The McKinsey Way Summary
3 min read ⌚
Using the Techniques of the World’s Top Strategic Consultants to Help You and Your Business
McKinsey & Company is well known for its problem-solving expertise. Read this book and learn how to do business “The McKinsey Way.”
About Ethan M. Rasiel
Ethan M. Rasiel holds a degree in business administration and worked for McKinsey & Company from 1989 to 1992.
“The McKinsey Way Summary”
McKinsey & Company is a worldwide-known consulting company that corporations hire for its problem-solving expertise.
When asked what makes the company so successful, McKinsey experts “blame” the firm is proven guidelines which it uses for problem-solving.
So, what are these guidelines?
First, you need to embrace facts. Do not rely on intuition, even in cases when you think you are familiar with the field.
Gather facts which create a sense of credibility.
During communication, follow the MECE rule, or “mutually exclusive and collectively exhaustive.”
Mutually exclusive means that every part of the issue is studied separately.
Collectively exhaustive means that the list of items which are covered address the issue.
Before you start resolving a problem, define an initial hypothesis.
We know that this may sound backward, but if you do this, the hypothesis will give you a guideline for the problem.
Do not perceive this hypothesis as the final answer or the facts that you gathered as a final conclusion. Instead, accept that there is a chance that your theory is not accurate, and try to prove its validity through the course of the research.
Now, just because you think of an issue as a core one, it may not be a problem in reality.
When you are solving problems, do not blindly use “best practices” that worked before to other similar problems, since there are always exceptions.
Instead, do your homework and make a thorough analysis before you come up with an answer.
Once you come up with a solution, make sure it is realistic.
Your solution may be great, but if the business is unable to follow it and turn it into a reality because of a lack of resources, it is worthless.
Remember that solving a business problems means making internal changes, and moving from the point of status quo.
Be prepared for the roadblocks.
Key Lessons from “The McKinsey Way”
1. Find the Key Drivers
2. Seize Small Victories
3. Don’t Sell – Market
Find the Key Drivers
To be more efficient, find the most important factors that influence the business issue you are tackling and focus on them.
Key drivers help you narrow the problem and come up with a solution easier.
Seize Small Victories
Improve the company step by step.
On the way to the bigger picture, use every chance to make simple improvements and recommendations which could incrementally help the company to function better.
At the same time, do not lose sight of the bigger picture and re-evaluate it regularly.
Don’t Sell – Market
You do not have to sell your services – you can get into the radar of potential clients by using the power of marketing.
Like this summary? We’d Like to invite you to download our free 12 min app, for more amazing summaries and audiobooks.
“The McKinsey Way” Quotes
Does every aspect of the problem come under one (and only one) of these issues—that is, have you thought of everything? If so, then your issues are collectively exhaustive. Click To Tweet Don’t try to pound them into your framework like square pegs into round holes. Click To Tweet The essence of the initial hypothesis is “Figure out the solution to the problem before you start.” This seems counterintuitive, yet you do it all the time. Click To Tweet Sometimes the right way to sell your product or service is not to barge into your customer’s home with a bunch of free samples. Just be there, at the right time, and make sure the right people know who you are. Click To Tweet Whatever you’re doing, chances are someone, somewhere has done something similar. Learn from others’ successes and mistakes. Leverage your valuable time and don’t reinvent the wheel! Click To Tweet
