“The only source of knowledge is experience.” – Albert Einstein
In the often mystified world of management consulting, there’s a prevalent assumption that the journey is merely a curriculum in analytics, business acumen, and problem-solving.
Yet, as the curtain lifts on this captivating realm, it reveals an untold story—one of invaluable life lessons often overlooked by consultants after their consulting sojourn. Beyond the analytical prowess lies a trove of wisdom that, once unearthed, becomes a guiding light transcending the confines of boardrooms and business strategies.
In my almost a decade long journey as a Management Consultant I have gained some unexpected, unconventional, and enduring lessons that I’ll take with me for the rest of my life.
In this article I’ll share 5 of these top lessons that have become life hacks for me all thanks to my consulting experience.
5 life lessons from Management Consulting
1. All Problems Can Be Solved with Structure
In the world of management consulting, solving problems is a daily task. What I found surprising is that no matter how complex the problem may seem, a structured approach can unravel even the most intricate knots. By breaking down the problem into small, manageable parts, I discovered that solutions can be found more efficiently.
- The power of frameworks: One of the key lessons I learned as a management consultant is the value of frameworks. These frameworks act as a roadmap, guiding us through the problem-solving process. Whether it’s the “4 Ps” in marketing or the “5 Whys” in root cause analysis, these frameworks provide a systematic way to approach problems.
- The importance of data: In the age of information, data is king. As a management consultant, I quickly realized the significance of collecting and analyzing data when tackling a problem. Data-driven decision making enables us to uncover patterns, identify trends, and make informed choices. It’s like a compass that guides us in the right direction.
2. Value of Say-Do Ratio
In the world of management consulting, actions matter more than words. The say-do ratio, which measures the alignment between what is said and what is done, holds immense value in creating trust and credibility. A consultant’s reputation is directly proportional to his/her Say-Do ratio. The more you fulfill your commitment, the higher your reputation. In the words of Stephen R. Covey “Trust is the glue of life. It’s the most essential ingredient in effective communication. It’s the foundational principle that holds all relationships.”
- Trust is earned, not given: Clients rely on management consultants for their expertise and guidance. However, trust is not bestowed but earned over time. Honesty and transparency in both words and actions play a crucial role in building trustful relationships.
- Words carry weight: As a management consultant, I discovered that the way we communicate can greatly impact our client relationships. Saying what we mean and backing it up with consistent actions helps in creating a positive impression. It is a reminder to carefully choose our words and be accountable for our promises.
3. Relentless Pursuit of the Linchpin and Chaos Avoidance
As productivity expert Cal Newport wrote “Deep work is the ability to focus without distraction on a cognitively demanding task. It’s a skill that allows you to quickly master complicated information and produce better results in less time.”
In the fast-paced world of management consulting, organizations often encounter chaotic situations. However, I learned the importance of seeking out the linchpin, the key factor that can unravel or stabilize a potentially chaotic situation. A linchpin becomes the focal point upon which we can perform deep work. As productivity expert Cal Newport wrote “Deep work is the ability to focus without distraction on a cognitively demanding task. It’s a skill that allows you to quickly master complicated information and produce better results in less time.”
- Identify the key factor: Chaos often arises due to multiple interdependent variables. As a management consultant, I realized the significance of identifying the linchpin, the single factor that has the potential to influence the outcome the most. By focusing on this critical element, we can prevent chaos from taking over.
- Being a stabilizing force: In chaotic situations, organizations look to management consultants for stability and direction. With a relentless pursuit of the linchpin and chaos avoidance, we can provide the necessary guidance to steer the ship back on track.
4. Obsessive Focus on Learning and Observation
In the field of management consulting, the principles of continuous learning and diligent observation are not only beneficial but, in fact, crucial to success. This profession is about much more than just the application of learned skills. It requires an innate curiosity, a thirst for knowledge, and the adaptability to stay ahead of new trends in business and technology. It’s about constantly expanding our knowledge base to ensure that we are providing the most current and effective strategies to our clients.
- Embrace a growth mindset: As a management consultant, I learned that success is not just about what we know but also about our appetite to learn. Embracing a growth mindset allows us to continuously improve our skills, knowledge, and perspectives.
- Learning from diverse experiences: Every project presents an opportunity to learn something new. By immersing myself in various industries and organizational cultures, I gained a broader understanding of different business dynamics and strategies.
5. Your Team is Not Your Family, It’s more of a Professional Sports Team
This is one that I learnt in hindsight. I believe this came from the ‘Netflix Culture Deck’ where it says Netflix refers to themselves as a professional sports team, not a family.
We model ourselves on being a professional sports team, not a family
A family is about unconditional love.
A dream team is about pushing yourself to be the best possible teammate, caring intensely about your team, and knowing that you may not be on the team forever.
I realized this is how management consulting team functioned. Unlike a traditional family where relationships are built on unconditional love, a consulting team functions more like a professional sports team.
However, it does not imply being insensitive and unemotional to team members. You should care and have empathy for your team members as you would in a professional sports team.
- Collaboration and specialization: Similar to a sports team, each member of a management consulting team brings unique skills and expertise to the table. By collaborating and leveraging each other’s strengths, we can achieve remarkable results.
- Results-oriented mindset: In a professional sports team, the ultimate goal is to win the game. Similarly, in management consulting, the focus is on delivering results for the client. This requires a mindset of accountability, teamwork, and a relentless pursuit of excellence.
So, lets wrap it up –
Working in management consulting has taught me valuable lessons beyond the confines of traditional business knowledge. The ability to solve problems with structure, prioritize actions over words, navigate chaos with strategic focus, embrace a culture of continuous learning, and function as a high-performing team, are learnings that will stay with me throughout my life.
Although unusual, these lessons have shaped me not only as a consultant but also as an individual dedicated to personal and professional growth. I have brought these learning to my subsequent roles and coached and mentored team mates on these principles with great success.
Remember, success lies in our ability to adapt, stay curious, and always bring our A-game, just like a sports team fighting for victory.
So, whenever life throws challenges your way, remember the words of the legendary Vince Lombardi, “The difference between a successful person and others is not a lack of strength, not a lack of knowledge, but rather a lack in will.”
Which of these lessons do you resonate with and take the most value from? Let me know in the comments.
Also if you have any questions, feel free to reach out to me.