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Management Consulting will never be the same
For many MBA graduates, and (may be… as well and maybe is repetitive) other disciplines as well, joining a top Management consulting firm was an important opportunity. Recent informal series of interviews revealed the main reason for this chase. As it is the best opportunity to learn about a diverse group of industries, it is also considered to be one of the best career steps after graduation. Consulting is a prestigious, high profile, high paying career. While gaining respect from clients, colleagues, and future employers, it is a unique opportunity to see the world, learn about other cultures and be a part of a unique club.
However, consultants often fail to see some less attractive aspects of this life style. Recently the profession got some bad rap. Many burnouts. The life-work balance tilts towards life on an airplane/ hotel combination and weekend relationships that do not last. (, and many) MANY companies consider these consultants as methodology peddlers, without business experience beyond the books.
I asked a Harvard MBA Graduate why he chose not to accept employment with a prestigious consulting firm that made him a lucrative offer. He responded “before going for my MBA, I worked as an analyst in an important consulting firm in my country. I realized two things: I do not have any real-life experience. So, advising companies and managers is somewhat false. Also, I did not like the high pressure life style”. During the conversations I conducted, there was another top consulting firm alumnus with an MBA from MIT. He said that his schooling opened his eyes to the importance of the human element in the life cycle of companies. The consulting experience and dealings he had with investment bankers during his tenure, suggested that the existing methodology driven and drive FOR (foe) solutions pushed the financial value “at all cost”; but there rarely, if ever, was there a discussion related to cultural fit and the value of people in the process. “I did not like that”, he said.
And then came the lock down.
So how do you serve your clients from a distance? How do you help them when the conversation and the face-to-face tele-meeting makes it difficult to rely on methodologies or predesigned forms, rather, more substance and realism is required, and expected? You can no longer rely on endless meetings with an ever-growing group of managers to convince the client. Now it became a “one-shot” single opportunity, how can you adjust? Adapt? How do you bring experience to the service and how do you deal with the human aspect?
Time is of the essence; and the situation is unprecedented. There is no past experience or past managerial knowledge to rely on. The responses come from within, and not existing recipes or preformulated prescriptions.
As an experienced international management consultant, I learned a few things in my 40-year career; and, surprisingly, I learned a lot more during these last 40 days of lock down, plus the interview I conducted and many conversations I held with old clients, from different parts of the world as well as with current ones.
Among other things, it became clear that much can be achieved in a short, focused tele-meeting; I have the total attention of my client. It easy to include world class experts, no matter where they are located. I do not have to run to the airport, jump on the plane where the presentation will be reviewed and modified, and always compete with time. I can maintain a more comfortable life style and not abandon my family and home every week. It is possible to “sell” value-based services during a Tele-meeting, as long as you show the value and not just push the client. Also, it is easy and comfortable to have multiple targeted meetings with individuals or groups.
From the client’s perspective time becomes more efficient. Clients may no longer
Have the same restrictions on setting up meetings, trying to find windows in everyone’s busy agendas. With tele-meetings it is easier, faster and cheaper to get all relevant participants together. The situations business endeavors are about to face are new, different, and without precedent. Generally, there are no prescribed solutions to rely on. My years of experience can only be enhanced, and provide value by attentive and active listening, empathy, and a shared joint effort to reaching solutions. It is an entirely new overall approach.
The question on everybody’s mind is what to do during the pandemic and post-pandemic.
The world has a huge number of unemployed individuals, many of them very experienced and talented. Companies eager to come back on line face multiple questions, about people, the market and their needed fresh approach to business. How to bring them on? Are there changes in the offering? Will the work environment change and how? How does one manage it? How can one regain one’s place in the market? What is the path to recuperate losses or drastically reduced revenue, and yet be a good corporate citizen? Is there a clearly defined strategy? Does the approach vary from business to business due to the realities all face? Especially the hard hit small businesses, family-owned businesses, and the medium size businesses that do not have deep pockets are going to find a difficult time to seek the traditional old style consulting services. Can they afford Management Consulting as it used to be? Can they afford to buy expensive high overhead consulting services?
The new norm is stop down ASHTAV: Accuracy, Speed, all Hands-on deck, Transparency, Value building. Customers no longer seek to ride on the consultants’ brand name. What they want and what they need building value fast and a stable “partnership” with their consulting service provider. They are willing to pay for real solutions, that can turn the situation in their favor quickly, hands on approach and not models. Pay for the value, not for the overhead or the historical fancy brand.
It is clear that there will be less reimbursable expenses and more professional value fees.
Less travel, face-to-face meetings will be replaced by, and structured around, tele-meetings. content will be reflected by speedy implementation and adaptation, as well as coaching of top managers members of the C-suite to enhance new leadership needs and traits; shared, consultant-client, solution building; and direct monitored support in the execution. The knowledge is real, with the presence and participation OF experienced and proven professionals.
Every involved party (benefit) BENEFITS from this fresh look and approach to generating solutions, improvements, adaptation strategies IN ORDER to build value fast and in a stable, ethical, and practical fashion.
What do the customers get out of this new constancy model? First, their cost is lower for a service as good or in some way better than in the old traditional way. This generates savings. Tele-meetings and tele-conversations guarantee that you work with who you (see that you know what you) contracted. In other words, there is more transparency. These pandemic times and the post pandemic period require speed. Companies, especially the medium size ones and the small ones, who cannot afford to wait until agendas open up, or until the famous brand name consulting companies, on what the service is often based, are available. It is like having an appointment at the dentist, arriving on time and waiting for an hour, which leads to missing the next appointment, or in this case, missing opportunity. Speed and flexibility are essential. The new modern approach allows for higher speed and quick response, almost a SWAT like hands on participation. The client has more flexibility in timing the services and in allowing more people to participate on short notice. Another advantage is obtaining the benefits of easy access to subject matter experts to be part of the discussion and contribute to the sought-after solutions, no matter where they may physically be located.
The consulting service provider and their members benefit as well. They, in particular, are able to capture the opportunity to overcome many of the issues discussed earlier in this paper. (TOO The consultants do not need to sacrifice their personal lives. And there by free more time and opportunity to develop distinguishable, prominent firm value building approaches. Consultants get to participate in broader diversity of challenges in a shorter time. The service provider can engage teams of experts from multiple locations with ease and at lower cost simultaneously providing the customer with all the knowledge and experience needed.
Tele-consulting brings a win-win-win approach to all involved, the service provider, the consultants/experts, and most of all the clients.
Less glory and more results. It is a new consulting world out there.
George Kastner
04-15-2020