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DayBlink Consulting LLC |
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December 26, 2016 Issue |
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CEOCFO MAGAZINE |
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Combining Management Consulting, Venture Capital and Philanthropy |
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Chief Executive Officer
DayBlink Consulting LLC
Interview conducted by: Lynn Fosse, Senior Editor
CEOCFO: Mr. Wong, what is the philosophy and concept behind DayBlink? Mr. Wong: I have been a management consultant for most of my life. Helping clients solve their most pressing challenges is what I find extremely rewarding. My journey started in the big consulting shops, and I later experienced a number of smaller boutique consultancy firms. I learned a great deal and over the course of many years, having been afforded the opportunity to work with great colleagues and clients. Over this journey, I came to realize that the management consulting industry approaches solving problems in an extremely inefficient manner. What we endeavor to do here at DayBlink is to redefine the model. It is in our nature to do so as management consultants; in our DNA. We examine problems and look for a better way. It is interesting to consider that the management consulting industry was born in 1886 with the founding of Arthur D. Little. Since then, the industry has grown tremendously with high profile successes and failures but with one fundamental model, born from the leverage accounting firm structure. Over a century has gone by with little innovation… the very industry that is charged with innovation and problem solving has been reluctant to improve/reinvent its own antiquated model - that is what we are trying to do here at DayBlink. Become a disruptive force within the Consulting Industry.
CEOCFO: Would you give us an example of a standard management consulting way of doing something and the DayBlink way? Mr. Wong: The traditional model is a leveraged model. There are a few people at the top of a pyramid with the vast majority of the team kept at lower levels of the organization. Intentionally. Traditional consulting firms view employees as an income stream to support partner compensation. The more billable resources at the base of the pyramid, the more profit to distribute to the Partners. DayBlink is taking a completely different approach. Our vision is to build significant wealth from our Venture Capital division, and therefore we do not have to view our employees as sources of revenue and profitability. A great illustration of this is how we intentionally cap the ratio of our Analyst/Consultant to Manager/Director at 3:1. Another powerful statistic we have is that in 2016, we pushed 90% of our revenue back to our employees in the form of salaries, benefits and bonuses.
Another way we are disrupting the model is our promotion process. Typically, promotions are annual, batch processes which is based on how long you have been with the firm. It will take new recruits 2+ years to move from Analyst to Consultant and an additional 2-3 years to move from Consultant to Senior Consultant etc. At DayBlink we want to build a culture that rewards people who create value. We have therefore went about establishing a monthly promotion review process. One individual on the team has actually been promoted 3 times this year because of how much value he was creating for the firm and client.
CEOCFO: How do you know when someone is right for DayBlink? Mr. Wong: DayBlink looks to attract the best talent who share and appreciate our, “Create value, get rewarded” philosophy. We believe that A players attract A players and as a rule of thumb always look to hire people that are as good or better than the current team. We hire people for who they are and who they will be. Passion, dedication and positive energy surround our consultants, and our teams are a healthy mix of those with different backgrounds, cultures, genders, education, training, interests, skills, and tastes in music. We try to find individuals that are both consultants and entrepreneurs and look for leaders not just great managers, and this is a big differentiator. Entrepreneurs tolerate risk, assume responsibility, crave change and create value. Those are the characteristics of successful members of the team.
Mr. Wong: Absolutely. We always understood the simple reality; it all comes down to people. The story here at DayBlink is unique. We have a unique three-pronged model strategy; management consulting, venture capital and philanthropy. We’re the only firm that I know that really allows members to move between these various organizations seamlessly. Our colleagues have the ability to do some very interesting management consulting work, assume leadership positions in early stage startup companies, and add significant societal value through the DayBlink Foundation. Our model is unique which was intentional because we knew that it would resonate with the type of individuals we wanted to have involved in the journey.
Imagine the impact we will be able to achieve when we combine the human capital from a top tier consulting firms with the financial support from a successful ventures capital division. Picture an intercity high school graduation. The city in which I went to college had a high school graduation rate that was very low, less than 50%. We could take on that problem as a company and own that entire problem. We could bring to bear all the resources necessary not just to fix that problem for that one community, but by understanding the underlying challenges we could develop a road map so that our solutions could be replicated. That is interesting. That is a life with purpose. This is not a publicity thing so we can sell more, this is real, and is a large contributor to why we are attracting some amazing talent.
CEOCFO: Who is turning to you for services and what might they present as their issue that you are able to help? Mr. Wong: The clients that are turning to us for services are ones who value impact and results above all else. We believe that you should not try to sell consulting services, and have intentionally limited our marketing efforts. Instead we have focused on building and strengthening relationships with past clientele who understand the value and impact our team can bring and do not require a Big 4 brand name. And our approach is working. Despite being just over 3 years old, this year alone DayBlink Consulting was recognized by Consulting Magazine as one of the 7 small Jewels of Consulting, ranked #45 on the Top 50 consulting firms by Vault Magazine, and most recently were selected as #20 on "Best Small Workplaces" List by Fortune Magazine.
That’s fun; to get that kind of recognition when you know deep down that we are only getting started. It is a testament to the type of people that are attracted to our model and we continue to grow over 100% year over year. We are evolving several core service offerings, including strategic execution, IT strategy, strategic sourcing, cybersecurity, and financial transformation. However, as we continue to grow our team, we will also improve our capabilities, network and our environment.
CEOCFO: When you are assessing a project and one of your people is working with a client, what might you look at that less knowledgeable people do not put into the mix? Mr. Wong: I am a big believer in transactions. When I interview prospective candidates, especially senior level executives, I look at what they have done and if they actually have relevant experience. For instance, I have led a lot of post-merger integration programs; some of the largest in the Communications industry. Those experiences, some of which were multiyear engagements, become part of your day-to-day DNA and will always be something that I can bring-to-bear, if needed. Successful people on our team are great listeners that strive for excellence and put their clients first. Those are the characteristics of my colleagues, and one of the main reasons we have achieved so much success to date.
CEOCFO: What does putting your clients first mean for DayBlink? Mr. Wong: A recent example I can share with you was a situation on a program where things were not going as planned. Our team was at capacity and there was a real risk that we they were not going to be able to meet our client commitments. Instead of letting the team struggle, we identified some colleagues who had some extra capacity and added those resources to the project – at no incremental cost to the client. We always look to support one another and if that means we need to collectively put in some long hours, we do. We hate to lose. We hate to fail. We’re all extremely competitive. By doing so, our clients understand that for every engagement we sign up for, we make a commitment to bring the necessary expertise and talent to bear to ensure that we deliver. That is who we are.
CEOCFO: What surprised you as DayBlink has grown and evolved? Mr. Wong: What surprises me the most is the speed in which we have grown and some of the awards that we have received. I was not expecting to achieve such accolades by year three. It is not because of me but because of the people we have on the team and all the sacrifices they have made and all the talents they bring to the table. Deep down, I knew we were going to get here, I felt it when we started down this path. We had a strong belief in our vision, mission and team, but the timing was a lot faster than I originally anticipated.
CEOCFO: What should readers remember about DayBlink? Mr. Wong: DayBlink looks to be a disruptive force within the management consulting, venture capital and philanthropic industry. We look to make professional services more rewarding for its employees and provide exceptional advisory services for our consulting clientele. We believe that it is the responsibility of the entrepreneur to actively improve the society around them, and not to rely on government. At DayBlink, by combining Management Consulting, Venture Capital and Philanthropy, we believe we can achieve just that. |
“Over a century has gone by with little innovation… the very industry that is charged with innovation and problem solving has been reluctant to improve/reinvent its own antiquated model - that is what we are trying to do here at DayBlink.”- Michael Wong
DayBlink Consulting LLC
Contact: Michael Wong (703) 869-1309
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Management Consulting Services, DayBlink Consulting LLC, Investment Services Companies, CEO Interviews 2016, Michael Wong, Combining Management Consulting, Venture Capital and Philanthropy, Business Services Companies, Capital Companies, Post-Merger Integration, Interim Management Strategy, Corporate Renewal, Contact Center Optimization, Sourcing, Performance Improvement, Information Technology, Financial Transformation, Strategy Consulting, Business Strategy, Post-Merger Integration, consulting on mergers and acquisition process, strategic planning process, legal strategy, corporate renewal, operations management consulting, strategic sourcing, interim management, strategic execution, procure-to-pay transformation, performance improvement, human capital advisory, information technology, finance, accounting and investment services, accounting standard assessment and implementation, accounting and audit support, technical accounting, SEC compliance, IPO readiness, DayBlink Consulting LLC Press Releases, News, Business Services Stock, Companies looking for venture capital, Angel Investors, private companies looking for investors, management consulting companies seeking investors, investment services companies needing investment capital |
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Michael
Wong