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McKinsey & Company I am an EM at a boutique firm specializing in strategy for B2B tech cos (e.g. Microsoft, aws). I have 4 years consulting exp (3 years pre MBA, 1 year post) with TC of 220K.
I am considering applying for McK as I am currently capped on progression at my firm for a while. Any insight if it would be worth entering the Associate position or at this point I'm too deep into consulting to justify stepping back down
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I don’t mean this in a tongue in cheek kind of way but what has taken so long after 15 YOE? Was it the risk and having the funds to start?
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I am in a somewhat similar position. Took over firm from my colleagues who retired, so it’s me + 1 assistant. Still in year 1, so can’t say I have many tried-and-true strategies.
My first task was to make a budget. And talk to a bookkeeper. Surprised by how much cash I really needed to run an established business. I was able to compare with others who were much leaner. But regardless, it’s a business so you need to understand the numbers.
Related to this, get a bookkeeper and cpa. Regardless of whether these are tasks that you are qualified to do (and most of us aren’t), they are not what you should be doing for the business. You are the engine that drives the revenue, so that’s what you should be doing as much as possible.
I also spent time talking with colleagues who are solo about what they did. Incredibly helpful.
Popular books on this subject are Fireproof (Morse) and Traction (Wickman). You can get deep into their process-based methodology. I have friends that did this and so far it is working out well.
Basically that’s all I have. Goal of year 1 is to get to year 2.
A1, C1, bookkeepers are part time. Whatever approach you choose for this part of the business, make sure that you do what you have to do to keep the numbers straight. If you can’t afford a bookkeeper at first, nbd, but use quickbooks and make hiring a professional one of your business goals.
https://shop.attorneyatwork.com/product/lawyers-marketing-journal/ can help pull it together and keep you sane