2- Client for Life Flashcards
what’s STQ
Situation => understand context
Trigger => pinpoint real causes
Question => answer real questions
how to structure business problems in to logical main elements?
Business components
Value chain
Costs/ revenues
Markets/ customers
Product mix
what’s the difference between knowledge and wisdom
in knowledge there’s only one truth, it has microscopic correlation (putting thigns out of correlation and focus on one correlation)
in wisdom, information and data is combined with experience put into context, has a more holistic understanding
what are audit services?
Focus on verifying financial statements’ accuracy and adherence to regulations, maintaining independence and objectivity, and addressing financial risks.
what are advisory services?
Cover a wider range of consulting services, offering specialized guidance for various business challenges, such as management, IT, and risk management.
Why are audit and advisory kept separate?
When auditors assess a company’s financial statements, they need to remain unbiased. If they were also providing advisory services, it could create a conflict of interest
ways firms sell and organize themselves
1) pockets of expertiese -> experts in a specific field like IT
2) theme based solutions -> common business challenges like going digital
3) full service solutions (vertical) everything needed for a project. firms integrate teams that cover the entire lifecycle
what’s strategic account management?
a specialized approach where companies assign dedicated managers to their most important customers. These managers focus on understanding the customers’ needs deeply and ensuring their satisfaction.
Porter’s 5 Forces
1) the threat of new entrants
2) bargaining power of suppliers
3) bargaining power of buyers
4) threat of substitutes
5) intensity of competition
STEP Analysis
Social
Technological
Economic
Environmental
Political
SWOT Analysis
strengths, weakneses, oppportunities, threats.
-> connect with their key objectives and learn about their prefered stategies
-> position the capabilities of the firm
strength + opportunity =
OFFENSIVE
your client uses what they’re good at to take advantage of exciting chances
weakness + opportunity=
CONVERSION
client focuses on improving areas where they’re not so strong when there are opportunties.
for example if your not good at making connections, they’ll work hard to get better at it to get into the opportunity market.
threats + strengths =
UTILIZATION
using your clients strong points to protect against threats.
if there’s a big threat like competition, they’ll utilize their strenghts to stay competitive
threats + weaknesses =
DEFENSIVE
your client works on improving things they’re not good at to defend against potential problems.
if they’re worried about a bad first impression, they’ll focus on getting better at it to defend themselves from problems and have a good start.
