Client Webinar Series

Ed RiefenstahlDirector, Experiential Learning

TCU Neeley School of Business

Agenda: February 21, 20191. Managing Multiple Project Formats (Formal – Ad Hoc – Insights)2. Challenges Faced Running Pseudo Consultancy As Part of Academic

Curriculum3. Evolution Recruiting Fee-paying Clients4. Additional, Personal Development of Select Group of Students to

Lead the “Formal” Program5. “Neeley Insights” – Blend of Consulting Engagement with Case

Competition

NEELEY & ASSOCIATES CONSULTANTS Ed Riefenstahl Career

Process Improvement –Marketing – Planning – Consulting –Sales - Business Development - Entrepreneurship

Cummins - U.S. Peace Corps- AMR –American Red Cross - E&Y – KPMG

ROI Consultants, LLC (Since 1992)

http://www.lockheedmartin.com/us.html

TCU’S NEELEY & ASSOCIATES (MBA) CONSULTANTS

HOW DID IT COME TO BE?

2 INDIVIDUALS - RIGHT TIME - RIGHT PLACE IN CAREERS - ALIGNED INTERESTS

Program entering 13th Year – Over 130 client engagements for fee-paying clients

Typically average 11-12 projects annually, with 8-9 “Formal” and 2-3 “Ad Hoc” projects annually

“Formal” Projects occur as 3-credit hour elective class in Spring Semester for 1st Year MBAs in 2-Year FT program

“Ad Hoc” Projects anytime in calendar year – Selected 2nd year MBA students who have gone through “Formal” program are compensated

Formal Program Overview: Spring SemesterNEELEY & ASSOCIATES (N&A) DIFFERENTIATORS

• Annual Cycle

• Select group of 2nd Year FT-MBAs serve as Principals

• Diversity/Breadth of projects undertaken annually

• 1st Years apply, but interests key determinant in placement

• Diverse Supporting Resources (faculty, consultants, business executives)

• 3-Tier Fee Structure

• Signed (by all parties) Project Charter document

• 3 Confidential Peer Reviews

• Money Back Guarantee

Formal Program Overview: Supporting Resources• Program Lead: Riefenstahl has 40 years of business experience, 25 of those in consulting. Partnered

with faculty member with consulting experience.

• Paid Faculty SME (Subject Matter Expert) assigned to serve as a resource to each steam for approximately 6-10 hours of behind scenes assistance.

• Paid Principal: Each team has a 2nd Year N&A MBA serving as team coach.

• Volunteer Consultant Coaches: Professional consultants serving on advisory board from Accenture, KPMG, Deloitte, Microsoft, IBM, PWC, boutique firms, etc., assigned to each team to serve as process coaches and conduct QARs (Quality Assurance Reviews)

• Business Executive Panel Reviewers: Before final delivery, each team presents to at least 2 panels of business executives of approximately 6 to 8 execs per panel

• Center for Professional Development: Assists with presentation coaching

Formal Program Overview: 12-Month Cycle• 2nd Year Principals selected end of spring semester of 1st year

• Summer focused on building Principal team, program enhancements and providing Principals with additional personal development opportunities + Program Leader cultivating existing and prospective clients

• Fall focused on identifying and narrowing down prospective clients and Principals working with them to clarify relevant project areas before clients come to campus the Friday before Thanksgiving (Annual Meet Prospective Clients Day) to meet 1st Year MBAs considering participation in N&A

• Client expectations clarified – Unknown client supply, THEN Unknown student supply – Student expectations clarified

• 1st Year MBAs meet prospective clients and “apply” to program rank-ordering their Top 5 “choices” with statements on WHY they should be selected for each client’s project team. 1st year MBAs apply using EduSourced

Formal Program Overview: 12-Month Cycle• Best Balanced 4-Person Teams (interest & experience) compiled by Principals and validated by me before

Thanksgiving

• Annual Client Meets Team Reception first Thursday in December – Schedule January Kick-off Meeting for 2nd

week of winter semester (after first day of Boot Camp)

• 3 to 4 classes at start of semester that vary yearly to integrate with 2 days of Annual N&A Boot Camp held by Principals

• Pre-scheduled Project Kickoff Meeting 2nd week of winter semester

• First 3 Fridays of winter semester• 1st Friday Boot Camp focusing on team building and preparing for Project Kick-off Meeting• 2nd Friday Boot Camp focusing on Project Charter and Work Plan development• 3rd Friday 1:1 team meeting with NELAB “Coach” to address Scoping to refine Project Charter & WBS

Formal Program Overview: 12-Month Cycle

• Each team has a “Weekly Project Roadmap” to follow - Use EduSourced to track and upload

Includes specified time frames for:

• 2 independent Quality Assurance Reviews with NELAB Coach• 3 individual Status Update Sessions with me and faculty program team member• 3-4 individual meetings with faculty SME• Client Midpoint Checkpoint Session• Review by 2 panels of business executives• Final presentation reviewed by Center for Professional Development• 3 Confidential Peer Reviews – use EduSourced for this

Formal Program Overview: Spring Semester• 3-Tier Fee Structure - Fees same for last 6 years

• $13K (larger clients) – Will be raised in 2019-20 N&A Cycle• $8.5K (small businesses and larger nonprofits)• $6.5K (small nonprofits) – Attempt to cover direct costs• Range of $19/hr. to $37/hr. per MBA student hour. This excludes all supporting resources.

• Grades

• Driven FIRST by client satisfaction • SECONDLY by 3 Peer Reviews – Use EduSourced for this• THIRDLY by inputs from Principals• If we have to go beyond that for any student on “grade cusp,” then we will consider other items, e.g.,

following “Weekly Project Roadmap” or engaged in few classes, etc. - Use EduSourced for this

Formal Program Overview: The WHY for Clients

• Augment Existing Resources: Meet project goals when additional, internal resources are not available

• Forsaken Results: Opportunity to get one more strategic project completed

• Recruitment: Evaluate possible future interns or employees – Talent in Action

• Value for $$ Invested

• Perspective: Get a different and diverse perspective from particular demographic represented by MBA students in 20s and early 30s, e.g., project team might additionally/concurrently serve as small focus group for client while the team delivers on outcomes specified in Project Charter.

Formal Program Overview: Diverse Projects

• Anything Marketing Research or Marketing-Related: Brand Awareness, Customer Satisfaction, Pricing, etc.

• Process or Performance Improvement-Related: Productivity & Efficiency Studies

• Anything Planning-Related: Business, Financial, Marketing, and Strategic Planning

• Evaluation & Feasibility Studies, e.g., International Expansion & Competitive Analysis, New Products & Services Assessments, Department or Unit Performance, etc.

• Business and Financial Modeling

Formal Program Overview: Why FT MBAs Participate

Some of Key Skills Applied & Developed Include, But Not Limited To 1. How to lead a successful kick-off meeting (or any formal meetings)2. Importance of using Agendas to your advantage 3. Project Management & Project “Scoping,” which includes priority-setting & time management

related to gauging resources4. Client management, e.g., professionally managing client expectations to prevent “Scope Creep”5. Leadership and interpersonal skills, e.g., how to engage in effective crucial conversations with peers 6. Executive presentation skills, as well as how to generally communicate succinctly and effectively to

time-constrained executives 7. Gauging how best to communicate with or to individuals with differing communication syles and

preferences8. Leading conference calls and videoconferences, 9. Critical thinking skills, e.g., risk assessment, etc.

Formal Program Overview: Why FT MBAs Participate

• Apply hard skills from applying tools learned in classroom

• Opportunity to experience a NEW industry - or check-out an organization - or test drive a new functional discipline

• Resume and resume discussion builder that leads to additional internship/job opportunities

• Leadership Opportunity as a 2nd Year MBA (Principal)

• Opportunity to work on Ad Hoc engagements for compensation as 2nd Year MBA

Neeley & Associates “Ad Hoc” Engagements• Occurs at any time of the calendar year

• N&A Principal + Program Director assess viability of accoumplishing and potential MBA interest

• If perceived “fit” and budget confirmed available from the prospective client, prospective client invited to campus to meet interested “2nd Year MBAs” with previous experience while 1st Year, FT-MBA, N&A Consultant in “Formal” program offering

• Interested Students Apply. Assess if “2nd Year MBAs” with previous experience – are available to deliver on client need in prescribed time frame

• Does not have the agreed-upon, Supporting Resources committed, nor Weekly Roadmap of “Formal” program offering

• Students paid for performance - Prior summer internship compensation average used as benchmark

• Program Leader tacks on incremental 10% of base rate to cover overhead for Scoping Assistance & Final QC

Challenge: Academic Program Modelled on Professional ConsultancySecuring Faculty Buy-in at Beginning

• Faculty “Partner” Assigned to Work with Ed• Faculty Paid for Work at Predetermined Rate for “Formal” and “Ad Hoc” Project Involvement

Building the Infrastructure – Startup in Hierarchical Academic Institution• Agreements (Legal & Risk Management)• Building the Brand• Invoicing & Collections• Getting people paid• Building the Process Templates

What is Ed’s arrangement? Faculty? Staff? • Finding Ways to Make It Work

Conflict Areas:• Some faculty classes, especially during Final Presentation Week• Faculty leading global trips

Diverse, Changing Stakeholder Perspectives re “Formal” Program Offering.• Select Group of 1st Year MBA Students OR Open to ALL 1st Year MBA Students• Capstone or 1st Year Resume-Building

Challenge: Recruiting Paying Clients and Building Trust

Key Lessons Learned in Selection & Invitation Process (Annual Meet Prospective Clients Day)• Working the Networks

• Gauging Who to Invite – Not Disappointing Prospective, First-time Clients

Building Relationships & Confidence• Money Back Guarantee

• Have Own Budget – Take Good Care of Clients, NELAB Members & Invited Executive Panelists

Changes in client sponsor supports• Balancing New and Existing Clients – Preparing for Client Sponsor Turnover

“Formal” vs “Ad Hoc” Project SummaryFORMAL: Fixed, 3-credit hour elective, 350-hour, 4-person team of 1st year FT-MBAs in spring semester, where each team utilizes a Weekly Roadmap, and roles and time frames to utilize Supporting Resources -- 2nd year Principals, faculty SMEs, NELAB consulting coach, business executives on panels, and program lead – are clearly delineated.

- Principals and Faculty SMEs are directly compensated for serving as a resource.

AD HOC: Occurs at any time during calendar year, where prospective client has a budget available and a need where 2nd year MBA students -- who have been through FORMAL program in 1st year – are capable to deliver.

- Subject to pool of 2nd year MBA resources who are capable of delivering are interested, and are also available to deliver in time-frame required by prospective client.

- Students directly compensated for their work.

Hands-on Leadership Development: N&A Principals• Are compensated

• Receive extra developmental training to prepare them for role

• Provide recommendations for improvements to N&A initiative

• Develop AND Deliver Annual Boot Camp days in “Formal” offering

• Maintain relationship with client upon start of client engagement

• Gain experience being responsible for a team’s deliverable

• Gain experience coaching team and learning to provide necessary feedback to teams and individuals

One Additional Format: Neeley InsightsInternal Neeley MBA Business Students Addressing External Client Issue or Scenario

• External client lays out the need/problem/opportunity/challenge

• Typically of Short Duration: 1 weekend to 2 weeks

• Executives from client organization judge the teams’ recommendations or solutions

• Client organization provides “prize monies” to team providing most “value”

• Students pick teammates

Student Reward: Prize monies + practice + exposure + resume building

Sponsoring Organization Reward: See talent in action while getting something validated or assessed