Consultants use a lot of consulting terminology and buzzwords. It can be difficult to understand consulting terms if you weren’t previously a management consultant.

 

Consulting terminology or buzzwords are jargon and catchphrases used to communicate complex ideas concisely, enabling consultants to work together more efficiently. These terms include frameworks, methodologies, and concepts specific to consulting.

 

If you’re trying to break into consulting or working with consultants, it’s critical that you understand consulting terminology so that you can better understand and communicate with consultants.

 

In this comprehensive article, we’ll provide you with definitions and examples of 100+ consulting terms and buzzwords you should know.

 

Consulting Terminology, Buzzwords, and Terms

 

10,000-feet view: An overview or high-level perspective of a situation or problem.

 

Example: Before diving into the details, let's start with a 10,000 feet view of the project's objectives.

 

80/20: Refers to the Pareto Principle, where 80% of outcomes result from 20% of causes.

 

Example: We need to focus on the 20% of customers that generate 80% of our revenue.

 

Accounting noise: Extraneous or irrelevant financial data that obscures meaningful information.

 

Example: Ignore the accounting noise and focus on the key financial metrics that drive decision-making.

 

Action item: A specific task or action to be completed.

 

Example: Let's review the meeting minutes and assign action items before we adjourn.

 

Action plan: A detailed plan outlining steps to achieve a particular goal or objective.

 

Example: We need to develop an action plan to address the issues raised in the audit report.

 

Action title: A title that articulates the key implication or “so what” of a presentation slide.

 

Example: This slide needs a better action title because the current title does not summarize the purpose of the slide.

 

Actionable: Describes information or insights that can be acted upon or used to make decisions.

 

Example: We need to convert these findings into actionable strategies for improving customer satisfaction.

 

Adding value: Contributing something of worth or benefit.

 

Example: As consultants, our primary goal is to identify opportunities for adding value to our clients' businesses.

 

Ad-hoc: Done on an impromptu or as-needed basis, without prior planning.

 

Example: We need to schedule an ad-hoc meeting to address the urgent issue that arose yesterday.

 

Alignment: Ensuring that actions, goals, and strategies are in harmony with each other.

 

Example: Let's ensure alignment between our marketing and sales teams to maximize our efforts.

 

Answer-first principle: A problem solving approach where the desired outcome is identified before analyzing the problem.

 

Example: Instead of diving into the details right away, let's apply the answer-first principle to understand what type of solution we are looking for.

 

AOB: Stands for Any Other Business. An agenda item in meetings for discussing additional topics not listed.

 

Example: Before we conclude, does anyone have AOB they'd like to bring up?

 

Assignment: A task or project assigned to someone.

 

Example: The new hire's first assignment is to conduct market research for our upcoming product launch.

 

At-cause: Taking responsibility or ownership of a situation.

 

Example: As project manager, I am at-cause for ensuring the successful completion of this project.

 

At the end of the day: Ultimately; when all is said and done.

 

Example: We can discuss various strategies, but at the end of the day, we need to choose the most cost-effective option.

 

B2B: Stands for Business-to-Business. Refers to transactions, services, or relationships between two businesses.

 

Example: Our company specializes in providing B2B software solutions to help streamline supply chain management for manufacturing firms.

 

B2C: Stands for Business-to-Consumer. Refers to transactions, services, or relationships between a business and individual consumers.

 

Example: The company's B2C marketing campaign targeted online shoppers, offering personalized discounts to attract more customers to their e-commerce platform.

 

Back-of-the-envelope: Rough or preliminary calculations done quickly.

 

Example: We'll need to do some back-of-the-envelope calculations to estimate the project's budget.

 

Ballpark number: An approximate or rough estimate.

 

Example: Can you give me a ballpark number for the cost of upgrading our IT infrastructure?

 

Bandwidth: The capacity or ability to handle tasks or workload.

 

Example: I'd love to take on that project, but I don't have the bandwidth right now with all my other commitments.

 

Beach: A term referring to consultants who are not currently assigned to a project.

 

Example: John has been on the beach for the past month. We need to find him a new assignment soon.

 

Best of breed: Referring to the best available solution or example in a particular category.

 

Example: Our new software system is considered best of breed in the industry.

 

Best practices: Established methods or techniques that are recognized as most effective.

 

Example: Let's review industry best practices before finalizing our marketing strategy.

 

Big Four: Refers to the four largest accounting and professional services firms.

 

Example: Many graduates aspire to work for one of the Big Four firms due to their prestigious reputation.

 

Big Three: Similar to "Big Four," but refers to the three most prestigious strategy consulting firms.

 

Example: McKinsey, Bain, and BCG are often referred to as the Big Three consulting firms.

 

Bird’s eye view: A broad perspective or overview.

 

Example: Before diving into the details, let's start with a bird’s eye view of the project.

 

Blanks: Empty or partially filled presentation slides used to build the skeleton of a presentation.

 

Example: Now that we have finished creating blanks, we can fill them in with actual data and insights.

 

Boil the ocean: Attempting to solve an overwhelmingly large or complex problem all at once.

 

Example: Let's focus on one aspect of the project at a time. We don't want to boil the ocean.

 

Bottom-up: A method of analysis or planning that starts with individual components and builds up to a larger conclusion.

 

Example: We used a bottom-up approach to estimate the project's budget by analyzing each expense category.

 

Boutique consulting firm: A small, specialized firm that offers services in a niche market.

 

Example: Our boutique firm specializes in providing financial consulting services to startups.

 

Bring to the table: To contribute something valuable or beneficial.

 

Example: Each team member brings unique skills and expertise to the table, making us a stronger unit.

 

Buckets: Categories or groupings used for organizing information or tasks.

 

Example: Let's categorize these expenses into different buckets to better track our spending.

 

Buttoned-up: A term used to describe someone or something that is highly organized, well-prepared, and maintains a professional demeanor or appearance.

 

Example: The consulting firm's presentation was buttoned-up, impressing clients with its thorough research, polished slides, and articulate delivery.

 

Buy-in: Agreement or acceptance of a decision or proposal.

 

Example: We need to gain buy-in from all stakeholders before implementing the new software system.

 

CAGR: Stands for Compound Annual Growth Rate. The rate of return required for an investment to grow from its initial balance to its ending balance over a specified period.

 

Example: The CAGR of our company's revenue over the past five years is 10%.

 

Campus hire: A recent graduate hired directly from a university campus.

 

Example: Our company's campus hire program recruits top talent from leading universities.

 

Capacity: The maximum amount that something can contain or produce.

 

Example: We need to assess our team's capacity before taking on additional projects.

 

Case: A specific instance or example used for analysis or discussion.

 

Example: Let's review a case study to see how similar companies addressed this issue.

 

C-suite: The group of top executives in a company, typically including the CEO, CFO, COO, etc.

 

Example: Our CEO presented the new strategy to the C-suite during yesterday's meeting.

 

Charge code: A unique identifier used to track expenses or billable hours to a specific project or client.

 

Example: Make sure to include the correct charge code on your timesheet for accurate billing.

 

Circle back: To revisit a topic or discussion at a later time.

 

Example: Let's table this issue for now and circle back to it after we've gathered more information.

 

Close the loop: To ensure that all necessary steps or actions have been completed.

 

Example: Once the client signs off on the proposal, we can close the loop and move forward with the project.

 

Consultancy: The British term for a consulting firm.

 

Example: The consultancy was hired to analyze the company's operational inefficiencies and propose strategies for improvement.

 

Core client: A key or primary client that is essential to the success of the business.

 

Example: We need to prioritize meeting the needs of our core clients to maintain long-term relationships.

 

Core competency: A unique strength or capability that sets a company apart from its competitors.

 

Example: Our core competency in innovation has allowed us to lead the market in product development.

 

Critical path: The sequence of tasks that determines the minimum time needed to complete a project.

 

Example: Identifying the critical path is essential for ensuring that we meet our project deadline.

 

Crisp: Clear, concise, and well-defined.

 

Example: Can you provide a crisp summary of the project's objectives for the stakeholders?

 

Deck: A presentation or slide show typically used to communicate key information or findings.

 

Example: I'll put together a deck summarizing our market research findings for the client presentation.

 

Deep dive: A thorough and comprehensive examination or analysis of a topic.

 

Example: Let's schedule a deep dive session to explore the root causes of the issue.

 

Deliverable: A tangible or intangible item produced as a result of work or effort.

 

Example: Our team's primary deliverable for this quarter is the completion of the project proposal.

 

Double Click: To dive deeper into a topic or issue.

 

Example: During the meeting, let's double click on the challenges identified in the market analysis.

 

Drill-down: To examine or analyze something in greater detail.

 

Example: Let's drill down into the data to identify trends and patterns.

 

Due diligence: A comprehensive investigation or audit conducted before entering into a business agreement or transaction.

 

Example: We need to perform due diligence on the potential acquisition target before proceeding with the deal.

 

EBITDA: Stands for Earnings Before Interest, Taxes, Depreciation, and Amortization. A measure of a company's operating performance.

 

Example: Investors often use EBITDA as a key metric to evaluate a company's profitability.

 

Elevator pitch: A concise and compelling summary of a product, service, or idea that can be delivered in the time it takes to ride an elevator.

 

Example: Can you give me your elevator pitch for the new marketing campaign?

 

Elevator test: The ability of an idea or concept to be easily understood and communicated.

 

Example: Our product concept passed the elevator test. Stakeholders quickly grasped its value proposition.

 

End-to end: Refers to a comprehensive approach that covers all stages or aspects of a process or system, from start to finish, without interruption or outsourcing.

 

Example: The company offers end-to-end solutions for e-commerce businesses, including website development, payment processing, order fulfillment, and customer support.

 

Engagement: The involvement, commitment, or participation in a task, project, or activity.

 

Example: Our team's engagement in the brainstorming session led to innovative ideas.

 

EOD: Stands for End of Day. Refers to the end of the working day.

 

Example: Please submit your report by EOD tomorrow.

 

Experienced hire: A candidate who is hired for a position based on their relevant work experience rather than being a recent graduate.

 

Example: We're looking for an experienced hire to lead our new marketing initiative.

 

Fact pack: A collection of factual information or data presented in a structured format.

 

Example: Can you provide me with a fact pack summarizing the market trends for our upcoming presentation?

 

Facetime: The amount of time spent interacting with or meeting face-to-face with someone.

 

Example: We need to increase facetime with our clients to strengthen our relationships.

 

Feedback: Information about reactions to a product, service, or performance that can be used as a basis for improvement.

 

Example: We appreciate your feedback on the new website design; it will help us make necessary adjustments.

 

Footprint: The extent of a company's presence or operations in a particular market or industry.

 

Example: Our company plans to expand its footprint in the Asia-Pacific region over the next year.

 

Framework: A tool used to structure and break down complex problems into simpler, smaller components.

 

Example: Before tackling this problem, let’s structure a framework to help organize our thoughts and ideas.

 

Function: The purpose or role that something is designed to fulfill.

 

Example: The new software update improved the function and usability of the application.

 

Gain traction: To make progress or gain momentum.

 

Example: Our marketing campaign is starting to gain traction with our target audience.

 

Gantt chart: A visual representation of a project schedule that shows tasks, durations, and dependencies.

 

Example: Let's create a Gantt Chart to visualize the timeline for the product launch.

 

Granular: Describes something that is detailed and comprehensive, often referring to data or analysis.

 

Example: We need granular data to understand the specific factors driving customer satisfaction.

 

Greenfield: Refers to a new and undeveloped project, market, or opportunity.

 

Example: Entering the Asian market presents a greenfield opportunity for our company.

 

Hands: Refers to the number of people directly involved in executing a task or project.

 

Example: The project manager assigned three hands to work on the client's account, ensuring timely completion of deliverables and effective communication with stakeholders.

 

Hard stop: A predetermined, non-negotiable end time or deadline.

 

Example: We have a hard stop at 3PM, so let's make sure to cover all the key points before then.

 

Hit a home run: A metaphorical expression used to describe achieving a highly successful outcome, surpassing expectations, or making a significant accomplishment.

 

Example: The marketing team's innovative campaign not only increased brand awareness but also generated a substantial increase in sales, truly hitting a home run for the company.

 

Hit the ground running: To start a new task or project immediately and with full effort.

 

Example: We need someone who can hit the ground running and take charge of the marketing campaign from day one.

 

Impeccable: Flawless or perfect in quality or appearance.

 

Example: Her presentation was impeccable, leaving a lasting impression on the audience.

 

In line: Consistent or in agreement with something.

 

Example: Our new strategy is in line with the company's long-term goals.

 

Infrastructure: The basic physical and organizational structures needed for the operation of a society, enterprise, or system.

 

Example: Investing in infrastructure improvements will help boost productivity and efficiency.

 

Initiatives: New projects or actions undertaken to achieve a particular goal or objective.

 

Example: Our company has launched several initiatives to reduce carbon emissions and promote sustainability.

 

Internal assignment: A task or project focused on solving or improving internal problems or processes.

 

Example: John's internal assignment involves streamlining our internal processes to improve efficiency.

 

Keep this on your radar: To keep track of an idea or piece of data so that it can be recalled or used later.

 

Example: This piece of analysis will be very important to complete. Please keep this on your radar.

 

Key: Essential or crucial to the success of something.

 

Example: Communication is key to maintaining strong relationships with our clients.

 

KPI: Stands for Key Performance Indicator. A quantifiable measure used to evaluate the success or performance of an organization, project, or individual.

 

Example: Our key performance indicators include customer satisfaction, revenue growth, and employee retention.

 

Leverage: The use of resources or opportunities to gain a strategic advantage.

 

Example: By leveraging social media platforms, we can increase brand visibility and reach a wider audience.

 

Low-hanging fruit: Refers to tasks or opportunities that are easy to accomplish or achieve.

 

Example: Let's focus on the low-hanging fruit first to make some quick wins before tackling more complex issues.

 

Managing up: The practice of effectively communicating and collaborating with higher-level managers or supervisors.

 

Example: Learning to manage up is essential for career advancement and building strong working relationships.

 

MBB: Stands for McKinsey, Bain, and BCG. Refers to the three most prestigious management consulting firms.

 

Example: Many aspiring consultants aim to secure a position at MBB firms due to their reputation for excellence.

 

MECE: Stands for Mutually Exclusive, Collectively Exhaustive. A principle used in problem solving and organizing information, ensuring that categories are distinct and cover all possibilities without overlap.

 

Example: When structuring our market segmentation, we need to ensure that it is MECE to avoid overlap and confusion.

 

Milestones: Significant points or achievements in the progress of a project or endeavor.

 

Example: Achieving the milestone of securing our first major client was a significant accomplishment for our startup.

 

Mission-critical: Refers to tasks, systems, or operations that are essential to the core mission or objectives of an organization.

 

Example: Ensuring the security of our data is mission-critical for maintaining customer trust and compliance.

 

Must haves: Essential requirements or criteria that must be met.

 

Example: When evaluating potential candidates, we'll prioritize those who meet our must-have qualifications.

 

My plate is full: Am expression used to indicate that one's schedule or workload is already filled with tasks or responsibilities and that taking on additional work may be challenging or unfeasible without sacrificing quality or balance.

 

Example: I'd love to take on that new project, but at the moment, my plate is full with client deliverables and other commitments.

 

Number crunching: Analyzing and manipulating numerical data, often involving complex calculations.

 

Example: Our finance team spends hours number crunching to prepare accurate financial reports for stakeholders.

 

Offline: Refers to activities or interactions that occur outside of digital or online channels. This typically means face-to-face meetings.

 

Example: Let’s discuss this issue offline so that we don’t waste the group’s time during this group meeting.

 

On the beach: Refers to consultants who are currently not assigned to a project and therefore have free time.

 

Example: I've been on the beach for the past week, waiting for the next project assignment to come in.

 

Onboard: To integrate or familiarize someone with a new role, task, or environment.

 

Example: We need to onboard the new team members quickly so they can start contributing to the project.

 

Opportunity cost: The potential benefits that are foregone when one alternative is chosen over another.

 

Example: By investing in the new product line, we're accepting the opportunity cost of not allocating those resources elsewhere.

 

Optics: The perception or appearance of something, especially in terms of how it influences public opinion.

 

Example: The CEO's decision to donate to charity had positive optics for the company's public image.

 

Paradigm shift: A fundamental change in the way something is perceived, understood, or done.

 

Example: The invention of the internet brought about a paradigm shift in how we communicate and conduct business.

 

Parallel hire: A consultant that is hired from another company.

 

Example: The parallel hire came from Goldman Sachs.

 

Peeling the onion: A metaphorical expression for delving deeper into an issue or problem to uncover underlying causes or layers of complexity.

 

Example: We need to peel the onion to understand the root causes of the decline in customer satisfaction.

 

Ping: To send a quick message or communication to someone.

 

Example: Can you ping the IT department and ask them to look into the server issue?

 

PIOUTA: Stands for Pulled It OUT of Thin Air. A casual expression meaning to make something up.

 

Example: That data point may have been PIOUTA. I don’t know where it came from.

 

Pipeline: Refers to a list of potential projects, clients, or opportunities that are being actively pursued or considered.

 

Example: Our sales pipeline is looking strong for the next quarter with several promising leads.

 

Play back: To repeat or summarize information or instructions to ensure understanding.

 

Example: Let me play back what I heard to make sure we're all on the same page.

 

POA: Stands for Plan of Action. A detailed strategy or roadmap outlining the steps to achieve a particular goal.

 

Example: We need to finalize our POA for launching the new product before the end of the month.

 

POOMA: Stands for Pulled Out Of My Ass. A colloquial expression indicating something that is guessed or improvised without much thought or evidence.

 

Example: We can't base our decision on POOMA. We need solid data and analysis.

 

Progress review: A meeting or assessment to evaluate the progress made on a project or task.

 

Example: Let's schedule a progress review to discuss any challenges and adjustments needed to stay on track.

 

Provide color: To offer additional context or details to enhance understanding.

 

Example: Can you provide some color on the client's feedback to give us a better understanding of their concerns?

 

Push back: To resist or challenge a decision, request, or idea.

 

Example: The team pushed back against the proposed budget cuts, citing potential negative impacts on quality.

 

QC: Stands for Quality Control. Typically refers to checking for typos, grammar mistakes, and calculation errors.

 

Example: We need to QC the full presentation deck before sending it out to the client.

 

Quick question: A polite way to preface a brief inquiry.

 

Example: Quick question: Did you receive the latest version of the project report?

 

Re-frame: To present or interpret something in a different way to alter its meaning or perception.

 

Example: Let's re-frame the problem and explore alternative solutions.

 

Restructuring: The process of making significant changes to the organizational structure, operations, or finances of a company.

 

Example: The restructuring plan aims to streamline our operations and improve efficiency.

 

Right sized: The process of optimizing resources, such as staff, budgets, or infrastructure, to align with the specific needs and goals of a project or organization.

 

Example: After conducting a thorough analysis of the company's operations, the consultant recommended a right-sized approach to restructuring the workforce, ensuring that each department had the appropriate staffing levels to meet demand without unnecessary overhead costs.

 

Rigorous: Thorough, exhaustive, or strict in approach or execution.

 

Example: Our company follows rigorous quality standards to ensure customer satisfaction.

 

Roadmap: A strategic plan or timeline outlining key milestones and objectives to be achieved over a period of time.

 

Example: The roadmap for the project includes three phases: planning, implementation, and evaluation.

 

Rock Star: A colloquial term used to describe someone who is exceptionally talented or successful in their field.

 

Example: Our new marketing director is a rock star; she's already generated significant buzz for our brand.

 

Run the numbers: To perform calculations or analysis, often involving financial data or metrics, to assess the feasibility, profitability, or impact of a particular decision, strategy, or scenario.

 

Example: Before presenting the proposal to the client, the consultant took the time to run the numbers to determine the potential cost savings and return on investment of implementing the recommended changes.

 

Same page: A colloquial expression used to indicate agreement, alignment, or mutual understanding among team members or stakeholders regarding goals, strategies, or objectives.

 

Example: Before proceeding with the project, the consultant scheduled a meeting to ensure that all key stakeholders were on the same page regarding the scope, timeline, and deliverables.

 

Sandwich method: A feedback technique that involves providing constructive criticism sandwiched between positive feedback.

 

Example: When delivering feedback, it's important to use the sandwich method to maintain morale and motivation.

 

Scope: The extent or range of activities, responsibilities, or deliverables associated with a project or task.

 

Example: We need to clarify the scope of work before we can estimate the project's timeline and budget.

 

Scope creep: The gradual expansion or addition of new requirements, tasks, or features to a project beyond its original scope.

 

Example: We need to monitor the project closely to prevent scope creep and ensure we stay within budget and timeline.

 

Sea change: Refers to a significant transformation, shift, or upheaval within an industry, market, organization, or environment, often characterized by fundamental changes in attitudes, practices, or strategies.

 

Example: The emergence of digital technologies brought about a sea change in the retail industry, forcing traditional brick-and-mortar stores to adapt their business models to compete in the online marketplace.

 

Segment: A distinct or identifiable part or section of a market, audience, or population.

 

Example: We've identified several key segments within our target market that we need to tailor our marketing efforts towards.

 

SME: Stands for Subject Matter Expert. An individual with specialized knowledge, expertise, or experience in a particular subject, field, or industry, often consulted for their insights and guidance on specific issues or projects.

 

Example: The consulting team collaborated with SMEs in the healthcare industry to develop a comprehensive strategy for optimizing patient care and streamlining administrative processes within the hospital.

 

Sniff test: Refers to a preliminary evaluation or assessment of a concept, idea, or proposal to gauge its potential viability, credibility, or legitimacy. It involves applying intuition, common sense, or basic analysis to quickly determine if something seems reasonable or trustworthy.

 

Example: Before presenting the new product concept to investors, the entrepreneur conducted a sniff test among potential customers to gather feedback and ensure there was interest and demand in the market.

 

Space: Refers to a specific industry, market, or sector within which businesses operate. It can also denote a niche or area of focus characterized by particular dynamics, trends, or opportunities.

 

Example: The consulting firm specializes in providing strategic advice and tailored solutions to clients operating in the healthcare space.

 

Stand up call: A brief, usually daily, meeting held by a team to provide updates on project progress, discuss challenges, and align priorities. The term originates from the practice of participants standing during the meeting to keep it short and focused.

 

Example: The consulting team starts each day with a stand-up call to ensure everyone is aware of the latest developments and to address any issues.

 

Strategy: A plan of action designed to achieve a specific goal or objective.

 

Example: Our marketing strategy focuses on leveraging social media to increase brand awareness and engagement.

 

Strawman: A preliminary or draft proposal, plan, or argument presented for discussion, feedback, or critique. It serves as a starting point or framework that can be refined, adjusted, or expanded upon based on input from stakeholders or team members.

 

Example: The consultant prepared a strawman document outlining potential cost-saving measures for the client's manufacturing operations, which served as a basis for further analysis and discussion during the strategy session.

 

Streamline: To simplify or optimize a process, system, or operation to make it more efficient.

 

Example: We need to streamline our inventory management system to reduce costs and improve productivity.

 

Study: A systematic examination, analysis, or investigation conducted to gather information, identify insights, or evaluate specific aspects of a business, industry, or problem. Studies can range from market research and feasibility studies to performance assessments and risk analyses.

 

Example: The consulting firm was commissioned to conduct a comprehensive study of the company's supply chain operations to identify inefficiencies and recommend strategies for optimization.

 

Summer: Short for summer intern.

 

Example: Is she a full-time consultant or just a Summer?

 

SWAG: Stands for Sophisticated Wild-Ass Guess. It refers to an estimate or projection made with limited information or analysis, often based on intuition or rough approximations rather than concrete data or thorough analysis.

 

Example: The consultant provided a SWAG for the project timeline, acknowledging that it was a preliminary estimate subject to change once more detailed planning and analysis were conducted.

 

SWOT analysis: Stands for Strengths, Weaknesses, Opportunities, and Threats analysis. A strategic planning tool used to assess a business, project, or venture.

 

Example: Before launching the new product line, the company conducted a SWOT analysis to evaluate its competitive position in the market and identify areas where it could capitalize on strengths and mitigate potential risks.

 

Synergy: The interaction or cooperation of multiple elements to produce a combined effect greater than the sum of their separate effects.

 

Example: The partnership between our two companies created synergies that benefited both parties.

 

Take the lead on: To assume responsibility or control over a task or project.

 

Example: Sarah will take the lead on organizing the team-building event next month.

 

Takeaway: A key point or lesson learned from a discussion, meeting, or experience.

 

Example: The main takeaway from today's meeting is the need for better communication between departments.

 

Target: An objective or goal to be achieved.

 

Example: Our target for this quarter is to increase sales by 10% compared to last year.

 

The weeds: Refers to the detailed, intricate, or complex aspects of a project, problem, or situation.

 

Example: During the strategy meeting, the team delved into the weeds of the financial projections, analyzing each line item to ensure accuracy and alignment with the overall business objectives.

 

Think outside the box: An expression that encourages innovative or unconventional approaches to problem-solving or decision-making.

 

The consultant challenged the team to think outside the box when developing marketing strategies for the new product launch, encouraging them to consider unconventional channels and tactics to reach the target audience effectively.

 

Time poor: A situation where individuals or teams have limited availability or capacity due to constraints on their time.

 

Example: The project manager acknowledged that the team was time poor due to overlapping deadlines and competing priorities, necessitating efficient time management strategies to ensure all deliverables were completed on schedule.

 

Top-down: A method of analysis or planning that begins with overarching or high-level concepts, goals, or strategies and then breaks them down into specific details or components.

 

Example: The management team employed a top-down approach to set company-wide performance targets for the upcoming fiscal year, which were then cascaded down to individual departments to develop action plans aligned with the overall objectives.

 

Touch base: A brief communication or meeting between individuals to exchange information, provide updates, or ensure alignment on a particular topic or project.

 

Example: The project manager scheduled a quick touch base with the client to discuss any recent developments and address any concerns or questions they may have regarding the project timeline or deliverables.

 

To be transparent: A phrase used to preface honesty or openness in communication.

 

Example: To be transparent, the project is behind schedule due to unforeseen delays in procurement.

 

Turnaround: The process of reversing a declining or struggling situation, such as a failing business, project, or organization, and transforming it into a successful or profitable one.

 

Example: The consulting firm was brought in to oversee the turnaround of the company's financial department, implementing cost-saving measures and restructuring processes to improve efficiency and profitability.

 

Up or out: A career advancement model where employees are expected to either progress within the organization or leave.

 

Example: Our company follows an up or out policy to ensure a motivated and high-performing workforce.

 

Upward feedback: Feedback provided by employees to their managers or supervisors regarding their performance, leadership, or the work environment.

 

Example: We encourage upward feedback as part of our commitment to fostering an open and supportive workplace culture.

 

Utilization: The percentage of time or resources that are used effectively or productively.

 

Example: Our team's utilization rate has increased since we implemented the new project management system.

 

Utilization target: The specific goal or benchmark set for the percentage of billable hours that consultants are expected to achieve within a given period, typically a month or a year.

 

Example: The consulting firm's utilization target for its employees is 80%, meaning consultants are expected to allocate 80% of their working hours to billable client work to meet revenue targets and maximize profitability.

 

Value-add: Something that enhances the worth, usefulness, or quality of a product, service, or process.

 

Example: Providing excellent customer service is a key value-add that sets us apart from our competitors.

 

WAG: Stands for Wild-Ass Guess. An estimate or prediction based on intuition or incomplete information.

 

Example: We don't have the data yet, so any figures at this point would just be a WAG.

 

What’s the so-what: Refers to the significance or implications of a finding, insight, or recommendation. It prompts individuals or teams to consider the broader implications or relevance of their analysis or actions and to articulate why a particular piece of information or action matters.

 

Example: After presenting the data on consumer preferences, the consultant asked the team, "what's the so-what?" to encourage them to think critically about how the insights could inform marketing strategies and drive business outcomes.

 

Whitespace: Areas of opportunity or potential within a market, industry, or business that have not yet been fully explored or utilized.

 

Example: During the strategic planning session, the consulting team identified whitespace in the healthcare technology sector, recognizing an untapped market for remote patient monitoring solutions for chronic disease management.

 

Wordsmith: To skillfully craft or refine written content, such as reports, presentations, or communications, with careful attention to language, clarity, and effectiveness..

 

Example: The consultant wordsmithed the client proposal, revising the language to better align with the target audience's preferences and to highlight the project's value proposition.

 

Work-life balance: The balance between one's professional responsibilities and personal life.

 

Example: The consulting firm encourages its employees to prioritize work-life balance by offering flexible scheduling, remote work options, and wellness programs to support their physical, mental, and emotional health outside of the office.

 

Workplan: A detailed outline or schedule of tasks, activities, milestones, and deadlines associated with a project or engagement. It serves as a roadmap for project execution, guiding team members on what needs to be accomplished and when.

 

Example: The consulting team developed a comprehensive workplan outlining the scope of work, timelines for deliverables, and responsibilities of each team member to ensure the project was completed on schedule and within budget.

 

Workstream: A specific area or component of work within a larger project.

 

Example: Let's divide the project into different workstreams to better allocate resources and manage tasks.

 

Writing a deck: The process of creating a presentation or slide deck that communicates key information, insights, or recommendations

 

Example: The consultant spent several hours writing the deck for the client presentation, ensuring that each slide clearly articulated the project findings, proposed solutions, and anticipated outcomes in a compelling and concise manner.

 

You and I are not on the same page: A phrase used to indicate a lack of understanding or agreement between two parties.

 

Example: It seems like you and I are not on the same page regarding the project timeline. Can we discuss it further?

 

ZD: Stands for Zero-Defect. A quality management approach aimed at achieving flawless results without any defects.

 

Example: Our production line follows a zero-defect policy to ensure the highest quality standards for our products.

 

Recommended Resources to Break into Consulting

 

If you’re trying to break into consulting, we recommend looking into the resources listed below to give yourself the best chance of getting in.

 

The recruiting process for consulting is extremely competitive. However, you don’t have to prepare your application and prepare for interviews alone. Getting professional help can significantly increase your chances of landing a consulting offer.

 

For help landing consulting interviews

 

• Resume Review & Editing: Transform your resume into one that will get you multiple consulting interviews

 

For help passing case interviews

 

• Comprehensive Case Interview Course (our #1 recommendation): The only resource you need. Whether you have no business background, rusty math skills, or are short on time, this step-by-step course will transform you into a top 1% caser that lands multiple consulting offers.

 

• Case Interview Coaching: Personalized, one-on-one coaching with a former Bain interviewer.

 

• Hacking the Case Interview Book (available on Amazon): Perfect for beginners that are short on time. Transform yourself from a stressed-out case interview newbie to a confident intermediate in under a week. Some readers finish this book in a day and can already tackle tough cases.

 

• The Ultimate Case Interview Workbook (available on Amazon): Perfect for intermediates struggling with frameworks, case math, or generating business insights. No need to find a case partner – these drills, practice problems, and full-length cases can all be done by yourself.

 

For help passing consulting behavioral & fit interviews

 

• Behavioral & Fit Interview Course: Be prepared for 98% of behavioral and fit questions in just a few hours. We'll teach you exactly how to draft answers that will impress your interviewer.