The Strategy Skills Podcast: Management Consulting | Strategy, Operations & Implementation | Critical Thinking

For this episode, let's revisit a Strategy Skills classic where we discuss the importance of corporate strategy. Enjoying our podcast? Get access to sample advanced training episodes here: www.firmsconsulting.com/promo

Welcome to Strategy Skills episode 265, an episode with a veteran Silicon Valley dealmaker, Touraj Parang. Get Touraj’s book here: https://amzn.to/3bmsDGj In this episode, Touraj takes us through his unique, decades-long experiences as an entrepreneur and investor. He shares the lessons he learned when he sold his first startup – with no exit plan – for pennies on the dollar. It was then followed by great success with his next startup as he applied his learnings and prioritized executing an exit strategy. Touraj discussed the key things to consider and the red flags to avoid when selecting investors and co-founders.  Touraj Parang is a seasoned entrepreneur, investor, advisor, and M&A expert who has sat in every seat around the table, structuring and negotiating strategic transactions since the late 1990s, including as a corporate attorney at legal powerhouses WSGR and O’Melveny & Myers. Touraj has been a founder, executive, and trusted advisor to several fast-growing technology startups with exits to

Welcome to Strategy Skills episode 264, an episode with startup entrepreneurs Ash Ali and Hasan Kubba. Get Ash and Hasan’s book here: https://amzn.to/3Q8ctPD In this episode, we speak about the concept of unfair advantage and the process of identifying and managing it so it’s your edge over any competition. Many people have the limiting belief that they don’t have something authentic to offer, but what they don’t realize is that we all have unique skill sets and talents. It only takes self-awareness to realize that the ingredients to success are already within you.  Ash Ali is an award-winning serial tech entrepreneur and angel investor. Ash sold his first internet business at just 19 years old (and most recently, his Dubai-based on-demand mobile app startup in 2018). As the first marketing director of Just Eat UK, which IPO’d for £1.5 billion, he was included in the Top 250 Growth Hackers, as well as the Top 100 Asian Tech Stars in the UK. With over 20 years of hands-on experience creating and growing startu

Welcome to Strategy Skills episode 263, an episode with an artist, researcher, author, and educator at Northwestern University, Julio Mario Ottino. Get Julio’s book here: https://amzn.to/3b4390g   Individuals and organizations face complex problems and challenges today that demand a new way of thinking to grasp underlying solutions and opportunities. In this episode, Julio shares the beauty of the coexistence of art, science, and technology – rather than being separate disciplines – to navigate the complex world.   Julio was born in Argentina and grew up with twin interests in physical sciences and visual arts, finding beauty in math and art, and seeing creativity as being one thing, rather than something that lives in compartments. Art provided a cathartic means of expression while he grew up in turbulent times. He managed to create a solo art exhibit while drafted as an officer in the Argentinian Navy. When he moved to the United States to pursue a doctorate, his research achievements followed.     Most of

Welcome to Strategy Skills episode 262, an episode with a professor at Queensland University of Technology, Amanda Lotz.   In this episode, Amanda shares her insights as a media expert about Netflix’s recent announcement that they are introducing an ad-supported version of their streaming service. She spoke about the challenges that Netflix may face as it goes down the advertising route. Amanda discussed the pros and cons of a subscription-based model versus an advertisement-based model and what it will be for Netflix as it launches its new strategy.   Amanda Lotz is a media scholar, professor, and industry consultant. Her expertise includes media industries, digital distribution, the future of television, the business of media, and net neutrality.    Amanda leads the Transforming Media Industries research project in the Digital Media Research Centre at Queensland University of Technology. She is the author, coauthor, or editor of eleven books that explore television and media industries, including Netflix an

Welcome to Strategy Skills episode 261, an episode with the Blue and Gold Distinguished Professor of Energy and the Environment at the University of Delaware, Saleem Ali. Get Ali’s book here: https://amzn.to/3aOWwie   In this conversation, we discussed numerous examples of major problems around the world starting from the resources industry, environmental conflicts, culture, and the system of order and control of many organizations, and how these issues come down to the need for literacy and proper education.    Environmental awareness is present today, however, we are lacking science or environmental literacy. Education is not an elite enterprise and someone even without formal education can be a citizen scientist who is seeing and observing the world and continuously gaining much more depth of knowledge and understanding to contribute to solving the problems of the world.    Prof. Ali previously served as chair in Sustainable Resource Development and professor of sustainability science and policy at Univers

Welcome to Strategy Skills episode 260, an episode with bestselling author, keynote speaker, workplace expert, and resilience researcher, Adam Markel. Get Adam's Book here: https://amzn.to/3PwE6l6   In this episode, Adam speaks about how he reinvented his career path through valuable lessons and eye-opening life events. He shares his experience as a Jones Beach lifeguard in New York. As a first responder in a life-and-death environment, he learned the importance of cultivating a high-performance capacity and impeccable teamwork. He learned to never let anyone go down the water, not to quit, and to keep going no matter what the conditions are. Years later after experiencing a panic attack due to stress and exhaustion, he was reminded of another important piece of lesson that he learned at the beach: the importance of taking intermittent breaks. Take rest, recover and recuperate, or you cannot perform well.   Lots of people think of resilience as getting up after taking a blow, moving forward after getting knoc

For this episode, let's revisit the 47th podcast on the Corporate Strategy & Transformation study. As I mentioned in previous posts, the reason we spend so much time on visioning workshop is because if you ever take a senior role in strategy in any company, or if you ever serve as a corporate strategy consultant, running a visioning workshop or corporate strategy workshop, in general, is the skill you must have. And scenario planning is something used extensively in visioning workshops. In this podcast and related article, we discuss what is scenario planning and how to run a scenario planning session during a visioning workshop as part of a consulting engagement. There is also a very elegant way to combine corporate finance and corporate strategy to help companies develop effective strategies under extreme uncertainty. Click here to see the full study and here to see the merger study and market entry study. Enjoying our podcast? Get access to sample advanced training episodes here: www.firmsconsulting.co

For this episode, let's revisit the 42nd podcast on the Corporate Strategy & Transformation study. What I noticed on this, and other studies is that the associates and business analysts are very competitive, in a way that is damaging to clients, to the firm and to their own careers. I am fine with consultants being competitive but I think they go about it the wrong way. You can be competitive and work long hours but you should not seem to be competitive when you are working long hours. I am not saying don't work long hours. Yet, don't make it sound like you are competitive and that is why you are working long hours. Cause and effect matters. If you work hard to be competitive, people see you as someone who is working hard only because you want to get promoted and only because you want to stand out from everyone else. These consultants tend to be so obsessed with telling people how committed they are that they are moving away from the objective of getting the right work done. No one likes someone who is co

For this episode, let's revisit a Strategy Skills classic where we will talk about general professional values or etiquette that consultants should apply during an engagement. We specifically discuss things that consultants sometimes do on studies that may alienate the client. And rather than talking about every single thing you need to avoid, we will talk about some principles. And these principles apply across every issue. We also discuss how to address a situation where a consultant’s behavior is incompatible with the firm’s professional values. Click here to see the full study and here to see the merger study and market entry study. Enjoying our podcast? Get access to sample advanced training episodes here: www.firmsconsulting.com/promo

Welcome to Strategy Skills episode 256, an episode with an expert in business law and business ethics, J.S. Nelson. Get J.S’s book here: https://amzn.to/3ny1z9B Managing business ethics has always been a challenge for many organizations. As unethical business conduct rises, the struggle of implementing ethics and compliance programs in organizations also increases. Business ethics can make or break your business or career. But it can be used as a competitive advantage if managed correctly and can build the most valuable asset: your reputation. The key is to articulate your organization's values – defining who you are, what you stand for, and extending it toward every inch of your organization. It’s very important for management to cultivate a culture of openness, where people feel safe to speak up and where ethical misconduct is not tolerated. As J.S. mentioned in this episode, “the way to get the behavior that you want is to intervene early and often.” In this episode, J.S speaks about the value of business

Welcome to Strategy Skills episode 255, an episode with the CEO and managing partner at Velocity Group, Edward Sullivan. Get Edward’s book here: https://amzn.to/3HT2Hy4 In this episode, Edward discussed the best practices that leaders and companies do to address mental health issues and the real cause of the great resignation. He spoke about the gravity of work-life balance, care, and understanding as part of an employee retention strategy.  For decades, we have avoided discussing the topic of mental health around the workplace. It was considered a weakness and could greatly derail one’s career. We operated under the assumption of manifesting the “executive presence,” which covertly added up to pressure and stress on the employees.  As companies have responded to the challenges brought by Covid in recent years, they are learning to consider mental health as a common issue in the workplace and taking employees’ well-being in a serious manner. The great resignation caused a stir in how companies view and treat

Welcome to Strategy Skills episode 254, an episode with the Founder and visionary Managing Director of Bandelli & Associates, Dr. Adam C. Bandelli. Get Adam’s book here: https://amzn.to/3nhGgsC “It is very important for leaders to not only surround themselves with great talent but build really strong partnerships with their people.” - Adam Bandelli In this episode, Adam speaks about how reliance on technology has kept people technologically connected but has prevented them from building genuine and sustainable relationships. Covid has exacerbated this problem, especially when organizations started hybrid work models. In order to improve the level of connectivity and build strong long-lasting personal and professional relationships, Adam laid out the five key skills that make up relational intelligence: Establishing Rapport, Understanding Others, Embracing Individual Differences, Developing Trust, and Cultivating Influence. Dr. Adam C. Bandelli has 20 years of management and leadership advisory consulting

Welcome to Strategy Skills episode 253, an episode with Emeritus Professor at UCLA Anderson, Richard Rumelt. Get Richard’s book here: https://amzn.to/3OrNfuK In this episode, Richard iterated the real meaning of strategy, which many companies today confuse with a list of their goals and ambitions. Strategy is problem-solving – a clever way of dealing with a challenge, opponent, or problem. It also involves selecting which battle you fight because you cannot fight them all. As a great strategist, you need to select battles that you can win.  Richard also explained the crux or the biggest challenge that companies need to identify, emphasize, and concentrate their resources on until it is fixed or solved. As Richard mentioned in this episode, “the primary thing about strategy is that it is about a concentration of resources. It is about focus.” Richard Rumelt received his doctorate from the Harvard Business School in 1972, having previously earned a Master of Science in electrical engineering from UC Berkeley. H

Welcome to Strategy Skills episode 252, an episode with a thought leader and global expert on infectious diseases and vaccine safety, Jan Bonhoeffer M.D. Get Jan’s book here: https://amzn.to/3y2x4hZ In this episode, Jan spoke about his medical career journey, working with different interesting organizations, and how he realized there was a missing piece: care. He spoke about how we often become so focused on solving a problem that we forget to give attention to what we care about – what gives us joy and fulfillment. In any business or profession, the key is to serve a much bigger purpose, taking your identity into account. As Michael mentioned in this conversation, “True leadership is about understanding who you are.” Leading with empathy requires understanding who you are to resonate and connect with the people you interact with. Bonhoeffer serves as professor of pediatrics, infectious diseases, and vaccines at the University of Basel Children’s Hospital, Switzerland. As a former consultant with the World He

Welcome to Strategy Skills episode 251, an episode with a leading Yale expert and serial entrepreneur, Barry Nalebuff. Get Barry’s book here: https://amzn.to/3OiNiJs For thirty years, Barry has taught negotiation, innovation, strategy, and game theory at Yale School of Management, which led him to develop a new approach toward negotiation. This approach is vastly different from how most people think about negotiation, which usually involves having the best tactic to out-smart the other party and get the best deal.  This podcast explains the concept of the negotiation pie, which is the additional value created through an agreement to work together. It exhibits fairness and identifies what’s really at stake in any negotiation. We share examples that showcase negotiation principles and a different mindset about creating value that benefits both parties involved – more importantly, understanding the views of each party as if they are solving problems rather than making the most out of the negotiation. Barry is th

Welcome to Strategy Skills episode 250, an episode with one of Silicon Valley’s most renowned business advisors and coaches, Tom Eddington. “There's always a challenge, and there's always an opportunity.” - Tom Eddington In this episode with Tom, we discussed how the COVID-19 pandemic resulted in a multitude of issues today – not only for individuals but also for most organizations. One of the biggest problems that every organization has faced because of COVID is retaining employees. Over the last couple of years, we've seen the mass resignation, and it's been a challenge across all industries to attract and retain talent.  Organizations adapted to a virtual workforce, and people have spent the last two years working remotely; the idea of moving back to a physical location has required a lot of reconsideration. Some companies exhibited higher productivity rates with a reduced workforce during that time. They delivered more financial results but took a tremendous toll as leadership teams are extremely stressed

For this episode, let's revisit a Strategy Skills classic where we discuss how to identify a corporate strategy. It is actually very simple to know if a study qualifies as a corporate strategy study. Irrespective of what anyone tells you, if you go into a strategy study where the key question – or what we call an objective function – is known to you, then it is not a corporate strategy. This is because corporate strategy is not about knowing how to maximize an objective function. It is about choosing the objective function you want to maximize. That is the key difference between corporate strategy and every other kind of strategy.  So, if you are in consulting, in an internal consulting role, or interested in strategy consulting, you should know there is a significant difference between corporate strategy and the other types of strategy analyses like business unit strategy, market entry strategy, etc. And in this podcast, we explain the two requirements that must exist for an engagement to be a corporate str

For this episode, let's revisit a Strategy Skills classic where we explain what it means to be a conceptual thinker and how to demonstrate this skill. If you work at any major consulting firm – and especially if you want to be promoted – you must prove you are a conceptual thinker. The only problem is that it is hard to define the word conceptual. In this podcast, we explain a similar problem experienced by a consultant on the Corporate Strategy & Transformation Study and how I helped them improve. The definition also explains why a conceptual thinker is a functional specialist (in strategy, operations, corporate finance, etc.) and almost never a specialist in sectors. Enjoying our podcast? Get access to sample advanced training episodes here: www.firmsconsulting.com/promo

For this episode, let's revisit a Strategy Skills classic where we discuss how to communicate recommendations that are radical in nature. If the recommendations are presented too early, they are hypotheses with little data backing them and they can be easily challenged. If the recommendations are presented at the end, it shocks the client and there likely will be little agreement from the client. The solution is to present early but to present them as hypotheses. That seems easy, but this podcast explains the communication mistakes that occur when most consultants present complex hypotheses very early, and how to fix them. You will learn that communication, your choice of words, and the way you emphasize them can dramatically alter the way the client interprets what you are saying. In fact, the emphasis will radically alter the meaning. Enjoying our podcast? Get access to sample advanced training episodes here: www.firmsconsulting.com/promo