Tom Spencer“I would like to live in a world where it’s all rainbows and unicorns, and we could make Krugman the President … And then reality sets in” ~ Kyle Bass KYLE BASS founded and runs Hayman Capital Management, a Dallas-based hedge fund. He is a successful investor who is well known for predicting and profiting […]
Fail fast. Your success depends on it BACK in high school, you teachers probably trained you in ‘exam technique’. For example, your maths teacher probably gave your class exam-prep advice which sounded something like this: “do the easy questions first, skip anything you don’t understand and come back to it at the end of the […]
MERGERS have had a ubiquitous presence in the news recently as leaders in the airline, publishing, and telecommunications industries have taken steps to consolidate. Just this week, two of the largest advertising entities, Omnicom and Publicis, announced a $35.1 billion merger. In recent months, tech giants Google and Yahoo have acquired dozens of companies, most […]
By sweet sounding lies RISK taking is important. Entrepreneurs are in the business of taking risks in the pursuit of profit and are the engine room of the capitalist market economy. Risk taking makes sense where the likely consequences of action have been well considered and are deemed acceptable. The quote above though states that “we only regret the […]
Are you? THE scientific method is a formal way of investigating the world by testing your guess about a certain situation, correcting your mistakes, and thereby improving your understanding of the world. If something doesn’t work out for you, do you get angry? Or do you ask yourself, “what went wrong in this experiment?” Learn, grow […]
Stable growth is often more important than fast money SINGAPORE is on the rise as a wealth management hub with funds under management growing by 22% in 2012 compared with around 5% for Western Europe as a whole. The disparity in growth rates is large, and the FT has attempted to narrate a story that fast […]
Scale improves productivity but also increases bureaucracy Scale can help a company to produce more output at lower average costs. However, production at scale also leads to unhelpful bureaucracy. As production rises, more employees are needed and executives implement more rules to keep things under control. Increasing production tends to lead to higher cash flows, and managers […]
List of Global Strategy Firms for 2013 BELOW is a hand-picked list of leading Global Strategy Firms. The litmus test we used to decide whether a firm is truly “global” was whether it has an office in Sydney. A fair litmus test? Maybe not, but seeing as Sydney is at the other end of the earth you […]
Hint: this post has nothing to do with ghosts HAVE you ever seen a ghost? Or been told a ghost story by someone who claims to have seen one? I recently had a conversation with a friend who explained to me that his apartment is inhabited by an unfriendly ghost. How do you ward off a […]
A nice resource to help you break into the industry IF you are interested in breaking into the management consulting industry, you might want to take a look at this super helpful resource on Quora, click here. If you don’t have an account with Quora then you will need to sign up as a new […]
And Some Won’t FOR those of you who missed it, we made a small typo on the previous post. Instead of writing “weigh your options” we wrote “way your options”. Kind of embarrassing … especially given the painstaking hours that we spend trying to make each post perfect. Thankfully, many of you were good enough […]
Identify the source, weigh your options, and take action DO you suffer from worry? Worry is an obstacle which can prevent otherwise talented students and business people from setting and achieving goals; even ones that should be well within their reach. Do you ever twiddle your thumbs for five minutes (or an hour) before making a […]
Today well lived makes every yesterday a dream of happiness Look to this day! For it is life, the very life of life. In its brief course Lie all the verities and realities or your existence: The bliss of growth The glory of action The splendor of achievement. For yesterday is but a dream And […]
List of Australian Strategy Firms for 2013 BELOW is a hand-picked list of leading Australian strategy firms. This list will be of interest to you if: you’re a student who wants to work for a leading strategy firm, or your company, non-profit or government agency is looking for quality strategy advice. The firms are: Nous Group Pacific […]
Accept what you have, visualise what you want, and orient yourself in the right direction DO you ever feel like ‘success’ eludes you? Like you should be achieving more? Like you’re not making progress with your studies, career, or business? There are 3 steps you can use to achieve greater focus: Acceptance: understand where you are […]
CanadaCo, the largest discount retailer in Canada, currently holds the dominant market share in the industry. USCo, the largest discount retailer in the United States, has decided to expand into Canada by purchasing CanadaCo’s competition. How should the CEO of CanadaCo respond? WHEN considering a case that requires a competitive response, first take a look […]
Giving you a chance to show how badly you really want it ARE you experiencing unexpected difficulties? Has your progress stalled? Have you hit a wall? You may feel irritated, angry and frustrated, but be thankful. Brick walls are there for a reason. They are there to stop your competition, to challenge and test you, […]
People don’t buy what you do, they buy why you do it Why do you get out of bed in the morning? Why do you do what you do every day? Why should we care? What drives you?
There will always be greener pastures. Accept what you have, and build from there YOU may have found yourself envying the position of others. In a former life, I worked as a finance lawyer and often dealt with investment bankers. They worked about the same hours as I did, their job seemed much less challenging […]
Your client is a low-cost airline headquartered in Philadelphia with frequent service to cities along the East Coast of the United States. The CEO is interested in expanding service into a small town in the Midwest; let’s call it Greenville. What is your recommendation? THE first step in approaching a question such as this one […]
Demonstrating that you have the business acumen required for the job AFTER impressing interviewers with tales of leadership ability and applicable work experience, the hard part commences: demonstrating that you have the business acumen required for the job. Cases allow consulting firms to see how applicants would react in front of a client when faced […]
INTRODUCING Ashley. We have chosen the talented Ashley Sherman to be an Editor of the Consulting Blog for 2013/14. Ashley was previously a Staff Writer for the NYU International Business Journal. An accomplished Business & Political Economy student at NYU Stern, Ashley brings passion, keen intellect, and a unique perspective to the Consulting Blog. Currently […]
Cash strapped governments seek counsel in these tempestuous times THE United States government has utilised management consultants for the past fifty years, beginning when McKinsey organised the National Aeronautics and Space Administration (NASA) in 1958. The number of consultants hired for public sector projects has been steadily increasing ever since, spiking to new heights over […]
Seize the happiness advantage SHAWN ACHOR explains, in a fascinating and amusing TED Talk about the happy secret to better work, that being more positive in the present is shown to improve performance. Happiness releases dopamine, a chemical which stimulates the learning centres in the brain and enables you to operate with more intelligence, creativity, and […]
Different is Better
Lack of a sustainable ‘business engine’ is a Social Enterprise’s Kryptonite IT’S a charity … It’s a for-profit … No, it’s a social enterprise! Social enterprise is on the rise (the number of social enterprises in Australia has grown by 37% in the last 5 years). Just like a regular business, but with one key difference; a […]
WE wanted to share the above video because it made us smile. Consulting firms are often associated with ivory tower elitism or faceless prestige. It is always refreshing then to find a firm that doesn’t take itself too seriously and appears to clearly enjoy the work that they do. We weren’t paid to share this […]
MECE stands for “mutually exclusive” and “collectively exhaustive” 1. Background MECE stands for “mutually exclusive and collectively exhaustive” and is one of the hallmarks of problem solving at McKinsey (The McKinsey Way by Ethan M. Rasiel). 2. Benefit of the MECE framework You can use the MECE framework to help you think clearly about a business problem. […]
Happy Australia Day to Dick Smith, a true blue Aussie legend TODAY is Australia Day, a day to spend time with the family, stand around the barbecue, and go for a swim at the local pool or nearest beach. However, while most Australian’s are doing what Australian’s do best, one Aussie veteran is promoting a new […]
https://www.youtube.com/v/5tknowAM50Y Burn all other bridges
Hint: taking audacious action is not the answer THERE are many things worth having. What do you want? You may want to work for McKinsey, start your own firm, or fly to the moon. Be specific. What exactly is your audacious goal? If nothing comes to mind, then don’t worry. The reason that most people have […]
It ain’t about how hard you hit, it’s about how hard you can get hit and keep moving forward YOU have what it takes to be successful, but unless you believe in yourself, you’re not going to have the life you want, or the life that you know you deserve. Keep fighting. Don’t let anybody […]
Believe that the dots will connect down the road, love what you do, and remember that you are going to die STEVE JOBS was one of the world’s great visionaries, entrepreneurs and businessmen. On October 5th 2011, he departed. People knew that he was sick, but nobody expected him to leave so soon. I remember […]
Keep expectations low, and exceed them
The approach a new CEO takes during their first 100 days can determine whether they succeed or fail FIRST impressions count! The approach that a new CEO takes during their first 100 days can largely determine whether they succeed or fail. But how to get it right? In an article in the second issue of the SVA […]
TODAY is the four year anniversary of the collapse of Lehman Brothers. At the time of its bankruptcy, Lehman Brothers was the fourth largest investment bank in the world. How could it run out of money? And, why did this disrupt the global economy? Lehman Brothers and other investment banks went down in part due […]
SOCIAL VENTURES Australia (SVA) is a relatively new non-profit organisation. Founded in 2002, SVA invests in social change projects to help increase the impact and build the sustainability of high potential organisations in the social sector. SVA currently supports a range of promising organisations including AIME, STREAT, and Teach for Australia. The consulting arm of SVA, aptly […]
Your passion is what stays with us There was a very cautious man, Who never laughed or played. He never risked, he never tried, He never sang or prayed. And when he one day passed away, His insurance was denied. For since he never really lived, They claimed he never died. ~ Anon.
[Last Updated: 31 May 2012] THE list of strategy and general business consulting firms is part of the full list of consulting firms in Australia: Tier One – Global 1. Bain 2. BCG 3. McKinsey Tier One – Australian 4. Nous Group 5. Pacific Strategy Partners 6. Port Jackson Partners Classic – Global 7. Accenture 8. A.T. Kearney 9. Booz […]
Your circumstances may matter less than how you perceive them
Disruptive innovations often beat successful incumbents CLAYTON Christensen, author of The Innovator’s Dilemma, is an authority on disruptive innovation, a process by which a product or service initially takes root in simple applications at the bottom of a market and then moves ‘up market’, eventually displacing established competitors. Christensen gave an insightful talk back in 2009 at the ECS National Forum […]
Applying Philosophy to Business (and vice-versa) This guest post is by a PhD student in philosophy from the Australian National University. DEATH AND TAXES, the adage goes, are life’s two certainties. One might add commerce and philosophy to this list, for the trade of goods and services and the trade of ideas also seem to […]
An explanation of Basel III for non-specialists BNP Paribas Fortis provides a short 10 minute animated presentation on Basel III. For normal people like you and I, this is a nice, accessible and informative summary of how the Basel III framework actually works.
Society has lost its trust in the financial sector. Should we overhaul LIBOR? IN A RECENT article by Bloomberg Businessweek, assistant managing editor Brian Bremmer reports that investigators in America, Canada, Japan, the UK, and the EU are trying to determine whether a handful of brokers and traders have manipulated LIBOR. At this stage, it is […]
Arnold Schwarzenegger provides his 6 secrets to success LISTEN UP.
The unemployment rate tends to understate how many people are actually out of work A PREVIOUS POST looked at the reasons why the reported unemployment rate in the USA tends to understate the “real” unemployment rate. To understand why this happens, here are a few equations which show how the formula for the unemployment rate […]
THIS is a very humorous and instructive (albeit PG rated) overview of economics. Here are the super-summary notes: 1. Microeconomics: The price of sh*t is determined by supply and demand. 2. Macroeconomics: Oh, sh*t! 3. Keynesian economics: Sh*t happens because of animal spirits. 4. Neo-keynesian economics: This sh*t is sticky. 5. Neo-classical synthesis: Sh*t happens in the […]
THE market may be down, but not you. Be bullish about the future. Invest in yourself. And stay hungry. Your stock will rise.
Desire can change from one object to another YOU are most likely familiar with the marketing adage, “Sex sells”. The concept is a fairly simple one. Sex is a topic of interest because humans have a biological and instinctive desire to reproduce. This hard-wired desire is exploited by marketers to attract people’s attention and, at […]
Sometimes all you need is a little nudge ARE you holding off on pursuing a new initiative because you’re in your comfort zone? Do you have a friend whose potential is obvious but they spend all of their time talking big, partying and generally goofing around? Sometimes all you need is the smallest nudge to […]