Mckinsey Way Summary
Mckinsey is one of the world’s most renowned management consulting firm and is known for its approach towards business problems.Here I have summarized a structured approach towards problem solving post reading the book ‘The Mckinsey Way’ by Ethan Rasiel.
How to probe Business Problems – Mckinsey Way ?
- Fact based, structured and hypothesis driven
- Gather Facts and some more facts
- Gather issues with maximum clarity and completeness [MECE: Mutually exclusive collectively exhaustive]
- Building a roadmap from problem to solution by breaking down the issues based on facts
- Remember that the Stated problem might not be the Real problem
- Real solution to the Real problem will have to keep in mind the resources of the organization
- 80/20 Rule : 80% of sales comes from 20% of customers and Data plays a major role in identifying those 20% customers.
- Identify the priorities based on data and stop. [ Don’t boil the ocean ]
- Drill to the core of the problem and then do a fact based analysis [ Key Drivers ]
- Your solution or idea should not take more than 30 sec to explain [Elevator Test]
- Small little wins/solutions can help you and your customers
- Jotting down your learnings on paper makes you remember it forever
- Don’t try to do the work of the whole team [Hit Singles]
- Learn to say ‘I don’t know’ and probe more when someone says ‘I have no idea’
How to Implement the Solutions – Mckinsey Way ?
- Do not sell, but market. Wait for the phone to ring
- Don’t bite off more than you can chew and envision your end product
- Get the right team and always respect your team-mates time
- Make sure you know how your team feels about the whole problem
- Make your boss look good while positioning the solution
- Research and ask questions. Don’t reinvent the wheel
How to conduct Client Interviews – Mckinsey Way ?
- Listen, use positive body language and take notes while interviewing clients
- Ask open-ended questions
- Narrow down your goals to 2-3 most important questions
- Thank-you note post the interview can open some gates for you
How to get to the Solution – Mckinsey Way ?
- Be prepared with neatly organized summary and key points [ Fact Pack]
- Come up with a hypothesis and attack it as a group [ or set of hypothesis]
- Find new ways of looking at facts
- Don’t invest a lot of your ego in your hypothesis
- Relevant ideas can be written on sticky notes and then circulated and read out loud. [ Post-it Exercise ]
- Flipchart Exercise – Each flipchart with a single issue and all members write their solution on it
- Presentations and charts can transform the way you present information
- Keep the information flowing
- A good business message is brief, thorough and structured to its audience.
Hope this helped you get the gist of the book in less than 500 words. Share more of the current practices you feel are used for problem solving.
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