the_mckinsey_edge.md

The McKinsey Edge: Success Principles from the World’s Most Powerful Consulting Firm

By Shu Hattori

Chapter 1: Building the Better Self

Principle 1 - Focus on What Really Matters

• McKinsey's problem sloving steps
  • Identifying the problem
  • Structuring the problem using a MECE approach
  • Prioritizing and eliminating unnecessary problems
  • Creating the analysis and work plan
  • Conducting the analysis
  • Synthesizing to derive meaningful results
  • Delivering the right communication message
• Distinguish what matter the most to the problem
  • E.g., Focus on creating the core service of you business instead of dwelling on insignificant things (E.g, Company name, logo)
• "I will start on this when the business gets rolling" -> "Can I do it now? why not?"
• Focus and prioritization
  • Use sense of urgency and deadline
  • Follow the critical path
  • Link it to the money

Principle 2 - Start with the Hard Stuff in the Morning

• Work on the painful tasks in the morning to deliver productive output

Principle 3 - Catch Small Signals and Make a Difference

• Apply the 80-20 analysis
• Focus on being distinctive
• Be sensitive to small signals

Principle 4 - Have a 30-Second Answer to Everything

• Short answers are important to impress someone fast
• Form an answer beforehand
• Double-clicking
  • E.g., A short summary of a book tells you enough to get you interested but not for you to know what's happening, so you end up finding out more
  • A 30-second answer let your listener keep refocusing to the topic of his/her interest
• Take apart the main question; C-level executive: "How is the project coming along" can be divided into
  1. What is the overall project status
  2. What are the examples that support the status
  3. What do I plan to do about any problems
  4. What can the C-level executive do to help
• Think of an answer like a dartboard; from the outermost ring to the center
• Reasons to practice the 30-second answer
  • Develop a sense of what people want
  • To practive synthesis skills
  • Become a better presenter
  • Subconsciously train mind to reach the CEO level

Principle 5 - Frontload your Project

• Shine in the first week because that is when most of the impression about you will be decided
  • Shows how quickly you can learn your job, apply what you've learned and take command of your lifestyle
• Get senior leaders to spend as much time as possible with you
  • Have to chance to shaple the outcome, project setup beforehand
  • You will be looked upon as a highly reliable person with a fast learning curve
• Complete your end story line up front
  • Create a timeline, work plan with category breakdown
• Get all burning questions answered
  • Ask questions upfront in the first week - "risk free" asking period
  • Use casual settings to ask sensitive questions, refrain from asking in writing
  • Develop a sense of priority in deciding which questions to ask
  • Rserve fact-based questions in lower priority
• Discover the learning and motivation on team members
• Organize all necessary meetings in the first week
• Delegate work you don't need to handle yourself

Principle 6 - Create the Right End Output Image

• Put together an end of project output impage as soon as possible
• Present a case with the ending already factored in
• Have an end output visionary
• Top down vision: end product; answer in advance

Principle 7 - Smile When You are Under Stress

• When we see others in a positive state, we tend to emulate them
• Have a different frame of mind
  • What is the big picture?
  • Are we trying to slove the same issue just from different angles?
  • Can i separate the problem from the person?
  • What is the root cause of the hostility?
• Keeping a smile enables you to not lose your temper and think logically, ahead of the other person
• By keeping a positive outward presence, you can keep the discussion going
• You tend to nod your head more when you smile, the other person senses acknowledgement and return less anger

Principle 8 - Go Beyond Your Self Perceived Limit

• Growth is not glamorous but painful
• Developing a new capacity to handle things requires patience and action; Take incremental steps
• If you are going to complain, blame or criticize, do something about it
• Share your pain points with others, reaching out will allow you to think outside the box
• Stop thinking about past failures and future uncertainties
  • Always turn to the next problem and solution

Principle 9 - Always Imagine the Worst Case Scenario

• Imaging the worst-case scenario will enable you to make decisions more quickly and think about the next-step actions
  • Allows you to cover more ground
  • Anxieties fall as you participate in the anticipation
  • Know whom to talk and what steps are going to be effective
• Countermeasure-drive instead of firefighting
• Have ready-made countermeasures in place, best done at the beginning of the project and right before the final/import milestone
• Play not to lose and keep calm

Principle 10 - Start Following Up

• Following up can avoid missing import opportunities and major losses
• Shows presence, awareness and solid reputation; build credibility fast
• Reread notes
• Our memory is not reliable as it tends to distort reality due to stress, passage of time etc. Take notes and free your mind from problem sloving
• Summarize meetings, discussions into a few core themes
• Ask clients out on meals even after the project is finished

Principle 11 - Push Back With Less Emotion

• 24-hour rule: When someone gives you something outrageous to do, wait for 24 hours before you act upon it with a counteroffer
  • Think logically rather than emotionally
• When you are assigned to a new task, ask "What is the objective" and "Why are we doing this"