Agenda Introduce groups What's in it for you Useful information Next steps
Whats in it for me? Generate powerful accomplishments for resume. Work on a legitimate business problem Experience the value of teamwork. Gain insight into yourself and others. Improve your influencing skills. Develop your analytical skills. Develop your communication abilities.
Whats in it for me….. Appreciate the nuances of consulting. Initiate potentially useful networking clients. Experience self-fulfillment. Gain an appreciation of management challenges.
Useful information Attendance. E-Mail. Web page. Team composition. Class participation. Team participation. Establish team rules early to avoid problems. Time management. Due process prior to termination.
Useful information…….. Seriousness of effort. Professional conduct when meeting with client. Client cooperation. Meetings with professor. Use of experts. Scheduling final presentation to client. (Avoid week of final exams.) Dont procrastinate!!!!!!!!! Maintain excellent client relations.
What Next Introduce yourselves Exchange information Decide on best schedule Contact Client and arrange 1 st meeting Team name & background Team standards Question list for client meeting
Next Steps Call the client to arrange meeting Pick a name for the group Develop a mission statement Prepare biographies Develop questionnaire Determine meeting frequency
Readings, Discussions, Facilitation Groups Each group will lead at least one discussions of one reading from the course reader. Discussions should be on the relevance to the course. 30 minute discussions.Get everyone involved.
Managing Team Client Self Analyzing Framing Designing Gathering Interpreting Presenting Structure Buy-in Data Intuition Service Leadership Consulting Skills
Consulting Realities Dont re-invent the wheel Look for structure weakness in the problem SWOT Analysis Remember the 80-20 rule Dont try to boil the ocean Always remember your time frame Service Leadership Pepperdine
Applying Structure Mutually exclusive-Collectively exhaustive Separate problem into distinct, non-overlapping issues Make certain no issues relevant to your problem has been overlooked Keep the problem manageable- dont reinvent the wheel Service Leadership Pepperdine
Interviewing the Client Be prepared. Write an interview guide When interviewing, listen & guide Listen dont lead Paraphrase, paraphrase, & paraphrase Structure your interview Be sensitive Service Leadership Pepperdine
Interviewing Plan Be prepared. Write an interview guide When interviewing, listen & guide Listen dont lead Paraphrase, paraphrase, & paraphrase Structure your interview Be sensitive
Always stay organized Secure the contract early You cannot have progress without the contract. The contract frames your project. The contract is negotiated. Keep your client informed. If the client knows where you are headed there shouldnt be any disappointments.
Stay organized Establish performance norms for your group early. Get in the habit of meeting regularly. Do not accept sub-standard performance from any team member. Keep your team members informed of any problems ( schedule conflicts, gathering information, different ideas.) Expect frustration. (How do you eat a whale?)
What is a contract? An explicit agreement of what the consulting team and client expect from each other and how they are going to work together. It is designed not so much for enforcement, but for clear communication about what is going to happen on the project.
Elements of the contract: Clear articulation of the business problem. Objectives of the assignment (what the team will accomplish). Methodology (how the team will accomplish the objective with validity) Expectations between client and consulting team.
Elements of the contract continued… Timeline of deadlines Non-legally binding language Options for Reflection Paper #2 (team must interact with clientele of non-profit organization or attend board meeting,etc) Identity of team and client
Contract format An opening: indicates to the reader the reason for the communication Background of business problem: communicates you are sufficiently familiar with the facts Objective of the assignment: the end result
Contract format Methodology: outline (preferably in chronological order) each major task you will perform. Timeline Confidentiality statement (if appropriate) Closing (summary statement, directions) Signature block: all parties must sign
Advice on contracts… Take your time to work through all of the details of objective, methodology and timeline. Review evaluation criteria in handout. Reach consensus as a team. Be realistic, but thorough: this is a capstone course! Be open to feedback on Sept. 27 th
Finally, the contract should…. Look professional Be written on team letterhead Be free of grammar or spelling errors Be articulated with such clarity that a third party could read it and understand all expectations and details of the project.
A Typical Consulting Project. Ocean-boiling: analyze everything Oh s**t ! Ah-ha! The crunch: final report time
STRATEGY CONSULTING PROJECTS ARE.. Chaotic Ill-defined Poorly scoped Subject to external shocks Short term ( three months max) Critical to the CEO
What is a Strategy? How to compete. Where to compete.
How to compete is about…. Making money: basis of value creation either: Lowest cost player, or Value added player. Describing the basis of sustainable competitive advantage. Understanding key success factors, competitor strategies, and core competencies. Describe HOW TO WIN
Where to compete is about….. Under-exploited customer segments. Under-exploited geographies. Under-exploited channels. Under-exploited products and services.
Strategy Basic Rules Finding a market is the easy bit, do you have… Relevant Distinctive Leveragable COMPETENCIES?
Client Impact requires…. Clear logic and structure in all communications Thought leadership (leading the agenda) Understanding/interpreting the politics What are personal agendas What is achievable now, later, never. Who are the right sponsors Where does danger lie?
Understanding the central question The problem definition is all about context. Every project therefore must begin with a problem definition worksheet
PROBLEM DEFINITION WORKSHEET CONTENT What is the key question? What is the Issue Tree? What are the day one hypotheses? What does success look like? Why is this work needed now? What techniques will we use? What actions should result PROCESS Who is sponsor and what is the mandate ? How important is success to the sponsor Who are the other stakeholders and how should they be involved? When is the answer needed? What resources are require Frequency and format of review meetings.
The best insights derive from.. Seeing the business from a new lens. Reduce complexity into simple truths. Increasing the level of ambition. Spotting the institutional blind- spot. Unexpected insights ( can come from anywhere)
Strategy Basic Rules ARE YOU…. Ambitious & energetic Committed Backed by your investors. The Best Owner?
WHAT IS NOT A CORPORATE STRATEGY? Pricing strategy Human resources strategy Supply chain strategy Manufacturing strategy. IT strategy…… These are functional plans not overarching corporate strategies. They cover specific disciplines and processes not the business as a whole.
WHY WORRY ABOUT DEFINITIONS? THE MOST POWERFUL STRATEGY IS THAT WHICH CLEARLY & INEVITABLY LEADS TO THE CREATION OF VALUE. It must therefore be: HOLISTIC VALUE CREATING IMPLEMENTABLE