McKinsey Strategy Consulting Approach
McKinsey Strategy Consulting Approach
McKinsey & Company has consulted with 2/3rd of the world’s top Fortune 100 companies in the area of business strategy. They use what they refer to as the “ten timeless tests of strategy.” The test questions are paraphrased below:
- Will your strategy beat the market?
- Does your business strategy tap a true source of advantage?
- Is your strategy detailed and clear enough to compete?
- Does your business strategy put you ahead of trends?
- Is your business strategy founded on privileged insights?
- Does your strategy embrace uncertainty?
- Does your business strategy balance long-term commitment and flexibility?
- Is your strategy contaminated by bias?
- Is there conviction to execute?
- Have you translated your business strategy into a plan of action
Recent innovations in McKinsey & Company’s strategic approach includes:
- War gaming, which uses role playing and modeling to simulate different scenarios
- War gaming, which uses role playing and modeling to simulate different scenarios
- Strategy walkthrough/audit
- Strategy academic
To learn more about McKinsey’s strategy services click on the link below:
Business Unit Strategy services from the Strategy practice
McKinsey has worked with two-thirds of the world’s Fortune 100 companies on their business-unit strategies. In the last five years alone, we have worked on nearly 3,000 business-unit strategy engagements for these companies and other clients, in every business sector and in every part of the world. Using our ” Ten timeless tests of strategy” ( McKinsey Quarterly), we are able to ensure that our clients’ strategies can withstand and beat the ever-strengthening forces of change and competition. More than a plan for how to achieve best practices, our approach to strategy development focuses on putting together a formula for our client to win over time. To do this, we bring to bear the latest tools and techniques in strategy development. But while great strategy development can be controlled, it cannot be systematized. Distinctiveness comes from a complex mix of expertise, engagement, insight and process-a mix that McKinsey is uniquely positioned to deliver.
McKinsey Strategy Consulting Approach
Highlights by David Willden