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 […]
Category: Business
“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 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 […]
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 […]
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 […]
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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 […]
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 […]
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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 […]
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Leading Without Authority
“Leadership is not about titles, positions or flowcharts. It is about one life influencing another.” ~ John C. Maxwell, renowned author with focus on leadership Most organisations in the late 20th century followed a top-down hierarchy model. Only after gaining a lot of experience was one given a managerial or leadership role. Come the 21st […]
Ever feel short-changed by the amount of time you’re allowed to take off work? In some cases, individual employers are more generous than ever in looking after the well-being of their employees. But for freelancers, entrepreneurs, and small business owners the idea of taking off anything more than the occasional weekend is more fraught with […]
Leadership. We are all told it is important. There are libraries worth of books written about it. Yet, more often than not, people have a hard time defining it and understanding its relevance because of its all-encompassing nature. For prospective consultants, this blog post will provide some clarity on what leadership means in a consulting […]
In my last blog post we looked at six reasons employee’s leave an organisation. Voluntary turnover is the most crucial type for firms to focus on as it can be impacted by management decisions and organisational styles. We also looked at some of the reasons that motivate people to voluntarily leave an organisation. You can […]
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PM vs PMM: Where do you fit?
In technology and software companies, there are product management (PM) and product marketing management (PMM) roles. People often ask, what is the difference between the two roles? They both focus on a product, so how do they divide the tasks that need to be done? Responsibilities of PM and PMM When you think about a […]
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Why is my talent leaving?
Following up on the last instalment, let’s imagine that time and resources have now been given to grow your people into politically influential knowledge experts within your company. You have seen them bring in some great results and you are excited about their potential. However, while helping someone grow professionally is one matter, keeping them […]
Does a hospital really need a branding strategy? If you had asked that exact question 15-25 years ago most hospital administrators would have said: “No.” That was arguably because patients were going to their nearest hospital not necessarily choosing a specific location. Years ago, being a physician meant you were most likely one of a […]
All organisations engage in marketing activities: you have to show your customers you have something they want, after all. For top-tier consulting firms, there are two primary marketing efforts – the first, marketing to attract entry-level recruits, is quite visible. Firms regularly visit target school campuses, and buy online advertising on LinkedIn and Facebook to […]
There are some office resources that you can’t just order off Amazon: and trust is perhaps the most precious of these. When you’re assembling a team to achieve great things in a short timeframe, you need to know your crew has got your back. And more importantly, they need to know you’ve got them covered, […]
Your website is live and you’re ready to sell, but you just can’t seem to attract enough customers. Even when you get shoppers to your site, they’re just not converting. Sound familiar? Don’t give up hope for a bustling business. Here are 7 e-commerce marketing techniques to boost your online sales. 1. Leverage Email Email […]
In the past few years, there has been a lot of hype around blockchain. Investors have been blindly investing exuberant amounts of money without clearly understanding the viability of blockchain based business models. VC funding for blockchain start-ups has consistently grown, with venture investment reaching around $1 billion in 2017 (and likely to be more […]
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How to enable knowledge sharing
In the last instalment, I wrote about a fundamental resource within high performing companies, people, and the ways in which internal and external motivation can direct the knowledge sharing process. You can read the full article here. I also claimed that managers have the power to motivate people working within an organisation to increase their knowledge […]