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Company executives may get fired for making the wrong business decisions. However, by hiring McKinsey instead, executives may not always get the outcome or solution that they wanted, but they will not get in trouble because they hired McKinsey. Hiring consultants is sometimes used as a safety measure to help executives avoid making their own decisions for a company, which could go wrong and get them fired.
By hiring consultants, executives have someone else they can blame when things go wrong. There are eight main tasks that consultants do day to day. The tasks that a particular consultant does depends on their role and seniority.
Consulting recommendations are based on information and data. Therefore, a lot of the day to day consulting job involves gathering information and data. Consultants can gather information by interviewing industry experts and clients. They may collect information from customers by running focus groups or conducting surveys. Consultants also perform secondary research, reading market and industry reports. They may also request data from their clients to analyze. Microsoft Excel is the most commonly used tool for analysis, but consultants can also use more advanced statistical software such as Tableau, Alteryx, and R.
Once consultants have gathered the information they need, analyzed the data, and reached a recommendation, they will make slides in order to communicate their work.
Slide making is a skill that consultants must be able to do very well. In order to persuade their clients to take the recommended course of action, slides need to be clear and easy to follow. The slides need to tell a cohesive story. Consultants will present their work several times to clients over the course of a project. Besides the final presentation at the end of the project, consultants will also deliver interim updates so that clients know that the project is on track.
During presentations, clients will often ask follow up questions and suggest additional ideas or areas that they would like the consulting team to explore. Consulting requires a lot of iteration. When a consultant has finished gathering information, analyzing the data, and making presentation slides, the case team manager will review the work and provide feedback.
This feedback will be incorporated before the partner reviews the work. The partner will also provide feedback, which will be incorporated before the client sees the work. Finally, the client will then provide their own feedback and suggestions, which will be incorporated before the next presentation.
Consulting managers take on the role of managing the team, the client, and the partners involved. Managers ensure that team members are working on the right things and are on the right track. They also manage the direct relationship with their clients, setting up meetings to ask questions and get feedback. Consulting managers and partners also take on the role of selling consulting services.
They use their network and relationships to find opportunities where companies and clients could benefit from consulting services. Selling consulting work may be an entire consulting project by itself. The process involves doing research on the company and industry to identify needs. Then, presentation slides need to be made to communicate a story on why the company needs help and why the consulting firm is best suited to help them.
Finally, partners will pitch this presentation to clients to sell them on their services. This lets other consultants refer back to this work to help with future consulting projects in the same industry or on a similar topic. Consultants typically travel for work since their clients are often not located in the same city as their home office. However, many consultants do work in their home offices if their clients are local or if their clients do not require them to travel.
From Monday to Thursday, consultants are typically at the client site. Consultants most commonly fly out on Sunday night or Monday in the early morning. They will typically fly back home on Thursday afternoon or evening.
On Fridays, consultants usually work in their home office. While traveling, consultants stay in hotels and have their meals paid for. Since consultants travel almost every week, they quickly earn loyalty reward points and status with airlines and hotels. These perks include complimentary seat upgrades, free flights with airlines, complimentary room upgrades, and free nights at hotels.
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