Strategy consulting In order to provide a high-level perspective on how to improve the position of the business, strategy consultants frequently collaborate with very senior personnel in the client organization. In order to conduct thorough analysis on important business issues, they will take into account a variety of factors, including competitors, the state of the market at the time, and customer behavior. They make an effort to foresee future developments and assist businesses in assuming the appropriate positions.
Implementation consultants assist clients in implementing change within their organizations by taking a suggested strategy and making it a reality. A successful implementation will guarantee that the organization’s technology, people, and process components are working together harmoniously. Some consulting firms offer strategy and implementation services.
Economics consulting In this specialized area of consulting, expert advice is given in areas like competition policy, regulation, the valuation of intellectual property and businesses, and legal disputes by applying specialized economic knowledge. Clients may come from any industry sector, but work with regulatory bodies and government issues is common.
What are consulting buzzwords?
Consulting buzzwords are unique words or expressions that consultants use to condense popular business concepts and strategies. Although mastering all the consulting jargon is similar to learning a new language, doing so will greatly enhance your ability to communicate with businesses, coworkers, and potential employers.
Most useful consulting buzzwords
Here are 24 of the most popular business and consulting terms that are frequently used in consultant jargon:
1. Action plan/action planning
An action plan is a detailed, step-by-step blueprint for carrying out a particular action, objective, or task. Consulting firms collaborate with their clients to develop an action plan. For instance, the client might want to discuss an action plan to accomplish the goal if they need to find more clients by the end of the quarter.
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2. AOB
AOB is an acronym for “any other business. ” Most often, companies use this acronym on meeting agendas. It instructs business personnel when it is appropriate to discuss topics unrelated to the current meeting. This is often the last segment listed on an agenda.
3. Beach
A consultant who is “beach” is one who is not actively engaged in any assignments. This indicates that the consultant is not putting in any billable time right now.
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4. Blanks
Blanks refer to a physically drawn-out slideshow presentation. High-level executives frequently provide lower-level staff with blanks to be converted into a real electronic slideshow presentation. For instance, if a supervisor requests that a slideshow about the company’s yearly revenue be created, they may first sketch or draw out the slideshow’s design before giving it to a lower-level employee to polish and complete.
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5. Boil the ocean
When something difficult or time-consuming isn’t worth it, it’s said to “boil the ocean.” One might say that a consultant or employee is “boiling the ocean” if they spend too much time calculating how many customers they have acquired this quarter when the quarter has just begun. “.
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6. Buckets
The words “categories” and “groups” are interchanged by consultants with the word “buckets.” This word is also used in the singular form of the verb “to categorize. For instance, a consultant might ask someone to “bucket” information if they want to make a large amount of research data or test results easier to read.
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7. CAGR
CAGR is an acronym for “compound annual growth rate. The internal rate of return, which is frequently used in finance, is similar to the CAGR. It describes the annual rate of growth for an investment or market.
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8. Circle back
The phrase “circle back” indicates that the topic under discussion isn’t crucial right now but will be covered later. Someone might inquire if they can “circle back” to the subject of new clients in a meeting regarding relocating offices, for instance.
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9. Critical path
The crucial actions required to complete a project or goal are referred to as being on a “critical path.” A common component of the action planning process is the critical path. The critical path, for instance, might be to reach out and pitch to potential new clients rather than using marketing to spread the word widely if the objective is to find new clients.
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10. Deck
“Deck” is a word consultants use for a slideshow presentation.
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11. Deliverable
Deliverables are items that consultants provide to clients at the conclusion of a project or task. They can be research documents, slideshow presentations (decks) or spreadsheets.
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12. Drill-down
After a consultant summarizes a project and someone wants to delve deeper into the specifics, they use the phrase “drill-down.” For instance, if a consultant proposes a project to improve a company’s online presence, a colleague may want to delve deeper and determine how it will operate.
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13. Elevator pitch
A brief statement or paragraph that succinctly sums up an entire idea or project is referred to as an “elevator pitch.” It is based on the idea that an elevator ride is all that is needed to convey an idea. For instance, your boss might ask you for your “elevator pitch” if you have a great idea for how to boost business. “.
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14. EOD
End of day, or EOD, refers to the time when most employees clock out and leave for the day, which is typically between 5 and 7 p.m. m. to 6 p. m. Although consultants frequently prefer to use the full phrase when speaking aloud, they frequently use the acronym when writing.
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15. Facetime
Facetime refers to being present in person to show off your productivity to superiors and coworkers. A consultant may choose to visit the office even if they are not required to do so for their work in order to network and spend some “facetime.” “.
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16. Feedback
A document, task, or action is given feedback in order to be improved. Consultants may be given feedback verbally or in the form of a written note or comment.
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17. Greenfield
“Greenfield” refers to a novel and exciting business opportunity. When they think the opportunity will be beneficial for the company’s future, consultants will use this phrase. For instance, a consultant may view signing on a brand-new client as a “greenfield” opportunity for the business.
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18. Hard stop
The phrase “hard stop” is used by consultants to describe when a meeting must end. For instance, it’s acceptable to let someone know that you need a hard stop at noon to make it to your next meeting or work-related task if you’re worried about running late in a meeting.
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19. Leverage
Leverage is the concept of using one thing to obtain another. For instance, if prospective clients were seeking a capable financial advisor for their business, consultants might mention the expert they recently hired in their accounting department.
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20. Pipeline
The “pipeline” describes upcoming projects for consultants or businesses. If a consultant is looking for work, they might inquire about any potential opportunities.
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21. Push back
To “push back” is to acknowledge one’s inability to finish a task or assignment in a reasonable amount of time. For instance, a manager might request that you complete a sizable slideshow presentation within an hour. You might have to politely “push back” and tell them that there isn’t enough time to finish the assignment.
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22. Smell test
Making sure something makes sense before believing it is known as a “smell test.” For instance, if a consultant has doubts about the outcomes of a study or test, they may ask for the study to be repeated before accepting the results as fact.
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23. Weeds
Weeds are the details of a situation, project or goal. Drilling straight into the details prior to the comprehensive summary is known as “weeding,” despite being very similar to “drill-down.” For instance, you might not need to hear the summary if your consulting firm completes numerous projects that are similar because you already know it. You can instead dive right into the details, or “weeds. “.
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24. White space
A company’s “white space” is an untapped market or revenue-generating opportunity. For instance, the company might not be aware that their products can benefit a market they haven’t yet explored, which could present an exciting and lucrative opportunity (a “greenfield opportunity”).
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The Top 5 Bullshit Consulting Buzzwords
FAQ
What are the 5 C’s in consulting?
Consider 5Cs–Customers, Collaborators, Capabilities, Competitors, Conditions–In Onboarding Prep. Opinions expressed by Forbes Contributors are their own. New!.
How do I talk like a consultant?
- Demonstrable Depth of Experience. A good consultant should be able to demonstrate their breadth of experience during their initial consultation with a potential client.
- Client-first Mindset. …
- Analytical Problem Solver. …
- Reliable in Word and Deed. …
- Professional. …
- Excellent Listener. …
- Lifelong Learner. …
- Driven.
What are 3 characteristics a consultant should have to be successful?
- focus groups, interviewing, similar sampling techniques.
- problem solving, decision making, and planning.
- innovation and creativity.
- communication, feedback, and interpersonal relations.
- strategy formulation and implementation.
- behavior modification and morale.
What are the basics of consulting?
- focus groups, interviewing, similar sampling techniques.
- problem solving, decision making, and planning.
- innovation and creativity.
- communication, feedback, and interpersonal relations.
- strategy formulation and implementation.
- behavior modification and morale.
