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