being Wrong at Work
Being wrong is a natural part of being human. Everyone makes mistakes, misinterpretations, and miscalculations. Unfortunately, another natural part of being human is having an ego, and the accompanying desire for self-preservation. No one likes being seen to make mistakes as it can be embarrassing, cause reputational damage and loss of status, and make us […]
In school, students spend most of their time working on homework assignments and projects, which, despite their importance in reinforcing skills learned in class, have no immediate benefit to the world. Similarly, in traditional management consulting roles, employees often utilize the latest tools to solve their clients’ problems, often without considering the impacts beyond the […]
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The Paradox of Teams
The concept of a ‘team’ has been around since the 16th century, and so one would assume that the term is fairly well understood. Whilst teams are an inseparable part of modern business practice, this article seeks to explore why they are actually a conceptual paradox, and what this means for professionals. The Team-Individuality Paradox […]
Although commentators have long predicted a shift towards remote working, the Covid-19 pandemic has certainly driven the point home. As we currently stand, the question is not if the work-space will digitalize but to what extent. Most consulting firms have managed the transition to remote working relatively easily, and some have even realised that they […]
If someone is willing to give you 20 minutes of their time, what is the most value you can extract from that conversation? I networked my way to an interview. I cold messaged over 200 people on LinkedIn and had 50+ conversations with current consultants. The conversations not only helped me get referrals but also […]
If you are running a tech startup, you probably spend most of your time focusing on your product to make it lean, easy to use, and able to solve people’s problems. However, if you want to be successful you need to reach a lot of people, and so it is important to increase your conversion […]
One of the key challenges of succeeding in business is finding the motivation to do the work necessary to achieve audacious goals. Since there is no shortage of motivational speakers, self help gurus, visionary CEOs, and spiritual leaders, it would seem odd that motivation can sometimes be hard to come by. Part of the reason […]
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The Importance of Coachability
The ability to learn faster has become a more valuable asset as the amount of knowledge produced continues to grow on a daily basis. When starting a new position, you will need to learn the technical skills and background knowledge to perform on the job. During these transition periods there is a large knowledge gap […]
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Parable of the Sadhu
Business ethics have existed since bartering started, with philosophers from Aristotle to Rawls discussing concepts of justice in monetary terms. In a modern sense, business ethics started in the United States in the 1970s with the rise of anti-big business protest groups. Business schools have taken it as their responsibility to teach ethical practices to […]
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Do you have a minute to spare?
Consultants regard time as crucial. The value of time is derived from the fact that we must each make reasonable use of the 24 hours we have been allotted in order to live a balanced life that is not only productive but also healthy, happy, and fulfilling. Effective time management can be applied to complete […]
Your manager recently told you that you did a good job on a project. This is great news, but how can you assess for yourself that you are doing well? This becomes a tougher question the further you progress in your career as there are fewer established metrics to base your assessment on. In college, […]
“In every crisis we are given an opportunity to evaluate our habitual tendencies” (Welch, 2020). The virus has not only changed the way we view health policy, but also our way of living and working. It seems no overstatement to say that the world will be a fundamentally different place after COVID-19. This post will […]
You might have a picture-perfect resume. You might satisfy all the basic qualifications. Your credentials might even get past the robotic sorters looking through thousands of resumes for specific “buzz words”. But at the end of the day, if you are just a name on a job application, you might not get invited to that […]
As I’ve progressed further along in my career, the importance of being able to manage upward has become clearer to me. If you think your relationship with your manager is a one-way street with the manager doing all the delegating and you doing all the following, think again. At its core, managing up isn’t just […]
There is always another skill to learn or article to read, yet there is often limited time and attention to devote to these activities. If you are short on time and looking to upskill here are some tips. Drawing on your past experiences If you are less than a year away from applying for jobs […]
Bloom’s taxonomy is a framework originally developed by a committee of educators to assist in establishing an effective curriculum. This framework can also be used by young professionals. There is a myriad of academic journals from varying fields that illustrate the practicality of the framework in specific situations. Its application stretches beyond the needs of […]
Not all schools have a consulting club, extensive alumni networks in consulting firms, or recruiters that come to their campus looking for top applicants. If you are at one of these schools you may find yourself at a disadvantage (to be honest you probably are) but people do still get into firms from non-target schools. […]
It sounds cliché to repeat it again just like a mom’s tip to kids “Don’t be afraid of challenges and changes, my darling”, but there are probably some good reasons for us to revisit this motherhood statement. This year has been tough and challenging for many of us. The Covid-19 pandemic has dramatically changed people’s […]
Over the past few years, the popularity of hiring remote teams has been growing rapidly. However, many employers were skeptical, and considered remote workers as less valuable. Fast forward to 2020, with COVID-19 pandemic lockdowns, and remote work is now essential. Telework is a growing trend, managers are more receptive to the idea, and remote […]
To succeed in sales, you must know your customer. This means understanding their wants and needs, habits, values, and anything else that can help you close the deal. It also means being able to correctly classify your market. Selling a high-tech piece of equipment to a large corporation can be very different from selling a […]
What are Mental Models? Becoming a better thinker requires you to understand the way you think, how you view the world, and developing a way of approaching problems that allows you to see things through multiple lenses. We refer to these lenses as ‘mental models’. Mental models are tools for the mind that are built […]
MMM assists marketers in optimizing future spends and maximizing effectiveness (i.e. it establishes which mediums are working better than others). Then, budget allocation is done, by shifting money from low ROI mediums to high ROI mediums, thus maximizing sales while keeping the budget constant. Types of MMM MMM can be built using regression methods and […]
It’s a great challenge to accurately measure the effects of advertising, packaging, distribution channels, media expenditures, social media Likes and Tweets, and sales organizational structure on brand share or sales revenue. Is marketing solely a game of chance, or might there be a way to bring scientific methods to the table? Let’s draw a distinction […]
Networking is a normal part of student life. The term networking nowadays usually connotes interacting with business people with the goal of achieving a professional outcome, and this becomes increasingly important as the academic journey comes to an end. In the consulting industry networking is more than just gaining a few names and LinkedIn contacts, […]
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How Are You Spending YOUR Time?
Your internship was just rescinded. Your work has died down recently. You were furloughed. You decided to push back your applications for an MBA program. Unexpected events are happening to each and every one of us. And these unexpected events will undoubtedly have had consequences. While you can’t control whether Lady Fortuna brings good luck […]
This is a continuation of Part 1 where different types and benefits of customer segmentation were introduced. In this article we will focus on three customer segmentation methods that use statistical techniques: cluster analysis (K-Means), cluster analysis (Latent Class Analysis), and Tree analysis (CHAID). Let’s first define a problem and see how each method approaches it. […]
Customer segmentation is the practice of segmenting customers based on common characteristics. It is a critical step towards identifying growth opportunities in business and should be carried out before undertaking any of the following actions: Developing customized marketing programs (e.g. campaign optimization) Designing an optimal channel distribution strategy (e.g. brick-and-mortar vs online) Determining appropriate product […]
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Making Unbiased Decisions
Despite increasing levels of educational attainment, one of the things that remains consistent across time are the biases that influence the decisions that we make when faced with questions and challenging problems. While this is nothing new, the issue is gaining renewed interest (due to the increasing use of artificial intelligence systems) that automate decisions […]
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Working from Home
Your Organisation’s most Productive, Happy and Profitable Year Business leaders and government authorities around the world are encouraging or mandating their employees to work from home due to the emerging pandemic caused by COVID-19. Organizations of all sizes are worried about the economic impact the virus will have on their organizational effectiveness and bottom line. […]
“If it weren’t for these customers, we would be doing just fine!” We have seen this pattern repeat itself far too many times. Few people are in the habit of looking for a gap in the market or trying to identify an unsatisfied need. Successful startups grow by building a product or service that meets […]
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4 Top Tips for Networking at Any Event
Networking can be a frightening process but a necessary one since it gives you a chance to meet new people who are the biggest asset you can have in life. Through successful networking one gains a multitude of benefits such as strengthened business connections, introduction to fresh ideas, access to jobs opportunities, more confidence and […]
Leadership skills are an essential part of the consultant’s toolkit. More than just managing people, leadership is about communicating effectively in order to motivate people to achieve the desired outcome. Leadership is central to organizational performance, or as McKinsey & Company puts it: “Telling CEOs these days, that leadership drives performance is a bit like […]
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Merry Christmas & Happy New Year!
Wishing you a happy holiday season! Thank you for being a reader of the Consulting Blog. We look forward to sharing with you more insights on consulting, strategy, and innovation during 2020. Christmas is a time of year to eat, drink, and be merry! Hopefully you will be able to take a break from your […]
The structure of an organization has a paramount influence on the creation and sharing of knowledge The way in which an organization is structured sets the tone, the environment, and ultimately the culture of a workplace. This has a direct bearing on how comfortable employees are at work. The relationship between departments in a company […]
You have just sat down for the evening in your study at home to write an important article. Your friend calls you on the phone, “Tom, what are you doing right now? Come for dinner!” The article is not due tomorrow, and discussion with your friend is always lively and entertaining. You instinctively close your […]
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The Future of Management (Part 3/3)
In the last installment, we looked at evolving with the times, some resources to reach for when undergoing change as well as some problems that may arise on the way to Teal. Today we will look at the differences between traditional vs self-managed teams, communication tools that could support your organization to shift from traditional […]
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The Future of Management (Part 2/3)
In the last installment, we explored how management has gone through big evolutionary changes since its inception. Using Laloux’s colour categorisations: Red, Amber, Orange, Green and Teal to describe the shifts in time, we looked at how these organisations are structured, what inspired their transition to the next evolution as well as what the general […]
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The Future of Management (Part 1/3)
Back in January, I started working in an internal strategy function at Boston Consulting Group’s Digital Ventures. Due to the nature of my role, I was exposed to a vast array of leadership and management styles, most specifically Director, VP and Partner level. Having studied management in both my bachelor and master degree, I found […]
Not sure how to survive an ever changing business world? Darwin might have the answers! The business world is often referred to as a brutal battlefield where only the fittest survive. Companies like Kodak and Nokia are often referred to as the dinosaurs that failed to adapt to the changing environment. If you think about […]
One of the more memorable parts of the consulting recruiting process was witnessing people attempting to network with consulting firms. What stood out was that people didn’t seem to have a commonsense understanding of networking best practices. Consequently, I witnessed some networking maneuvers that were simply bad form. I thought I had buried those amusing […]
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Getting The Best Out of Your Team
“Leaders need to provide strategy and direction and to give employees the tools that enable them to gather information and insight from around the world. Leaders shouldn’t try to make every decision.” — Bill Gates, founder of Microsoft Today, leaders are often confronted with the challenge of building high-performance teams. With jobs going virtual and […]