Understanding of consulting

profession
September 16, 2015

Microsoft Excel
Worksheet

Lets Review the Blue-sheet

Page 2

Agenda for Today

q
q
q
q

q
q
q

Account Management
Managing Professional Services
Firm
Understanding & Managing Client
Expectations
Quotation, negotiation and
fixation of fees, including
participation in success
Project Lifecycle Management
Outsourcing of specialised
services
Knowledge management and
training
Page 3

Account Management

Page 4

Client vs Account

Page 5

Account management framework

Account Management Framework (AMF) refers to five behaviors that help

teams to stay connected, responsive and insightful towards clients:

Understanding company strategies and issues

Building high-impact relationships

Investing in accounts for success

Developing longer term revenue plans

Developing well-coordinated action plans

Everyone has a role in understanding the company, strategically

maintaining company contacts, and executing the applicable account
management action plans

Page 6

Building blocks for Account management

Frequent formal
Contact Point
Providing Internal
Support
Account
Monitoring &
support

Frequent formal &

informal contact
points
Ability to have
people working on
client sites

Tapping into Global

knowledge network
Relevant Thought
Leadership is
reaching the client

Investment

Insight

Informal
Interaction

Initiative
Pro-actively
pursue with client
on key issues
Innovative
commercial
support
Source: Source Information Services

Page 7

Account management roadmap

Understanding company strategies and issues
Annual

account planning team workshop to refresh account plan with new opportunities
Identifying and understanding the initiatives/programs a client is driving to implement its
business strategies and aligning the service offerings accordingly
Including the client in the account planning process

Building high-impact relationships

Develop

a relationship map as well as individual client calendars for all key executives &
buyers across service lines
Relationship managers to be aligned to the client and their diverse background(s)
Advancing relationships within the C-suite

Page 8

Account management roadmap

Investing in accounts for success
Understanding

the accounts exposure/dependency on all service providers

Developing a business plan outlining resources needed to become the dominant services
provider at the account

Developing longer term revenue plans

Accuracy

in revenue planning & forecasting resource needs

Having a longer-term revenue forecast that is aligned with the accounts total services
spend & our investment plan

Developing well-coordinated action plans

Have

a rolling 90 day action plan for the account team with monthly update and
monitoring by leadership
Evaluating the track record at managing and closing top opportunities in pipeline
Page 9

Account management diagnostic

Process
1.Understand client strategies
and issues

2.Build high-impact relationships

3.Invest in accounts
for success

4. Develop longer-term revenue

plans

5.Develop
well-coordinated action plans

Page 10

Current state evaluation

Improvement plan

1.

2.

3.

1.

2.

3.

1.

2.

3.

1.

2.

3.

1.

2.

3.

Managing
Professional
Service Firm

Page 11

Producer , Manager

Page 12

Three Dimensions of a Professional Services Firm

Firm

Revenue / Margin targets

Risk Management

Billing and Collection

Overhead Costs management

Accounting

Client

Page 13

Pursuit Management

Relationship building

Managing Client Expectation

Project Management

Ensuring Service Quality

People

Hiring & Retaining

the talent

Team Management

Delegation

Feedback

Coaching &
Counselling

Understanding & Managing

Client Expectations

Page 14

Client Expectations

Page 15

Client Expectations (Video)

Understanding Customer Needs (Low).mp4

Page 16

How to gauge expectations of clients?

Same need expectations vary, why?

Are expectations only a result of the need or are there other dynamics also
involved?

When understanding client expectations, how do you know how detailed

you have to be?

What happens when there are multiple stakeholders at the client and all
expecting something different and unique?

Does the clients social style / behavior have a bearing

on expectations?
Page 17

Video

TRACOMs SOCIAL STYLE Model HD Version (Low).mp4

Page 18

Assertiveness behavior
Slower .. Pace of speech Faster
Less ... Quantity of speech .. More
Quieter ... Volume of speech ... Louder

Asks

Tells

Relaxed .... Use of hands Directive

Lean back . Body posture .. Lean forward
Less .... Eye contact ..... More
Content for this page was provided by TRACOM Group. Copyright 2005 by TRACOM Corporation.
SOCIAL STYLE is a service mark and SOCIAL STYLE MODEL is a trademark of The TRACOM Corporation.
Page 19

Responsiveness behavior
monotone

task

facts/data

less

rigid

controlled

Use of
hands

Body
posture

Facial
expression

more

casual

animated

Controls

Emotion
in voice

Subjects
of speech

Form of
descriptives

Emotes

inflection

people

opinions/
stories

Content for this page was provided by TRACOM Group. Copyright 2005 by TRACOM Corporation.
SOCIAL STYLE is a service mark and SOCIAL STYLE MODEL is a trademark of The TRACOM Corporation.

Slide 20

analytical
serious
exacting
indecisive
logical

Controls

Social Style Model

Asks

Tells

Emotes

amiable
dependable
supportive
pliable
open

driving
independent
formal
practical
dominating

expressive
animated
forceful
adventurous
impulsive

Content for this page was provided by TRACOM Group. Copyright 2005 by TRACOM Corporation.
SOCIAL STYLE is a service mark and SOCIAL STYLE MODEL is a trademark of The TRACOM Corporation.

Page 21

Improving your effectiveness with others

Do something for others: Once you know what makes

another person comfortable, try to accommodate his/her
preferences
Know others: Observe others' behaviors to learn about
their tension levels, how they respond to your
messages, and what you can do to make the
interaction more comfortable and effective

Control yourself: Learn to be tolerant of

others behavior without becoming tense, and
how to control your own style preferences
that make others tense

Know yourself: Know the impression

you make on others, how your
behavioral preferences can cause
tension for others

Page 22

Activity

www.Socialstylenavigator.com/estimator

Within your group identify one individual

Log in to the link given above and make a quick

assessment

Do this individually within the group

The selected individual would do his / her own self

assessment

Page 23

Various Social Styles: What to expect?

Attributes of the Personality

How do you Position your proposition

Thinking

Analytical

Strong in data and analytics; Believes

more in facts
Comfortable with questions and problem
Solving Approach

Focus on information, evidences, insights

and perspectives
Give time to reflect on your value
proposition

Likes precise and to-the-point approach

Interested in End-game and
Comfortable in solving problems

Share the End game up-front in your

conversation
Keep presentation in sharp Bullet format

Driving

Amiable

Weighs more towards Relationship

aspects
Interested in Big-picture and able to look
at the information from different
perspectives

Ask more open-ended question to set

objectives
Allow more time in Brainstorming

Very excited and enthusiastic individuals

Aggressive and spontaneous

Allow to spend more time in conversation

Be flexible and be ready for different
Spontaneity
approaches
Allow for some Humor (Smile at the
jokes!)

Expressive

Page 24

Action

Relationship

Versatility
Parameters for versatility:

Appropriate use of
Image
8%

Presentation
9%

Competence
48%

Feedback
35%

Leads To
High Versatility
Image General demeanor, Dress, Organization of work area
Presentation Comfort level, delivery, others feelings while presenting
Competence Dependability, perseverance, Optimism, Creativity
Feedback Listening, responding with empathy, adapting to others style, focus on
relationship
Page 25

Expectation of Service Quality (ESQ)

1. Introduction
Understand the nature of the
relationship with the client, client
expectations, their business strategy
and key priorities and how we can align
our services to their needs.

5. Conclusion and Next Step

Understand the priority the client
places on the expectations discussed
in the meeting and ensure you have
captured all relevant expectations.
Co-develop next steps.

2. Being connected
Understanding the clients
business agenda, serving the
client in the way they want to be
served and using the power of
our global organization to
introduce high-calibre people.

3. Being Responsive
Responding promptly to all client
contact, raise our visibility with the
client and seek and provide
continuous feedback.

4. Being Insightful
Presenting high-value insights
proactively, delivering technical
excellence and creating a businessorientated service offering.
Page 26

Expectation of Service Quality (ESQ)

What a consultant does for his/her clients can be matched by the competitors, but how
does he/she serve his/her clients is what sets him apart from the rest.
The purpose of the ESQ discussion is to understand our clients view of Exceptional Client Service, and
what it takes to meet and exceed their expectations.

To understand what you need to do to deliver Exceptional Client Service and how you can meet and
exceed your clients expectations

To better understand your clients agenda over the next 1224 months and ensure the way we are
serving our clients meets their changing needs

To build a stronger relationship with your client, strengthen our pipeline of opportunities of the
right services for the client and grow profitable revenue

Page 27

Quotation, Negotiation & Fixation

of Fees

Business Proposal What is it about?

A business proposal is a written offer from a seller

to a prospective buyer. Business proposals are
often a key step in the complex sales processi.e.,
whenever a buyer considers more than price in a
purchase.

A proposal puts the buyer's requirements in a

context that favours the sellers products and
services, and educates the buyer about the
capabilities of the seller in satisfying their needs. A
successful proposal results in a sale, where both
parties get what they want, a win-win situation.

Page 29

D.I.V.E. the workshop and deliverables

Page 30

Building a compelling value proposition

A

value proposition development

workshop should:
Begin

in advance of an RFP or
at the start of a campaign

Identify

theme, messaging and

differentiating statements to be used
persuasively throughout the campaign

Define

and analyse internal and external

drivers aligned with aspects
of our service approach, that will provide
the most value to the target

Page 31

Elements of Proposal

Page 32

Executive Summary

Value Proposition

Deliverables & Benefits

Costs & Payment Schedule

Process & Timeline

Credentials

What would you be thinking at a proposal stage?

How much effort would be required to execute the project? What are my
costs?

How should I price it? How do I demonstrate value on investment?

What can be the negotiation levers for the client? What elements should I
bring / strategy should I adopt to prevent extensive negotiation?

Where do I need support from within the firm to make it a winning

proposition?

Is there a dialogue required? Whom should I meet, How, When, Where?

Page 33

Types of Cost
Staff Cost

Cost incurred on deploying the resources/subject matter experts for a

particular engagement

Training Cost

Cost incurred in training the clients, resources for the solution to be

offered in the engagement

Overheads
(Infrastructure)

Cost incurred in logistics, support services and other infrastructure

required for a particular engagement

Administrative Cost

Cost incurred in controlling and directing the engagement but not

directly tied with the operations

Out of Pocket
Expense

Cost incurred by a resource for carrying our activities related to ones

employment or business

Page 34

Pricing Model - Fixed Fee Engagement

Client agrees to pay a pre-agreed fee for the assignment.

Page 35

Advantages

Disadvantages

Certainty of fee for the

client
Flexibility to manage
margin by bringing in
efficiency

Scope creep is possible

Estimation risk

Pricing Model Variable Pricing Engagement

In this model, client agrees to pay based on the efforts/resources required
in the particular engagement due to iterations or indefinite scope.

Advantages
Scope creep is not a
worry
Estimation risk is
mitigated

Page 36

Disadvantages
Revenue estimation is
difficult
Less flexibility to manage
margin locked in
May be required to share
cost details

Pricing Model Success Fee Pricing Engagement

In this model, client agrees to pay for the solution that is specific to the
clients business requirements. It is a high risk high reward based
engagement for a consulting firm.

Advantages
Outcome driven
Client is assured of
returns for the cost
Fair reward for the
efforts put in

Page 37

Disadvantages
Contingent may be
nothing!
Bias may creep in on
both sides

Negotiation (Video)

Getting to Yes (Low).mp4

Page 38

Negotiation Strategy
Develop a strategy for the negotiation

Negotiation Strategy

Define timeline for the discussion with the client

Analyse Client Strength & Weakness as well as our Strength & Weakness in
the negotiation
Develop the Story: discuss the clients business objectives
Develop the package of issues or MESO Multiple Equivalent Simultaneous
Options to convey your story
Confirm options are equitable
Prepare rationale for clients acceptance of the package or options from their
perspective

Page 39

Illustrative discussion points

Financial - Is this only a price discussion? If yes, how much detail do I share?

Third party assistance Can I include sub-contracting to manage cost?

Staffing what level of resources would be working?

Out of scope process What is excluded? Is it possible to include the exclusions to

prevent price reduction?

Timing and Scheduling How long would the team be working?

Billing and contract process what are the billing milestones? Working capital impact?

Contract requirements are there penalty? LD?

Client assistance is support required from the client / dependence clearly

articulated?

Page 40

Tools for Negotiation & Fixation of Fees

Pursuit teams often struggle to objectively establish the strength of the client's
negotiating position for a specific deal. It is a robust question that can more easily
be answered by analyzing key questions and criteria that help determine whether
the client has a strong and viable alternative(s) to a negotiated agreement with EY.

The criteria/questions are weighted to allow you to score the results to determine
whether the Clients BATNA is strong, moderate or weak. It works best if the EY
executives working on the deal to complete the tool separately and then discuss
their results as a team.

BATNA
Questionnaire

Page 41

Negotiation
Discussion Sheet

Relationship
Pricing Enabler

Project Management Lifecycle

Qualities of a good project management leader

Project Managers are responsible for:

Leadership

Stakeholders

Issues

Deadlines

Art
Communication
and leadership
skills
Page 43

Skilled in
project
management

Budgets

Strong
leadership
ability

Effective
communication
skills

Highly
organized

Understands
subject area

Resources

Quality

Risks
Science
Project management
methods and tools

Effective
interpersonal
skills

What are softer elements which are more important?

Is the team motivated? How do I manage my team? Am I leading and

teaming inclusively?

How do I delegate? Is there a mechanism or is it purely based on

availability?

How do I provide timely, constructive and meaningful feedback?

Page 44

What do you see?

Page 45

What do you see?

Page 46

How we interpret reality

Person A

Person B

Frame of
reference A

Worldview A

Frame of
reference B

Worldview B

Your worldview is your interpretation of reality, your basic view of life

It is influenced by your frame of reference, a set of beliefs, values and behaviors you
have learned in your culture

Page 47

Ladder of inference

Frame of reference

Take
actions

I will not promote Jane

Adopt
beliefs

Jane has poor leadership skills

Draw
conclusions

Jane can not lead the team

Jane knows the issues and but lacks the
confidence to speak up

Make
assumptions
Add meanings
Select data

Jane is the senior and should speak

up to support the team
Jane only spoke once

Observable data

Jane speaks once during the

client meeting

Ladder of Inference (source: The Fifth Discipline Fieldbook by Peter Senge)

Page 48

Change the ladder of inference

Frame of reference

Take
actions

I will promote Jane

Jane has excellent leadership abilities

Adopt
beliefs
Draw
conclusions

Jane is one of our best seniors

Jane has a good understanding of the
issues and knows how to listen

Make
assumptions
Add meanings

Jane pays close attention to key

details talked about in the meeting
Jane only spoke once and made a
very insightful comment

Select data
Observable data

Jane speaks once during the

client meeting.

Ladder of Inference (source: The Fifth Discipline Fieldbook by Peter Senge)

Page 49

Leading and teaming inclusively

Means you:
Observe the assumptions you make
Test your assumptions
Try to look at things from different angles
Be open to the fact that others look at things with a different
frame of reference than yours
Ask yourself what you can learn from this different perspective
Give others the benefit of the doubt

Page 50

Delegation
Focus on what is important for you to do personally, not just

the urgent
Effective managers work in quadrant 2 of the delegation matrix
They minimize time in quadrant 1 (the world of crisis
management) and push appropriate tasks into quadrants 3 and
4 (the quadrants of delegation)

Importance

high

Page 51

low
Plan ahead: future
tasks to do yourself

Tasks to do now

Tasks to delegate now

low

Priority

4
Plan ahead: future tasks to
delegate

Feedback Management
Feedback Video 1

Feedback Video 2

Page 52

VS 9.3 Feedback scenario 3.wmv

VS 9.4 Feedback scenario 3 cont.wmv

VS 10.1 Video coaching conversation.wmv

How to deliver Effective Feedback

Situation:

Time and place where you witnessed the behavior

Behavior:
What you saw or heard
Impact:
The effect of what you saw or heard
Alternative

behavior:
What could have been done differently
Alternative impact:
The greater or better effect of different behavior

Page 53

Effective Project Management Lifecycle

Initiate

Define and authorize the project scope,

objectives and approach

Plan

Set the project up by developing project plan and

mobilizing the team against it

Close
Initiate
Monitor
and
Control
Plan
Execute

Execute

Deliver against the project plan, amidst

uncertainty and challenges, to ensure client
outcomes are achieved

Monitor
and
Control

Performed throughout the project to ensure the

project proceeds according to plan and delivers
the desired outcome

Close

Page 54

Formally close the project by validating that the

project objectives and client outcomes have been
achieved

Phase 1 Initiate: Key activities in Initiate

Aim of Initiate

Capture the client requirements, project objectives, approach and

outcomes in a charter and obtain sponsor approval

Key activities

Define high-level project objectives and outcomes

Define preliminary project schedule, cost estimate and risks
Develop project charter
Secure planning resources
Conduct initial stakeholder analysis and engagement

Key outputs

Approved project charter

Project planning team resource assignments
Stakeholder register

Page 55

Project Charters

A charter describes the purpose of the project, its elements and decisions.
The detail depends on scale and complexity of the project.
The charter may evolve over time, depending on developments like scope changes.
Key components of a Project Charter may include:

Page 56

Phase 2 Plan: What are the key activities?

Aim of Plan

Mobilize team and resources to develop a robust course of action to

ensure client outcomes are achievable

Key activities

Key outputs

Page 57

Define project scope, schedule, cost estimate and risks

Develop Project Management Plan (PMP)
Establish project baseline
Secure project resources and mobilize key team members

Project plan
Risks, assumptions, issues and dependencies (RAID)
Stakeholder register

Key questions for a robust project plan

Why?
Rationale, goals and objectives for the project

Page 58

What?
Scope
Deliverables
Outcomes

When?
How much time?
Schedule

How?
Methodology
Approach
How much money?

Who?
Roles
Responsibilities
Who does what?

Phase 3 Execute : Key activities in project

execution
Aim of Plan

Manage the delivery to plan, amidst uncertainty and change, to

ensure client outcomes are achieved

Key activities

Conduct kick-off
Integrate people and activities to perform according to approved plan
Deliver project benefits and outcomes

Key outputs

Approved project work products

Approved project change requests (PCRs)
RAID Risks, Assumptions, Issues and Dependencies

Page 59

Self management and time management supports

project management in Execute

Do not procrastinate
Get into the habit of planning plan tomorrows activities today
Understand the value of your time and appreciate that people value time differently
Create and work from an action list
Schedule tasks as needed strike off completed items
Evaluate and re-plan regularly to ensure the most productive use of your time
Check your calendar for time-sensitive activities and events
Do not waste other peoples time
Be flexible as the unforeseen can force you to change your plan

Page 60

Effective model for time management

Low

High

High

Time priority

Need to plan for these activities

Try to eliminate these activities

Dont bother

Low

Criticality

Requires immediate
attention

Page 61

Phase 4 Monitor and Control : Key activities

Aim of Plan

Provide critical visibility and insight to project progress against plan

and initiate corrective action as needed

Key activities

Define high-level project objectives and outcomes

Manage scope, schedule, cost, risks, issues, stakeholders and project
team to achieve the project outcomes
Conduct quality assurance
Report performance
Perform project change control

Key outputs

Page 62

Project sign-off
Project knowledge management

Monitor and control : The realm of effective

governance
Structure and roles
Key roles (e.g., sponsor)
Forums (e.g., steering committee)
Structure
and roles

Control
processes
Performance
dashboard

Control processes
Risk and issue management
Budget management
Schedule and dependency control
Change control
Resource and vendor management
Quality assurance
Performance dashboard
Project progress and status reporting
Phase gate and milestone reporting
Benefits and outcomes tracking

Page 63

Risk and issue tracking - A key aspect of project

monitoring
What is an Issue?
What is a risk?
An issue is an undesirable outcome

A risk is the potential of an undesirable

that has occurred.
outcome resulting from a given action, activity
and/or inaction.
How do you monitor risk?
Identify risks and periodically check in
to make sure they have not become issues.
Identify potential ways to mitigate risk.
Example: Risks that we will go over budget due to
client changing scope mitigated by monitoring for
scope creep.

Page 64

How do you monitor an issue?

Once something is an issue, identify
methods/action plans to resolve the
issue, make sure the actions take place
and then determine whether the issue is
resolved.

Monitor and Control - RACI

RACI documents team agreements about roles and responsibilities. It is more robust than
many other tools. It outlines accountabilities and displays displays interactions. It also helps
plan meeting agendas and determine sub-team configuration.
Roles = The primary function of the person
Responsibilities = The obligation of the person
Definition

Who is RESPONSIBLE?

The person who has to do

it (the doer)

Who is ACCOUNTABLE?

The person who makes

the final decision and has
ultimate ownership

Who is CONSULTED?

The person who must be

consulted before a
decision or action is taken

Who is INFORMED?

The person who must be

informed that a decision
or action has been taken

C
I

Page 65

Sample RACI Matrix:

PROCESS: Making a process change

Functional Roles

Activities

Process
Line
Facilitator Facilitator

Plan activities

Prepare detail

Setter

Operator

A/R

Change process documents

Perform change

I
R

Phase 5 Close : Key activities

Validate that the project objectives and client outcomes have been
achieved and lessons captured to aid future engagements

Conduct project close meeting

Conduct project team debrief meeting
Communicate lessons learned
Conduct post-implementation review meeting

Aim of Close

Key activities

Outputs

Page 66

Project sign-off
Project knowledge management

Outsourcing of Specialized
Services

Page 67

Outsourcing of Services
Outsourcing is the transfer of any business function or service to external vendors, suppliers
or consultants that was previously or potentially performed in-house

Reduce
Control of
Costs
Focus on
core
business

Pricing
Advantage

Benefits of
Outsourcing
Scalability

Reduce
labour cost
and access
highly
skilled
labour

Page 68

Increased
Efficiency

Competitiv
e
Advantage

Types of outsourcing services

Disadvantages

Advantages

Outsourcing

Page 69

Co-Sourcing

Limited
Sourcing

Reduces cost due to Pricing

Advantage
Enables Scalability
Increased efficiency
Focus on core business

Dealing with highly

specialized area of
expertise
In-house flexibility and
control in strategic
planning
Confidentiality is
maintained

Reduces resource costs

Quick Start
More aggressive and goal
oriented

Risk of exposing
confidential data
Synchronizing deliverables
Hidden costs
Lack of customer focus

Lack of Accountability if
the responsibilities are not
clearly defined
Friction between various
suppliers
Continuous co-ordination

May lack comprehensive

business view
Risk for stalemate
Change Management
issues may creep in

Knowledge Management
and Training

Page 70

Knowledge Management
Knowledge management is to collect, package and share the vast experiences of people

as well as the latest news, trends and regulations in the industry, operating geographies
and the greater market.

Major usage of knowledge management is to:

Create a deeper understanding of the operating environment, opportunities,

developments and threats

Use proven approaches and methodologies which allows to respond quickly and
relevantly to challenges, however common or unique.
Internal networks and communities connect teams around the world to
share
experiences, trends and approaches in real time.
Globally consistent platforms mean the team can access the same insights and tools
anytime, anywhere

Page 71

Knowledge Tools and Sources

Knowledge Tools

Internal Sources

E-learning content

Thought
Leadership

Monthly
Newsletters

Enterprise social
networking portals

Town hall Meetings

Journals &
Magazines

Learning &
Development through
in-house trainings

Page 72

External Sources

External Workshops/
Masterclass session

Recap
q
q
q
q

q
q
q

Account Management
Managing Professional Services
Firm
Understanding & Managing Client
Expectations
Quotation, negotiation and
fixation of fees, including
participation in success
Project Lifecycle Management
Outsourcing of specialised
services
Knowledge management and
training

Page 73

Thank You!

Financial consulting An industry overview

Ernst & Young LLP

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