• 1. bcHow to be a Great ConsultantMarch 1998Copyright© 1998 Bain & Company, Inc. Developer: Alex Wouterse Reviewers: Tony Ecock Steven Tallman John Clarke1CU7030298IMB
    • 2. Key success factors The function of expectations in predicting consultant success Managing expectations for new consultants Evolving expectations for experienced consultants Key takeawaysAgenda2CU7042898MSA
    • 3. Great consultants base their success on characteristics that extend well beyond analytical thinking.Baseline analytical expertise, but also… Excellent interpersonal skills and knowledge of people management facilitation motivating others conflict management Frank self-awareness of strengths and weaknesses Receptiveness to feedback from a variety of sources Ability and willingness to act on feedback training experimentation practice Desire to succeed as a consultantFive Key Characteristics3CU7042898MSA
    • 4. Key success factors The function of expectations in predicting consultant success Managing expectations for new consultants Evolving expectations for experienced consultants Key takeawaysAgenda4CU7042898MSA
    • 5. What people expect of you will depend on their needs and perspective.If in doubt, ask about the expectations of the people you work with.New ConsultantVP/ManagerCaseteamOfficeClient“Is he smart enough to get up to speed rapidly?”“Is she experienced enough to help us solve our problems successfully?”“Is she cooperative enough to integrate into the team and to add own value quickly?”“Is he open enough to adapt to the office culture and influence it positively?”“What does she bring to the party?”“Is he a team player?”“Is he arrogant or can I work with him?”Expectations and Differing Perspectives5CU7042898MSA
    • 6. Bain VPs on what it takes to be a successful consultant...“Few consultants have the total package when they arrive. The best consultants leverage either extraordinary analytical or client skills and then develop the rest over time.”“Paradoxically, team skills are not a way that consultants distinguish themselves. Almost everyone we hire has excellent team skills based on where and how we recruit.”“Over time, there is no substitute for the ability to quickly crack a tough business problem/analysis and design/execute an efficient path for gathering the data to back it up. This is what we do day in and day out. It creates client success stories and smooth team operations.”Successful Consultants: Bain VPs’ Perspectives6CU7042898MSA
    • 7. “Unsuccessful consultants...…are arrogant and unreceptive to feedback. They stop three-quarters of the way through the analysis because they are confident it’s right and don’t convince skeptical clients to change.”…do not become expert in the functional or industry area they are working in. The clients question their value-added - often from their first interaction.”…do not get out in front of their managers. They are executing another person’s ‘to do’s’ rather than designing their own path. They don’t live up to, let alone exceed, expectations. Their lifestyle is totally reactive. And their morale is understandably low.”…treat the Bain job as an extension of school. Like courses and professors, cases and team leaders are good or bad. Case work is an assignment, not a personal mission. Also, they think in terms of ‘us/them’ rather than joining the team and pulling for the joint cause. As a result, they do not add as much value as they think they do, or they’re capable of, and they are tiresome to manage.”Unsuccessful Consultants: Bain VPs’ Perspectives7CU7042898MSA
    • 8. Key success factors The function of expectations in predicting consultant success Managing expectations for new consultants Evolving expectations for experienced consultants Key takeawaysAgenda8CU7042898MSA
    • 9. When you start working, you hear different things about Bain and what others expect of you.“You sign up. Then, they tell you what you are really up to.” “Get on a good case. Work for a good manager/mentor.” “If you are not involved in recruiting, that’s a bad sign.” “The first year you will probably do spreadsheets, spreadsheets, spreadsheets.” “A great analyst can get away with lousy team scores.” “Make a good impression on the VPs you are working with. That’s all that counts.”This module aims to tell you what you really can expect and what is expected of you.Start-Up Expectations9CU7042898MSA
    • 10. Consultant expectations and roles are grounded in the Bain mission.Bain & Company’s mission is to help our clients create such high levels of economic value that together we set new standards of excellence in our respective industries. This mission demandsMission StatementWe believe that accomplishing our mission will redefine the management consulting business, and will provide new levels of rewards for our clients and for our organization.The Bain vision of the most productive client relationship and single-minded dedication to achieving it with each client The Bain community of extraordinary teams The Bain approach to creating value, based on a sharp competitive and customer focus, the most effective analytic techniques, and our process for collaboration with the client Mission and Expectations10CU7042898MSA
    • 11. The Bain vision of client relationships is realized by delivering results, not reports. Your role as a consultant is a function of Bain’s vision for each client relationship.Relationship to ClientValue Added Results“Fee-for-service Adviser” (Billing hours of advice)“Dedicated Partner” (Selling profits at a discount)“Profit Participator” (Buying profits at a bargain)“Empowered Entrepreneur” (Taking full ownership position)Consultant role:Independent and objective Industry experts Serve a client for a feeStrong alignment with dedication to client’s destiny Experts on the client’s industry and key strategic challenges Long-term relationships Value-sharing whenever possibleControlling role towards client management Exclusivity, no conflict of interest Focus on resultsActive dedication to success by full risk sharing Entrepreneurial role based on experience in “results through strategy”Client Relationships and Consultant Role11CU7042898MSA
    • 12. The Bain mission and vision can be translated into concrete expectations for a new consultant. Your ultimate success will rest upon your ability to meet these expectations.What will make you a great consultant at Bain?Value AdditionClient RelationshipsCommunicationExtraordinary TeamsExpectations are integrated into a business system (recruiting, training, professional development, performance management) Expectations are linked with market positioning and Bain brand (“results through strategy”)Success Factors and Expectations12CU7042898MSA
    • 13. What do we expect from you as a new consultant in the area of value addition?Identify the action/ answer that will lead to client valuePyramid the problemPlan the workExecute the workInterpret the analysisIdentify key issues of workstreamHelp to formulate specific hypotheses logical mutually exclusive/ collectively exhaustive (MECE)Develop blank slides Design analysis to complete the slides Design templates to gather data Identify checkpoints Develop a timelineGather representative, primary data in the most efficient way Perform zero defect analysis Avoid crunchesReality check Anticipate client reaction Deliver expected resultsBaseline:Oversee interdependencies with whole case Help structure the “big picture”Create a completely MECE pyramid of the client’s problem motivate the client to take action, or prove the answer Get to the heart of the matter quicklyBuild up realistic HIT-based planning and Answer-First consistentlyMaster most complex analytical toolkit Coach other team membersDevelop breakthrough insights and significant tangible results on your specific moduleDistinguishing:Expectations: Value Addition13CU7042898MSA
    • 14. What do we expect from you as a new consultant in the area of client relationships?Evaluate client needsManage client situationBuild relationshipGenerate impactSensitive to client needs, constraints, and cultureConduct professional and controlled interactions Always run well-prepared meetingsViewed as expert by clientWork with client on relevant issues Help to support change in individual interactionsBaseline:Cultivate acute awareness of others’ attitudes and valuesFollow up all client commitmentsBuild personal relationship based on outstanding expertise and empathy with clientTurnaround client team members into real change agents and “Bain friends”Distinguishing:Expectations: Client Relationships14CU7042898MSA
    • 15. What do we expect from you as a new consultant in the area of communication?Interact parallel with clientDevelop a presentationPresentEnsure consensus, follow up, and actionLeave a trailAdopt a candid and precise communication styleHelp to create a well-structured, logical presentation Generate flawless, succinct “Bain standard” slidesRehearse sufficiently Prewire assigned client employees Present own work with flawless executionNote key client questions and observations in meetings and presentationsProvide back-up FileBaseline:Use communication to convince and motivate clients to take desired actionIndependently prepare a “crisp” presentation compelling storyline high impact slidesBe proficient and convincing in larger, formal presentationsGuarantee achievement of desired resultsMake excellent BRAVA and practice area contributionsDistinguishing:Expectations: Communication15CU7042898MSA
    • 16. What do we expect from you as a new consultant in the area of extraordinary teams?SelfTeamOfficeBe receptive to feedback Sustain commitment to BainBe a true team player 100% of time Contribute positively to moraleManager (upward)Be reliable Be supportiveAct as an accepted and responsible member of office community Demonstrate professional behavior to all administrative staffSystematically solicit and use feedback from others to improve own performanceSuccessfully motivate and integrate other new consultants into teamLeverage manager’s time and value addedManage proactive contribution to overall office morale Network Earn respect Engage in informal office activitiesBaseline:Distinguishing:Expectations: Extraordinary Teams16CU7042898MSA
    • 17. According to VPs, successful consultants do not ignore the basics.You can never overdo prewires Send faxes well in advance of teleconferences number your pages Only produce slides after the story or executive summary is written in the best presentations, taglines correspond to the executive summary verbatim producing slides and then trying to make a story out of them is the single greatest cause of yield loss at Bain Create fewer, better slides reduce rework - create “client ready” slides for the first time use graphics technology to leverage your work, not expand it use fewer words, bigger text Develop a bias for fact-based slides - avoid stoplight charts or subjective word slides label appropriately include sources Rehearse presentations sufficiently to make adequate eye contact with the audience don’t read slides to people who can read slides for themselves slides support the story and are no substitute for real-time commentary Start with the end in mind if the end product is a board presentation, blank out a board presentation - don’t try to start with a management level presentation and convert itTips from VPs17CU7042898MSA
    • 18. Key success factors The function of expectations in predicting consultant success Managing expectations for new consultants Evolving expectations for experienced consultants Key takeawaysAgenda18CU7042898MSA
    • 19. Expectations evolve for an experienced consultant. Great consultants are “caseteam leaders and managers-in-training.”Consultant: Point of arrival for the caseteam leader roleValue additionClient relationshipCommunicationExtraordinary teamsCarries out analytic value-creation process for major piece of work Masters analytical toolkit relevant to large parts of the case Cracks toughest business problemsIs fully accepted as expert and business partner by client middle/upper managementUses communication to convince and motivate clients to take desired actionIs an effective and respected team integrator and contributor to office morale Shows potential to grow into caseteam leader/manager positionEvolving Expectations19CU7042898MSA
    • 20. State-of-the-art problem-solving know-how and client process skillsOver time in a consultant’s career, basic values remain the same but differ in emphasis.Junior consulting staffSenior consulting staffTime AllocationAnalysis/ problem-solvingCaseteam/client managementSales/marketingKnow-how creation and experience sharingRole:Key success factors:Top analyst/problem solverChange agentLeadership in effecting change (process skills)“Performance Partner” for top managementSales/marketing, product developmentRole Development20CU7042898MSA
    • 21. Expectations about your role will increase in line with your broadening skill levels.Value additionClient relationshipsCommunicationExtraordinary teamsFocus on assigned workstream Become expert in certain tools, functions, tasks Focus on big picture Gather and share expertise in major relevant business/industry issuesEstablish relationship with specific client team members Become a respected project team member Establish long-term relationships with key client decision makers Earn personal respect beyond mere project/ business issuesCommunicate proactively and professionally Create well-prepared parts of presentations Use communication skills consciously and systematically to motivate others to take action Create and supervise the creation of complete presentations that convince the clientBe a great team player Engage in informal office activities Help others to integrate smoothly into the team Actively contribute to office/firm development - manage a major activity (recruiting, training, etc.)JuniorSeniorExpectation and Skill Development21CU7042898MSA
    • 22. No matter what path you may eventually take, there is significant overlap between Bain and career key success factors.BainCareerBuild a personal track record of value additionBullets on your resumeDevelop a list of team members and clients who like and respect youPersonal networkBain & Beyond22CU7042898MSA
    • 23. Key success factors The function of expectations in predicting consultant success Managing expectations for new consultants Evolving expectations for experienced consultants Key takeawaysAgenda23CU7042898MSA
    • 24. Great consultants...execute on more than good analysis develop excellent interpersonal and people management skills self-assess for areas of potential growth use feedback to achieve full potentialproactively manage caseteam work, managers, and clientsare aware of career milestones and their shifting roles, and actively manage transitionscapitalize on opportunities to go beyond baseline performance to achieve distinguishing results in value addition, client relationships, communication, and extraordinary teamsintegrate caseteam work and firm asset-building into personal and professional aspirationsTakeaways24CU7042898MSA