Competency Corner – Commercial Awareness

A Little Knowledge goes a Long Way

A significant part of business rests on the notion of credibility. Credibility then leads to trust which leads to deals and ends in riches. Although you will need to exercise some social aptitude in winning over your interviewer on a personal level, the main thrust of this article concerns itself with how to establish credibility through commercial acumen and how to tackle the often onerous task of research.

In recruitment parlance, this is the Commercial Awareness competency.

1-3 hours spent researching a company and current affairs is mandatory for interview success. But although this may seem like a fruitless and maybe even futile endeavour as there is simply too much to know, there are some guidelines which can be followed to make this genuinely effective and efficient.

The Company

  • Many consultancies have quite complex organisation structures. Know the main services offered. Simplify them and don’t bother drilling down into the numerous sub-divisions (unless you’re applying specifically to one specialism). A quick sketch will suffice to order your thoughts and make it stick.
  • Jot down some client names and client examples of projects – the detail is usually unnecessary. 5mins spent memorising 5 client names and project types (outsourcing/ shared services programme/ IT implementation etc.) will be very impressive when rapidly regurgitated. Make sure you know at least one project in some detail to cover if you’re asked to elaborate.
  • Find out how the company is doing, whether they have ambitious growth plans or have made any sales or acquisitions lately. Search for the firm in one of the news sites, BBC or Times Online etc. Also have a look at consulting news.

Current Affairs

  • Consultancies tend to have a couple current business concerns/ issues highlighted on their home page. Skim through these. You now have a good overview of the current commercial landscape. Use these as an anchor for your broader reading.
  • The Times Online is a wonderful resource. The ‘need to know’ heat map is quite useful too. Skim the titles to develop a broad picture and formulate some generic phrases to summarise eg. The Financial services sector, specifically retail banking is still quite volatile [insert headline – for eg. RBS is blah blah blah].
  • Make sure you know at least one major news story in detail. A merger or acquisition is usually a good candidate for healthy discussion in interviews where you’re asked to talk about this kind of thing, as you may then be asked to suggest how xyz consultancy could help.

You’ve spent a couple hours doing research, now try and group all the info and headings into themes or sectors or big issues. You’ll be surprised at how learned you come across when you produce the fruits of your research in an interview.

A couple news articles and some neat packaging is all you need to create a credible impression. Initially of course.

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