How to foster a Consulting Mindset?

Pursuing an MBA offers a golden opportunity to build the foundational skills needed for a successful consulting career. Consultants are valued for their ability to solve complex problems, deliver strategic insights, and drive organizational change. Developing a consulting mindset while studying can set you apart and prepare you for the dynamic world of management consulting. Here are 5 tips for MBA students to develop a consulting mindset during their MBA program.

1. Adopt a Problem-Solving Approach

Consultants are expert problem-solvers. During your MBA, practice approaching every challenge with a structured problem-solving mindset:

- Frame the Problem: Clearly define what you’re trying to solve. Use tools like the MECE (Mutually Exclusive, Collectively Exhaustive) principle to break problems into manageable components.

- Analyze Thoroughly: Dive into data, conduct thorough analyses, and explore multiple perspectives to uncover the root causes.

- Develop Solutions: Generate creative and actionable solutions. Evaluate their feasibility and potential impact.

Example: When faced with a case study or a group project, treat it as a real-world consulting engagement. Frame the issue, analyze data comprehensively, and propose viable recommendations. A great place to start is to write the tentative ToC (Table of Contents) of the final report to direct your thoughts and activities.

2. Enhance Your Communication Skills

Effective communication is crucial in consulting. You must convey complex ideas clearly and persuasively to clients and stakeholders:

- Storytelling: Learn to present your findings in a compelling narrative. Use frameworks like the Pyramid Principle to structure your communication logically.

- Active Listening: Practice active listening to understand client needs and concerns. This helps in tailoring your solutions to their specific context.

- Visual Aids: Master the use of tools like PowerPoint to create impactful presentations. Visual aids can simplify complex information and enhance your message.

Example: During presentations, focus on telling a story that leads your audience through your thought process and conclusions. Use visuals to highlight key points and make your recommendations memorable. During your MBA, you are likely to do a number of projects. The common behaviour, I have seen, is for students to form a group and continue the same group across all projects. If you want to challenge yourself, step out of that. Set yourself a simple target that before completing the program you will have partnered with > 50% of your batchmates in doing various assignments / projects / presentations etc. The goal is to work with many different people who bring in a diversity of approaches. You don't have to be "friends" to everyone working with you but you should respect them and be able to work with them as colleagues.

3. Cultivate Analytical Thinking

Consultants rely heavily on data-driven insights. Strengthen your analytical skills by engaging with quantitative and qualitative analysis. Do not treat technology as alien to your work. It has become an integral part of any solution. Whilst you don't need to be an expert, you should bring a sense of appreciation to the problems and be able to direct a team of technology experts and get the best out of them that is appropriate to the problem at hand.

- Data Analysis: Gain proficiency in data analysis tools and techniques. Courses in statistics, finance, and data analytics are invaluable.

- Critical Thinking: Question assumptions and explore various angles of a problem. Be open to different methodologies and analytical approaches.

- Continuous Learning: Stay updated with the latest industry trends and analytical tools. Being knowledgeable enhances your ability to provide informed recommendations.

Example: In finance, market research or operations courses, focus on how to interpret data trends and derive actionable insights. Apply these skills in group projects to support your arguments with solid evidence.

4. Build Strong Domain Skills

Consultants need a broad understanding of various industries and business functions. You can opt for 2 types of slicing:

Vertical Slicing: This is about getting specific Industry Knowledge and attempting to understand their unique challenges and opportunities. Find out what certifications are available there to enhance your capabilities. E.g. if you are keen on FinTech, you should understand the broad spectrum of it, the reason for existence, what challenges they throw at the market leaders, how they use technology and develop unique offerings, what regulations are impacting them etc.

Horizontal Slicing: This is about getting into a particular role that cuts across industry domains. For example, you may want to become a program manager or cybersecurity expert or a product manager. These roles exist across different industries but they share common foundational traits. For that, you have to master basic certifications relevant to them.

- Networking: Connect with industry professionals and alumni. Their experiences provide valuable insights into the practicalities of consulting work. Participate in industry-focused clubs and events. Engage with guest speakers and mentors to broaden your knowledge and understanding of different business landscapes.

5. Embrace a Client-Centric Mindset

Clients are at the heart of consulting. Learn to see issues from their perspective and prioritize their needs:

- Empathy: Understand the client’s business environment, challenges, and goals. Empathy enables you to tailor solutions that genuinely address their concerns.

- Value Creation: Focus on creating value for your clients. Every recommendation should align with their objectives and drive measurable improvements.

- Adaptability: Be ready to adjust your approach based on client feedback and changing circumstances. Flexibility is key to maintaining relevance and effectiveness.

Example: During internships or projects, always consider the client's perspective. Ask yourself how your actions and recommendations will benefit them and address their unique challenges. Remember when you are offering consultancy services, you need to meet the expectation of 2 important stakeholders i.e. your organization (through your reporting manager) and your client (his/her orgn as well as any specific expectations). On-time delivery matters to both but profit margin matters more to your own orgn. When presenting to the client, understand how you are solving his problems. A simple test is to see whether the presentation given by you to your client (say A) can be taken up A, as it is, to his/her reporting manager.

To Sum up:

Developing a consulting mindset during your MBA is about more than just acquiring knowledge; it’s about adopting a holistic approach to problem-solving, communication, analysis, and client relations. By focusing on these areas, you’ll be well-prepared to enter the consulting field and excel in delivering impactful solutions. Even if you are not taking up a career as a consultant, these skills will help you to perform your role better. Embrace every learning opportunity, stay curious, and keep honing these skills to thrive in the world of evolving challenges.