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How to get rid of old thinking habits / ways of working? (corporate background)

on the job
Neue Antwort am 31. Juli 2023
4 Antworten
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Anonym A fragte am 28. Juli 2023

I have worked in corporates for a few years before MBA, where the environment was very “bottom up” and “fact based”. Now I'm working in consulting post MBA, I find it challenging to directly switch the ways of working and habits of thinking to a “strategy consulting” way. Not sure whether this is a common issue for experienced hires?

For instance, my manager mentioned I need to enhance me “conceptual thinking” ability in strategy projects. This ability and also "storyboarding skill" was not trained in my previous corporate environment. I felt that the way I was trained in the past contradicts with the way I should perform now.

I'd like to know how to bridge / close the gap between corporate mindset vs. strategy consulting mindset? Thanks!

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Pedro
Experte
antwortete am 29. Juli 2023
30% off in April 2024 | Bain | EY-Parthenon | Roland Berger | Market Sizing | DARDEN MBA

I know where you are coming from. You basically entertain the idea of knowing everything about a topic before being able to formulate a strategy. 

Whereas great consultants use a different approach, i.e., an “action-driven objective-driven hypothesis-based-approach”. 

What is a hypothesis based approach:

  • First the consultant thinks about the alternative courses of action, and then about what would be the “key principles” that (IF TRUE) would justify that course of action.
  • Then the consultant goes about to find the data to know whether those principles are true or not. That's where the analysis comes in.

Please rest assured that the people developing the “hypothesis" are quite senior and experienced in the industry, i.e., they are not making up silly hypothesis, but they start from a position of knowledge and previous good industry understanding. It is an INFORMED HYPOTESIS.

This means you need to shift your mindset and actually EMBRACE the consulting way of doing things.

Shifting from a “boil the ocean” "bottom-up" approach to a hypothesis-based approach when developing strategy is essential in strategy consulting. Here's why it's important and how you can make the transition:

Strategic Decision-making: In strategy consulting, the focus is on making high-level, impactful decisions that can shape the future of a business or organization. A hypothesis-based approach enables consultants to formulate clear, testable hypotheses about the client's business challenges and potential solutions, leading to more focused and effective strategies.

Identifying Key Drivers: Developing a hypothesis forces consultants to identify and prioritize the key drivers and factors that influence the client's business performance. By focusing on these critical elements, consultants can efficiently allocate resources and efforts to address the most significant issues.

Efficiency and Precision: A hypothesis-based approach is more efficient and precise than a purely bottom-up analysis. Instead of boiling the ocean with data, consultants can use their expertise to make informed assumptions and then validate or refine those assumptions through targeted research and analysis.

Rapid Iteration: A hypothesis-driven approach allows for rapid iteration and learning. Consultants can propose multiple hypotheses and test them iteratively to arrive at the most effective strategic solution quickly.

Client Communication: A hypothesis-based approach enhances client communication. Presenting clear and testable hypotheses helps clients understand the thought process behind the proposed strategies and fosters a collaborative and engaging consulting experience.

Risk Management: Developing hypotheses helps in assessing potential risks and uncertainties. Consultants can identify critical assumptions and devise contingency plans to mitigate risks effectively.

Storytelling and Persuasion: Hypotheses provide a structured narrative for consultants to tell a compelling story to clients. Well-crafted hypotheses, along with supporting evidence, can persuade stakeholders to buy into the recommended strategies.

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Benjamin
Experte
Content Creator
antwortete am 28. Juli 2023
Ex-BCG Principal | 8+ years consulting experience in SEA | BCG top interviewer & top performer

Hi,

Sharing my thoughts having managed and coached experienced hires myself when I was a Project Leader/Principal. This is indeed a very common issue for experienced hires. 

  • First, I would encourage you to reframe your learning. Instead of trying to ‘bridge' or ‘close the gap’, I really do think you should be approaching the consulting skillset as something fresh/new to be picked up from scratch
    • The reason for this is (depending on what exactly you mean by ‘bottom-up’ and ‘fact based’) that the consulting mindset/approach is rather different and in a way that many other corporate/public sector environments dont work in
    • Thus it will be very difficult to ‘bridge’ 2 different styles because sometimes they are really not meant to be bridged → rather, each of them have a role to play/an environment in which they are suited for
  • Second - do know that the skills you are struggling with are skills that even homegrown consultants may struggle with as well, especially storyboarding and storylining. Thus, there will be plenty of knowledge and resources for you to tap on (esp if you are at MBB)
  • Picking up these skills to me is a function of
    • Understanding what they mean and also why it is needed for what consultants do
    • Understanding what good looks like
    • Deliberately attempting / practicing these skills 
      • Depending on the specific skill, there are of course more specific suggestions I can give (e.g. some useful questions to always ask yourself when you are making a story/slide etc)
  • Based on the above point, what you must learn how to leverage is what the firm has to offer, in addition to your own effort
    • Manager → in your feedback sessions, make sure you push your manager to explain to you what good looks like, where you could have done better and how you could have done better
    • Peers → very very important and powerful resource. Get practical tips and advice on specific questions you have; run by your thinking or storyline with your peers
    • L&D/training team → reach out for resources/materials
    • Yourself → review, question, and reason it out until you get things
      • E.g. When the manager has taken over the master and adjusted your content/storyboard for the SteerCo etc, take the time to review the material and what he/she changed and understand why those changes were made
      • E.g. Ask your manager/peers for killer samples of content that demonstrate the skills you are lacking - review them and dissect the logic. Even better, reach out to the authors and ask them to explain to you how they came up with their story etc

It is not easy but I have seen it done before. Happy to share more specific suggestions - just drop me a dm.

All the best!

 

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Ian
Experte
Content Creator
bearbeitete eine Antwort am 29. Juli 2023
#1 BCG coach | MBB | Tier 2 | Digital, Tech, Platinion | 100% personal success rate (8/8) | 95% candidate success rate

Hi there,

To be very honest, I highly highly recommend coaching. Seriously. You have many years of ingrained habits and are looking for a fundamental mindset shift.

Sounds like your current role *might* be at risk due to this mindset shift need….why risk your entire job/career because you're relying on a simple Q&A (which will not magically fix your thinking) versus training.

It's like you're a professional athlete who was injured, and now you're deciding to do rehab on your own without a professional rehab/personal trainer!

Here's some reading in general to help you in your role: consulting survival guide

HEre's something I wrote on Frameworking/Case LEadership that also applies to your current issue

Frameworking/Case Driving

First, remember that casing isn't just about memorizing every step, industry, case type, etc. It's about learning how to be adaptable and nimble. So, always be prepared for the unexpected.

1. All cases are structured, wheather you realise the structure or not. It's your job to keep it organised and keep it to a good flow/framework!

2. Figure out what data/information you need and ask for it: The interviewer won't just give it to you (just like your client won't know what you need from them). Use your framework to dive into areas! If your interviewer insists they don't have data in that area (after you've gone specific), then go into another area of your framework (or expand out).

3.In this case try and keep a mini framework in your head. You can write as you talk as well.

When you say "not those kinds of questions an interview-led style would ask" this shows me that you're limited in your preparation....don't come in expecting a certain format/style! Be ready to drive your own case if needed. Think if you were on a real life project and asked to lead it...this is what they need you to demonstrate!

Frameworks

If there's anything to remember in this process, is that cases don't exist just because. They have come about because of a real need to simulate the world you will be in when you are hopefully hired. As such, remember that they are a simplified version of what we do, and they test you in those areas.

As such, remember that a framework is a guide, not a mandate. In the real-world, we do not go into a client and say "right, we have a framework that says we need to look at x, y, and z and that's exactly what we're going to do". Rather, we come in with a view, a hypothesis, a plan of attack. The moment this view is created, it's wrong! Same with your framework. The point is that it gives us and you a starting point. We can say "right, part 1 of framework is around this. Let's dig around and see if it helps us get to the answer". If it does, great, we go further (but specific elements of it will certainly be wrong). If it doesn't, we move on.

So, in summary, learn your frameworks, use the ones you like, add/remove to them if the specific case calls for it, and always be prepared to be wrong. Focus rather on having a view, refering back to the initial view to see what is still there and where you need to dive into next to solve the problem.

HOW to learn/think in the right way.

  1. Frame based on the objective: Identify exactly what the objective is, then think about the areas you would look at to solve the problem.
  2. Think of buckets as "building blocks" - understand the 10-odd buckets that exist out them (Market, Product, Company, How to Enter, etc.). Learn these, and what their used for, then think of them as ingredients that you then pluck out and tailor to your framework.
  3. Practice with Introduction, then End, then framework:
    1. ​ Practice a number of cases where you hear just the introduction, then build a framework.
    2. THEN, look at the end of the case and what conclusion was made, and re-do your framework.
    3. THEN, look at what framework(s) was/were proposed as the answer.
  4. Read the Economist religiously: The Economist is an excellent, longer-term base knowledge/thinking resource for you. I've found that reading the Economist over the years has been instrumental in helping to shape my thinking and holistically understand problems, whether political, economic, social, or anything in between. Feel free to throw in the Financial Times or BCG Insights into the mix!

(editiert)

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Cristian
Experte
Content Creator
antwortete am 31. Juli 2023
#1 rated MBB & McKinsey Coach

Hey!

The fact that you're asking this question is great news. 

It already shows that you've identified these are to work on.

And they ring true. They're exactly the same ones industry hires usually have when joining consulting firms. 

The most important thing is not to freak out. See it as part of the process. The coolest thing about starting in consulting is the learning experience. So embrace that steep curve. 

There are two articles that I'll share below that synthesize the most important things I've (painfully) learned about being an effective consultant in your first year:


Aside from this, I'd recommend that you find a mentor. 

Either somebody from within the firm that you genuinely look up to or a coach / expert from here on the platform. 

I play this role with many of my former coachees in their current roles and it makes such a huge difference to have somebody guiding you who has gone through similar experiences.

Best,
Cristian

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Pedro

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