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Read online "Managing a Professional Services Firm". Audiobook "Management of a Professional Services Firm" David Meister

This is a very specific book on a narrow topic - the work of firms that provide consulting to other firms. Such firms exist, and these are not only E&Y, McKinsey, etc.

I think it makes sense for anyone considering starting a consulting firm to read Meister. The rest can be found in separate chapters - to understand what high-quality consulting is and give advice to your consultants)

What's under the hood:

Internal organization of a consulting firm, concepts partner, manager and junior employee
Project structure - brain(super projects), gray hair(requires a small participation of partners), procedures(standard projects, performed by junior staff according to the procedure)
Working with a client, with our own staff, evaluating and paying for the work of partners, and many many nuances of work

In general, the structure of the book is somewhat ragged, probably p.h. compiled from individual articles previously written by the author. But we do not lose anything from this. You can just use it as a reference - you open it where you need it and go.

Some thoughts from the book:

Profitability is more important to a consulting firm than profitability(ie the point is not in sales volumes, high rates, etc.) It is necessary to motivate partners stupidly for profit, not rates, paid hours, etc. Maybe a cap, but they build a business a little that way.
The art of lining up partner work structures- delegate what needs to be delegated, focus on profitability, the importance of marketing. There are many nuances - re-read as you come across.
Need to to serve not only the client's problem, but also the client himself. This is mlyn important, p.ch. we are a professional solves problems, and the client somehow feels like sh * t. Give your customers Attention... Set up feedback, really get to know what customers are thinking.
I am deeply touched by this topic, p.ch. I see this as a systemic problem of the entire post-soviet space: - /
Seminars- no more than 25 people, for each 5 people should be allocated a partner, work out each visitor in advance. Fairy tale, but why not set a guideline?
One of the greatest mistakes insufficient investment of time and attention in existing clients .
Each partner should have a personal career plan. In general, it is surprising how partners (in fact, co-owners of a company) can get along together, if they have their own own plans... You probably need a leader who can handle numerous problems (Meister writes a lot about this too). A leader who can create an atmosphere of dynamism, support for ambitions.
A real professional is a neurasthenic who constantly doubts his abilities. Therefore, led by achievement)
The head of the company, sitting alone in his office, does not manage anything) This is about the need to work "in the fields".
The best leader is not the best professional. But whoever able to always find and create the best in people.
The best leader easily salutes others who win. I think it will be transposed to any area. Professionalism will always be noticed, it doesn't really need to be defended.
Firm strategy- should be developed upwards, up to inclusion in personal plans partners. The only significant part in these strategies is plan of specific activities.
Make a quick strategy - not for 5 years, but for 3 months. And constant revision. By the way, I wrote about this well.
So what is the partner responsible for? Everything is simple and logical:
- in front of the client - within the framework of the project
- to the firm - profit
- in front of other employees - teaching students
Respectively, partner success criteria: profitability, customer satisfaction, development of skills (own and students)
Partner compensation? This is tough, everyone does it differently. But ideally, it should be based on assessment, and not on measurements (i.e. not stupid metrics, but quantitative and qualitative analysis).
One top manager said that the evaluation of the work of partners in consulting firms is either poorly or absent.

Let's summarize.
The book is very decent, a master read for consultants. Despite the fact that the experience described by the author is the experience of the United States as early as the 90s, but for us it looks fresh. Elusive.

After nearly 30 years of advising and writing about professional services, I have decided to retire. I no longer plan to consult, speak or write.

He writes further that he achieved a lot, helped many. Just like ap. Paul:)
"2 Tim 4: 7 I have fought the good fight, I have finished the course, I have kept the faith".
And then I realized how cool it is to spend time with your wife, travel, participate in all kinds of "circles", and be a student and not a teacher.
And since then (more than 6 years now) - not a single line in the profession.

A very interesting person, and it seems to me - worthy of imitation.

Grade:
Difficulty reading: medium (sometimes difficult)
Utility: high
Grade: 9/10 (not 10, p.h. sometimes "not about us", and is repeated in places)

All of these issues are addressed in this audiobook by the world's leading expert.

The book by David Meister, the world's leading consultant and researcher studying the management of organizations providing professional services, is a tabletop for all successful leaders of audit, legal, consulting, real estate companies. Its main value lies in the fact that the author not only provides a systematic presentation of all aspects of the management of such organizations, but also, along with general principles offers a description best practice management and clear methodologies for the implementation of this practice.

The book will be of interest to owners, managers and employees of firms providing professional services, students of management and marketing departments.

David Meister has grasped the theoretical and practical concepts that underpin the partnership's work, which makes his work particularly valuable.

Edward A. Kangas

Chairman and Chief Executive, Deloitte Touche Tohmatsu International

David Meister's laconic and aphoristic recommendations accumulate the so-called Best Practice. Perhaps some of them will be taken as a revelation, others will be questioned. But it is precisely the comprehension of the experience accumulated over more than a century and a half in the development of the professional services industry that is so lacking in many Russian consulting companies coming into maturity.

Alexey Efremov

Director for Practice Development and Project Implementation,

BDO Unicon Consulting

You can flip through this book for a start, but even so you will understand that it needs to be read thoughtfully and re-read over and over again. David Meister knows how to clearly communicate his vast knowledge to professional services companies. This book should be read not only by managers of firms, but also by all ordinary employees.

J. A. Steenmeijer Worldwide Chairman, KPMG

There are already so many consulting firms in Russia, but practically none good guides on their management and development, so this book will surely find its reader. It contains many simple recipes, compiled by a professional. A simple recipes- the most efficient and effective!

Sergey Shapiguzov Managing Partner, FBK

This book is important not only for the managing partner, but also for the aspiring consultant. David Meister has over the years observed very thoughtfully how professional services firms are run.

Frederick W. Gluck

Managing Director, McKinsey & Company, Inc.

Free download:
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I started about 3 months ago and mastered it a little bit. An ambivalent impression. There is a lot of sheer muddiness, it is not clear why inserted into the book + very good academic language.

But along with this, I figured out some very fundamental principles of building a consulting business - for this a big plus.

I remembered studying quantum physics in the 4th year of the physics department - a monstrous jungle, but if you get through and figure it out, everything else becomes much more understandable.

If the book were cut 5 times, leaving the most valuable - it would be 9 out of 10, and so 5 out of 10

Below is a piece from the book What it means to be a consulting buyer

Buying professional services is rarely easy. Table Below are the doubts that the buyer has when making a decision.

1) I feel uncertain. This is primarily due to the fact that I do not know who can be trusted, who is really worthy of trust. I used all my possibilities to select candidates according to technical parameters.

2) I feel threat. I have a responsibility, and it is my responsibility to organize an inspection from the outside, but it is morally very difficult to entrust my affairs to strangers.

3) I carry personal risk. Transferring my affairs to the wrong hands, I lose control over them.

4) I patient. I don’t panic. I'll think about it later.

5) I I'm worried. To any suggestion for improvement or change, the people I have hired claim that everything I did was wrong. Can you trust them? Which side are they on?

6) I confused. Whoever I hire to work, I have to reveal to him the secrets of my business, which I would not want to share with anyone.

7) I feel insufficiently knowledgeable. I do not understand what kind of problem I am facing (simple or complex). I do not like it. I'm not sure if I can trust these people. They have to convince me of this.

8) I skeptically I treat everything. I have been framed many times by such people. I get a lot of promises. How can I determine who I can trust?

9) me worries that they either cannot or do not want to understand me. They would rather sell me what they have than what I need.

10) I I don’t trust anyone. Can you really trust them? Will they not leave me a fool? They bombard me with incomprehensible jargon, they do not explain what they are doing or why. Who are they anyway? In other words, will they work with
me in the direction in which I need?

As you can see, the line of reasoning potential buyer clear: he feels personal risk. After hiring someone, I transfer my affairs, the affairs of my company, into someone else's hands, as a result of which I have to transfer part of the control. Responsibility for their actions lies entirely with me, and in this regard, I have to resort to the help of strangers, since it is morally difficult to entrust the conduct of business to strangers.

Even if it is a fairly routine job, I must be convinced that it will be done with the proper quality.

I feel anxiety. Sometimes it is extremely difficult to determine which of you is brilliant and who is just good. I do not have full confidence in the correctness of my decision. It does not matter which problem needs to be solved (simple or complex). That is why I need a specialist who can solve any problem. But considering your candidacy, I have no confidence in this. Why can you be trusted? Your task is to convince me of this.

Frankly, I defeated. Also, I am a little scared. You will be working on what I am responsible for (lawyers are hired by in-house lawyers, etc.). The very fact of proposing an improvement or change carries a risk: suddenly you will not be able to expand the business that you were engaged in before. Are you my enemy or ally?

Summing up all of the above, I can say that among all applicants for this work I need a person who I can trust. The hiring process is inherently an act of faith. I inevitably have to believe the promise. Choosing a professional, I do not buy a service, I enter into a relationship. Your task is to convince me that it is you that I can trust.

What the buyer is looking for

How do you determine who you can do business with? Of course, the answer does not mean choosing from among the promises that everyone makes. Those who say, "Trust me, I am the one you need," will never win my trust.

Therefore, I will want to learn more about you from a personal conversation, even if I am not a very picky buyer. And here the general perception and the impression that you make on me are important. The way you behave during the conversation is very important to me, and the way you behave after the conversation will confirm my opinion of you. Unlike a rational and logical classification process, the selection process is mainly based on intuition and personal impressions.

The first thing that attracts attention is your awareness. Some people ask me about various facts of the company's activities, although they might have known this in advance. This does not indicate their laziness, but suggests a lack of interest in the case. They are not very interested in me and solving my problems. On the other hand, whoever will say to me, “While studying your company's annual report, I noticed that it recently opened a new plant. What does this have to do with your department? " - will draw my attention to itself. You don't have to have extraordinary ability to read the annual report, but it makes a good impression that you were interested in my company, i.e. they showed interest in me. This already says something.

Your awareness is an opportunity to prove yourself as a proactive specialist. Why not contact headquarters for more information to compare published data with competitors?

There are many professionals who aim to make an impression: they constantly talk only about their achievements, about what their company has achieved, why exactly they can help in solving my problem. But at the same time, they do not pay any attention to me. The only way get my attention - ask what interests me and offer exactly what I can buy. I do not want to be sold to me, but I would like to buy your services if you can convince me that I have problems that you can solve.

Of course, it will be extremely difficult to convince me that I am having problems. First of all, this is because I am wary of you. First, you need to create an environment in which I feel confident. Perhaps you should ask me how things are going, introduce me to any new information, tell about the capabilities of my competitors, about the services that you provide.

In other words, you need to find individual approach and become useful. Then you have an advantage, because no better way gain trust than be useful to me from the start. Anyone who will offer me ways out of this situation without putting pressure on me is more likely to suit me than someone who will try to be useful to me by increasing the price. If I am truly of interest to you, treat me as if I was already your client.

Educate me. Tell me about solving similar problems that other companies have encountered. Explain to me the disadvantages and advantages of the options I've read about. Ask me how I’m doing and give me advice on how to proceed in a given set of circumstances. Tell me about something I don't know yet. If our meeting ends with the words: “This is very interesting. I didn’t even think about it ”, consider that you won. This does not mean that I will use your services today, but I will definitely find time to meet with you again. Don't be afraid to voice your risky ideas too early with the words "This is just an idea." Show your initiative.

It will be difficult for me trust your experience until I receive factual confirmation. So, for example, you should not tell me about the experience you have acquired in my field (or anywhere else). It will be much better if you can demonstrate a level of knowledge of the specifics of the industry, as well as provide facts, figures or descriptions of recent events. This is the only way I can understand how well you understand my business.

Since I know my industry, do not try to patronize me by telling me how my business is going. Instead of saying, “Three important events shaped the character of your industry,” say, “Our experience suggests that three important events have happened. Do you agree with this? " If I agree, fine. If not, we can discuss those issues in the assessment of which we do not agree. To avoid the reputation of being arrogant, pompous (like many professionals), try to ask more questions rather than speak the truth. The way you speak, the way you construct phrases and sentences, will show how you deal with clients. The meeting should consist of discussion - no need to prove your case.

Ask me about my role in the company, understanding who I am and what my opportunities are. The right questions give the impression that you are treating me like a real person and not just a customer. This does not mean that you should become my friend. This means that your client is not entity rather personality, and you have to understand that.

Don't start telling me how you can solve my problems until I understand that there is a problem at all. Simply stating that there is a problem is not enough. It is useless to convince me of this. The salesperson's talent is in how he can understand the problems, desires, needs of the client. So don't rush me. Learn to listen to your client and do not forget that professionals who know their business talk for a long time, ask and listen.

Be careful trying to understand my problems. Don't start your interview with the question, "What are your problems?" You still won't get a straight answer. Don't ask, "Well, are things bad?" I still won't answer you.

It is unlikely that I will tell you about my problems right away. Try to find out more about them yourself. Instead of asking, "What are your problems?" - Say, “Some of my clients have faced similar problems. Are you doing something to solve them? " A question asked in this way provides an opportunity to show that you understand the complexity of the situation.

If I take an interest in an issue raised, it is your job to convince me that it is truly worth the concern. Remember I I do not like work with professionals, I do it only when necessary. At the same time, I always ask myself the question: "Will the resulting profit be able to cover all my expenses, including the costs of your hiring?" Before I hear that you are going to solve my problems, you must convince me that the problems are worth solving.

The most preferable form of communication will be the phrase "How do you think it will be suitable for you if ..." - and supplement your question with the possible options that you can offer to solve this problem. Try to show me the benefits that I can get by accepting your terms. If you can convince me of the potential benefits, you can interest me, if not, all your efforts are useless.

If I am interested, I will, of course, ask you how you are going to conduct my business. Do not rush to give me a clear, clear answer: for example, "depending on the method." Perhaps I am not at all interested in this. Maybe the right answer is that my problems will be solved once and for all. Or maybe I would like to hear an answer like “We have a quick solution”, i.e. the result will be felt immediately.

Give me several options to choose from and explain the advantages and disadvantages of each. Don't say this is the approach your firm uses, but it's too easy for me. By giving me the right to choose, you become the kind of professional who respects my judgment and involves me in the process.

Agree that I’m unlikely to immediately answer “yes” or “no”. Naturally, I will consult before making any decision. Do not pressure me and do not use different "ways to complete sales." Motivate why I should seek advice from colleagues and management. Instead of trying to sell me something, show that your main goal is to achieve rapport. Perhaps I will agree to meet with one of your partners or provide important information, or facilitate a meeting with my management. Perhaps I will take part in one of your seminars or agree to an additional, longer meeting. All of these constitute your success. However, if you start to rush me, it will seem to me that your goal is to sell your services, and not to help me.

I can ask you to write an offer, and do not forget that my decision is based on trust, so the sale can only be made during the time we spend together. Most of the projects are sold at initial stage: a formal proposal or presentation simply confirms (or destroys) an already formed solution. If you can't afford to waste time in a meeting, then don't waste time writing sentences.

When giving a presentation, I would like you to behave in a certain way. First of all, sit down. All of your materials should have been sent in advance, so let's review them together. No need to turn off the lights and start showing slides, accompanying them with standard text. It will seem to me that I am at a lecture. If I have any question, don't say "we'll touch on this later." I may get the feeling that you cannot tear yourself away from your "lecture".

If I interrupt you, take care of my question. I want to see how you behave when I ask questions, and not during normal conversation. Many of you rehearse a show, but rehearsal does not always help. I'm not interested in how you can present yourself with preparation. This will not affect the decision. Greater value will have how you behave if I ask you tricky questions. What is really worth rehearsing is the possible answers to tricky questions.

I want to make sure that you know how to listen to me, answer questions, comment, adapting to the current situation. Get me involved in the discussion. I can understand that I am being listened to when people can distract themselves from the prepared speech. If you don't have that ability, work on it, because I have to trust you.

When I start to object, listen to me carefully and do not interrupt. By no means tell me that it shouldn't worry me. You can change the problems a little, mitigate them, but make sure that I agree with you. Offer me a way out and try to understand why I am making your decision. Don't try to bide your time. In this case, I may get the impression that you are not able to answer my question. This means that you are losing my trust. Predict my objections and, as you prepare for the interview, rehearse the answers to the questions - this is where you will either win or lose.

Conclusion

There is an old saying about doctors who are usually fascinated not by the patients themselves, but by their diseases. Unfortunately, this quality is inherent in many specialists. Many professionals focus on the technical side of the matter, completely oblivious to the human factor.
Of course, this does not mean that techniques should be overlooked, they are - necessary requirement for success, but not the main thing. The ideal combination of techniques and a sincere desire to work with the client and his problem is ideal for meeting the needs of the client. Empathy is the key. the ability to put yourself in the position of the client and see the world through his eyes.

Annotation

The book by David Meister, the world's leading consultant and researcher studying the management of organizations that provide professional services, is a tabletop for all successful leaders of audit, legal, consulting, real estate companies. Its main value lies in the fact that the author not only provides a systematic presentation of all aspects of the management of such organizations, but also, along with general principles, offers a description of the best management practice and clear methods for the implementation of this practice. The book will be of interest to owners, managers and employees of firms providing professional services, students of management and marketing departments.

David Meister

Sources of

Acknowledgments

Introduction

Part one

Leverage and customer market

Leverage and Human Resource Market

Leverage and profitability

Guru Associates: A Numeric Example

Growth and profitability

Summary: The Key Role of Leverage

Highly Competent Job

Work that requires experience in solving typical tasks

Projects requiring high efficiency

Other differences

Application

Health and hygiene

Profit management

Performance management

Lever control

Profitability and growth

Why is this becoming a problem?

Causes of the problem

Solution of a problem

Additional tactics for solving this problem

Conclusion

Part two

Why listen to customers?

Several ways to take into account the interests of clients

Group of users

Reverse seminars

Attending industry client meetings

Marketing research

Executives' visit to important clients

Discussion of the completed project with the project team

Regular customer feedback

Conclusion

Satisfaction equals perception minus expectations

How to do it?

Measurement

The Role of Leaders

Administration of the questionnaire

Development of a questionnaire

Some caveats

Methods and tools

Reward

How do I start a feedback program?

Read online "Managing a Professional Services Firm". Audiobook "Management of a Professional Services Firm" David Meister

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