Strong business relationships and collaborations form the core pillar of sustainable commercial existence, where client-centricity dictates the decision-making process. Certain relationships may appear solid, strong, and deeply rooted on a sunny Monday afternoon, but to what degree will these relationships bend on a stormy Wednesday evening before they eventually break? The resilience of business relationships and the true agility of companies in times of crisis can prove to be the saving grace to their post-crisis existence. 

Strategise your goals

Strategising your business priorities and planning for various plausible future scenarios can ensure the sustainability of your business. Hope for the best but be prepared for the worst, that’s the only way you will be able to adapt to whatever new reality a crisis may create. Realigning priorities and capabilities are not easy tasks, but necessary ones, particularly when unusual times, such as these, present us with unprecedented realities and uncertain futures.

Support your team

None of the above can be achieved without a confident, professional, and well-functioning team. Therefore, amidst all this madness, it is crucial to regularly check-in on your team members. Clear, regular, and effective communication can improve a team’s well-being and strengthen its ability and willingness to achieve its best. Honesty about the business’s current position, revised goals, and operational strategies is key. Managing emotions and sentiments will not only build confidence and motivation, but will also create a sense of belonging, where each team member will feel the need to serve their part to preserve the whole. 

Be informed and take initiative

There is no better time to take initiative than during a global crisis. However, this can only be truly valuable if you are well informed about your clients’ industries, their business model, and the impact of the global economy on their operations.  Reach out to your clients, identify business challenges that they may be facing, or may encounter in the near future, and offer a solution based on your knowledge of the anticipated market dynamics. Listen to their problems, foresee their needs, and offer reassurance that you are up to the challenge. This will strengthen your clients’ confidence in you and solidify your position as their knowledgeable and trusted business partner.

Strategising your business priorities and planning for various plausible future scenarios can ensure the sustainability of your business.

Be Mindful

It is important to always be mindful of our surroundings in order to identify the necessary approaches that unique situations require. Some circumstances allow us to be flexible and relaxed, while others deem a stricter methodology. Tailor your business style to the circumstances, if your clients are facing temporary business difficulties, then help them to manage their problems and don’t be an extra burden. This may mean extending credit lines or increasing the grace-period for the settlement of invoices. Irrespective of the case that you may encounter, always try to see the big picture, envisage the long-term impact, and understand the details before making any business decisions.

Touch base

Once a week or so call your clients to say hello and just check-in on their well-being. It is very important for clients to feel that their service providers are also their business partners who have their backs during hardships. Professionalism, technical capabilities, and impeccable service can help in winning a new project or in renewing an existing contract, but they don’t necessarily guarantee loyalty. This is why human interaction and trust sit at the top of the pyramid when it comes to maintaining successful business relationships.

Innovate and hedge

It is crucial for any business, irrespective of its size or geographic spread, to hedge against possible market volatilities. But how can businesses hedge against a new unknown, when the present is uncertain and the future is blurry. Despite the presence of multiple variable factors, limiting the impact of what we cannot control can make all the difference between protecting our business or closing the curtain on it. A hedging strategy can take many forms, from hedging against the loss of business to hedging against the loss of talent and capital. This is where the importance of innovation prevails.

During a crisis, the urgency to innovate becomes a necessity rather than a luxury, where businesses must redefine their operations to stay relevant and functional. Innovation is often correlated with technology, which narrows the true meaning of the word, as innovation can take many forms, ranging from innovation in business operations, talent acquisition and retention, client relations, business development, and most importantly in inclusive organisational leadership.

Components and Conditions

What is the key lesson we can learn from your book?

The key is in the title – ‘Components and Conditions’. The overall principle is that whenever thinking through a strategic problem, you must be very clear about what type of question is being asked. On one hand, the question can ask ‘why something is the case’ or ‘how the client can achieve something’. In this case, the question could have several different answers and therefore the phenomena being examined should be broken down into its various components. On the other hand, if the question asks, ‘should we do xyz?’ the question should be broken down into all the various conditions which must be true in order to answer ‘yes’ to the question. This is a very subtle difference but has a dramatic effect when structuring a problem.

This book isn’t just for consultants. Everyone can take something from it and from the methodologies applied by strategy consultants to problem solving. It’s really just a way to make decisions in a logical, well-structured way. Many of the frameworks are tailored towards corporate strategy decisions, but you could very easily apply the components and conditions method to deciding where to go on holiday, which university to go to or whether to invest in a new laptop.

What did you learn during your research and in process of writing this book?

I really enjoyed interviewing some senior strategy consultants at a range of firms who all gave me great advice. Probably one of the key things that came out of my interviews is that the case interview is designed to replicate a client engagement and is assessed as such, not just in the question you are asked to solve, but also in other less obvious areas such as how you draw out information from you interviewer and communicate your thoughts. The more you can think about your interviewer as your client, the better.

The overall principle is that whenever thinking through a strategic problem, you must be very clear about what type of question is being asked.

How did the idea for your book come about?

When I started my course at Imperial I was already set on a career in strategy consulting. I had decided over a year before, having been recommended researching the profession by a mentor during an engineering work placement. This led me to do a lot of reading around the ‘case interview’, typical of the strategy consulting application process.

Once at Imperial, I was determined to practice as many cases as I could in order to prepare for the interviews. However, once I started practicing case interviews I found the problem solving techniques I had learnt from the books, although providing a fantastic foundation, often could not be applied to certain case questions or had logical flaws that myself and my case partners found very confusing.

This frustration led me to start sketching out my own methodologies and frameworks for tackling strategic case questions. Every time I practiced a new case and got stuck, I would modify my approach and create a new and improved method or framework. This iterative approach gradually led me to a set of principles that seemed to work for any case I was given. These principles formed the basis of my book which I wrote before starting my consulting job. I felt that it would be a shame not to share these ideas which could hopefully help future students and form a best practise methodology for thinking about strategic decisions.

About your time at Imperial

Why did the MSc Innovation Entrepreneurship & Management (IEM) programme appeal to you?

I chose to study at Imperial primarily due to the content of the course. I have a creative, technology-focused background, having studied Product Design at undergraduate level, and was looking for a course that would allow me to leverage my creativity and technical skills whilst also providing me with the core management knowledge I was seeking. I looked at many different universities as far as Singapore and the US but when I found the IEM course, I felt it fulfilled this balance perfectly.

What was the most important learning point you took from your time at Imperial?

It’s very hard to pick one thing in particular however, coming from a non-business background, the knowledge I gained in economics, accounting and strategic management has been immensely valuable in developing my general business acumen. Other major takeaways from my time at Imperial would be; all things startup investing (my VC module was phenomenal), how to structure business problems logically and an appreciation of the breadth of careers my classmates are pursuing.

Why is Imperial and your alumni community important to you?

I get a lot of satisfaction from mentoring current students and giving back to the Imperial community in general. It’s always really cool to see advice you give being put into action and having a great result. For example, I recently introduced one of this year’s Management students to a VC fund I interviewed with last year so I’m very keen to see how that plays out. I’ve also made some of my best friends from my time at Imperial and see many of them regularly.

The impact of COVID-19 can be felt globally, across all industries and sectors. The long-term effects on the economy will potentially take many years to fade. So what is it like to graduate and job hunt during a financial crisis? And how can you overcome the challenges? We spoke to Premkumar Lakshminarayanan and Praveen Karadiguddi (both Full-Time MBA), who graduated during the recession in 2009, about their experiences and advice.  

What are the most challenging aspects of job hunting during a recession/challenging economic situation?

Praveen: Patience and mental strength. Job hunting is draining but don’t be discouraged. COVID-19 will not last forever. This too shall pass. Take small steps every day and Be patient. Keep going. It's just a matter of time.

Prem: It is the mental aspects of the job hunt that will be the most challenging to overcome. Reflecting on my own experience of graduating during the 2009 crisis, I think it made me stronger as a person.   

What is the best way to deal with these challenges?

Praveen: To be a successful job seeker in this climate, you have an opportunity to jump out of the box, uncover new possibilities and learn fast, be calm, patient and proactive. 

Crisis creates new opportunities, so think outside the box. Use the entrepreneurial skills learnt during MBA (or your programme) to see if you can solve any new problem that the market is willing to pay for it.  

During the last 2 years  the UK market is facing significant challenges due to IR35, Brexit and now COVID-19 shutdown. In 2011 I co-founded Scrumconnect Consultancy which has grown to 130 consultants providing consultancy services to the Department for Work & Pensions (DWP), Ministry of Justice and the Home Office etc. We recently worked with the DWP Digital team to deliver a service benefiting pensioners who are self-isolating or shielding during the coronavirus pandemic.

Crisis is always a chance to change and improve as it forces you to think unconventionally and master the paradigms. It applies not only to new products, technologies, and target groups but also to implementing new operating models and opening to new business collaborations.

Prem: Networking with peers and industry leaders will certainly help. Should a job prove difficult to come by, instead engage in freelance consulting assignments via freelancing websites, to keep yourself working on something interesting. This will give you new skills and open up new doors. 

How can you make yourself stand out from the crowd?

Praveen: Sell/Market yourself well. Do simple things like:

• Write blogs on your site and LinkedIn (or Imperial!). You never know who is looking because your target audience are silently observing you before they provide you with opportunity.  
• Optimize your LinkedIn profile
• Learn new skills - take free courses online
• Build your network and refresh your connections. Get to know your Imperial alumni community
• Preparation [includes] learning how to talk about yourself in a meaningful and powerful way

Prem: Having a diverse background certainly helps. In the absence of that, ability to showcase the growth mindset and demonstrating examples in one’s life where one has been able to handle an adverse environment and come out stronger will certainly help the case.

To be a successful job seeker in this climate, you have an opportunity to jump out of the box, uncover new possibilities and learn fast...

How would you approach job hunting – aim for your ideal job, or get your foot in the door first?

Praveen: There is no right or wrong answer here. The learning when I graduated in 2009 was waiting for the perfect/dream role and not even applying for the roles that were only meeting some of the criteria. 

I always remind myself of this famous quote by Steve Jobs “You can’t connect the dots looking forward; you can only connect them looking backward”. So you have to trust that the dots will somehow connect in your future. You have to trust in something — your gut, destiny, life, karma. 

With hindsight I would say take the role that comes your way and make it perfect to reach your goals. For example I picked up a Business Analyst role but using that I honed up my change management, stakeholder management and analytical skills etc which helped me when I set up my consultancy firm.

Prem: I took the first job that came my way and I don’t regret it. Talent, dedication and hard work are like a balloon submerged in water. No one can stop it from coming up eventually. If one applies themselves, you can shine through most jobs these days. 

Why is networking so important and what are your tips?

Praveen: Work your network. My first job after MBA came from an old connection. I had connected with the person before my MBA and had told her about my plans etc. I reached out to her along with many others and ended up with my first job through networking.

Looking for work during a downturned economy requires a little extra effort. Simply scouring the want ads won't be enough, though it's a good start. Now is the time to expand your horizons and use your network.

Prem: London is an excellent place for networking. Although lockdown has limited these opportunities, one can certainly participate in meetups, conferences. LinkedIn Professional is a great tool too. 

What was the most important learning point you took from your post-graduation experience?

Praveen: Recessions and COVID-19 situations are a high-pressure draining exercise, and to navigate successfully, individual's need to be flexible and ready to adjust. The difference I think is in preparation. Preparation in terms of how you apply, what you apply for and adjusting to the wind. 

Prem: Whatever goes down, has to comeback up. So hang in there, upskill yourself, network crazily, pick up a new hobby, and stay focussed. 

Right now our robot can serve all types of coffee, several different ice creams with toppings, soda and sweets. We are releasing mobile app soon, so that people can make online orders and send selfies to print on coffee foam. We are in process of working out fully robotic cafe with robot barista, automated dispenser system for deserts, bakery and special order delivering shuttles inside the tubes to customer tables. Of course, all orders will be placed through an app. Initially we estimate the cafe will be 20-30 sq m and 5-6 seating spaces as a trial, but in the future we plan to come to real restaurant formats. This might be the café of the future if social contact continues to be limited.

What's next for robotics?

The current global pandemic, COVID-19, has sped up the development and implementation of new technologies in different spheres. For example the way we set up ultraviolet lights to disinfect orders terminals after each order. Robots are starting to appear in our daily life more and more frequently, but some of the technologies are still quite expensive to implement. This is why we decided to develop a robot by ourselves in order to meet about 1 year ROI, in the case of the kiosk format and make robots more accessible to people. So, I think more robots will appear in our lives and start compete for working places where easy and repeatable actions are required.

This might be the café of the future if social contact continues to be limited.

Are robots putting people out of work?

We are frequently asked this question and our reply is that robots have been in our lives already for a long time. For example car manufacturers have robots running whole factories. Sometime ago producers realised advantages such as constant quality, less risk and economic efficiency compared to people. The similar situation will appear in every day services such as driverless cars, food services, cleaning or even medicine. But I don't believe robots will take over creativity jobs, for example chefs who create arts of work, or replace that social interaction between a bartender and a customer.  

How did you time at Imperial help you?

I can say it opened new doors for me and my understanding of the way to build international company. Good connections with students from different countries and different backgrounds really helps in developing project in other markets. Also, the good financial background that I got during my education at Imperial allows me to communicate with businesses in the language of numbers, which is basically at the core of any venture. 

Over the last two decades Angela Malik (MBA 2019) has influenced the global food industry as a top chef, successful entrepreneur and trusted government advisor. She is a thought-leader in the hospitality industry and an international voice on gender and race diversity, sustainability and change. One of her many roles is as Partner and Strategy Director at Think Hospitality, a collective of hospitality leaders working to grow brands and businesses in the restaurant, food and beverages trade.

In this interview she gives her thoughts on the long term impact COVID-19 will have on the hospitality industry and the innovative solutions which could help.

Impact on the sector

“The hospitality industry has always been synonymous with weekly pay and minimum wage. This means many workers have been hit hard by the effects of lockdown and the closure of the industry. 

“In many ways the industry was the canary in the coalmine in terms of flagging the initial economic impact of the pandemic on the country. We saw visitor numbers dropping, and a decline in Asian tourists as early as February 2020. We were already in a more vulnerable place because of the impacts of Brexit, and as an industry we were already feeling very undervalued. Then as the pandemic moved across Europe, the warning signs were taken seriously. There was a shift in public consciousness and suddenly we were at the top of the Government’s agenda. Then overnight the industry shut down. There was shock and panic.

“The government has certainly taken more notice, acknowledging the importance of food waste, food poverty, and the loss of jobs. The relief package and furlough scheme led to a sigh of relief from that point of view.”

As a board member on the influential Mayor of London’s Food Board, Angela was already aware of the need to address food supply issues within the capital. “The initial food shortages that we saw across the country as a result of lockdown, highlighted the huge contradiction. There was panic buying from supermarkets, which were left with bare shelves, while trade wholesalers had warehouses that were full, with food going to waste.  

“The food system is unequal and this situation has given us a chance to stand back and reflect. How can we make changes to create a more sustainable system? And how can we create more adaptable food chains.”

How is the industry reacting?

“One of the biggest challenges has been adaptability of business and service. The businesses that have been able to be agile and flexible are those which will survive – the wholesalers who now do door-to-door deliveries, the pubs providing take away meals etc.

“Green shoots are slowly starting to appear. We have clients reengaging – they know it will be a changed world, so how can they respond to this, what is next and what are the opportunities? Currently this is the great unknown. However as lockdown eases, it will be possible to scenario plan and strategically analyse options.

“There will be a new landscape post COVID-19, with a huge shift in terms of the key players. The giants who can’t adapt will fall away and mid-size and smaller businesses will have the potential to grow.

“Things will move to be hyper-local, which is a chance for local restaurants and shops to thrive, with those able to collaborate evolving at an even faster pace. Technology will be used to forward plan. Perhaps for restaurants this will mean moving to a model of 50% full for 7 days a week as opposed to 100% 3 days a week, based on advanced bookings only. Many people realise that government support can’t be sustained indefinitely and therefore they need to survive by reaching new customers. The causalities will be those what were struggling anyway, the ones that can’t be agile."

There will be a new landscape post COVID-19, with a huge shift in terms of the key players

Long-term implications

“One of the main issues for restaurants and pubs is what will they look like? Will they have to be redesigned in response to social distancing? Is it possible to create areas within restaurants where social groups can meet in safety? There will be plenty of space for creative thinking, but this won’t be possible for everyone and all businesses. How can you reconfigure seating without taking away from the experience? How do you create the same ambiance, atmosphere and intimacy that customers are looking for when they eat out?

“The pub industry is also taking a huge hit, just as it was on an upwards trajectory. In 2018/19 the wet-trade industry overtook restaurant growth, riding the wave of popularity around craft beers and artisan gins. The question is how are the big pub chains and owners going to support their tenants? The pub trade is not one which can easily adapt, so there may be industry losses here.  

“Three years ago Wetherspoon launched their Order & Pay app which allowed customers to order food and drinks to their table via their phone, without queuing at the bar. It was the most popular app in pub history. Could similar models work elsewhere? If drinks and food can come to you, and the number of customers is managed, this reduces social interaction. Of course, this will involve a huge amount of scenario planning, and projections on the minimal viable product, but it is possible.”

Now is the time to create our new normal, and we as an industry can influence how we want this to look.

A former student at Leiths School of Food and Wine, Angela is now a guest chef. She spoke about how the school is adapting to reaching out to a whole new global audience.

“Leiths Instagram stories and online cookery programmes have been very successful. They have adapted to deliver hand-on training, such as ingredients boxes through the post and cooking in real time online classes. This has led to global sign up and opened up the brand to a worldwide audience.”

And this positive response is one we should all be embracing according to Angela: “I believe this is a powerful, evolutional time. We have the chance to evolve into the next version of ourselves. I am an optimist at heart, so although I can see the challenges, I realise we won’t go back to where we were before. Now is the time to create our new normal, and we as an industry can influence how we want this to look.”

We encourage admitted students to meet their offer conditions as soon as possible. For those who require a visa to study in the UK, it ensures a smooth and speedy visa application process, and for those who don't it ensures you are able to complete your online enrolment and gain full access to the Business School's resources as soon as possible. We have put together some useful information to help make the process as easy as possible.

What is the deadline to meet the conditions of my offer?

We encourage you to satisfy any offer conditions as soon as possible and in good time for the early September start date of your programme, but you should aim to meet your conditions by our 8 August 2022 deadline at the latest, especially if you require a visa to study with us. 

We are here to support you during the admissions process so if you have any concerns about meeting your offer conditions by 8 August 2022, please contact the Admissions team and we will be more than happy to discuss the options available to you.

How can I satisfy my academic condition?

You will need to verify your degree via the Qualification Check service. You must access Qualification Check via the link listed in your offer conditions, this ensures you do not have to pay to use the service. You will need to register for an account and follow the instructions as indicated. Once you have uploaded your documents and they have been verified by your institution the condition will be updated on Imperial Gateway.

Alternatively, if your university has a secure e-transcript sharing service, you can also use this and share your transcript with us registering it to the appropriate email address. For MSc programmes this is business.admissions@imperial.ac.uk and for MBA programmes this is mba@imperial.ac.uk.

Please do not post your documents to the College as the team may be working remotely so there may not be anyone available to receive your documents.

How can I meet my English Language condition?

We accept many different English language tests, so you may already hold a qualification that meets our requirements – if you haven’t already, please visit our English language requirements page for full details on the English language qualifications and scores we accept. If you have already completed one of the accepted English language qualifications please upload a scanned copy to your Imperial Gateway account or send a copy to our Central Admissions Team and they will be able to verify your results and mark the condition as complete.

English language testing centres can get booked up early, so we encourage you to book your English language test as soon as possible. Remember, you need to give yourself enough time to receive the results and have our Central Admissions team verify them. It's advisable to also have a contingency plan in place in case you need to resit your English language test.

My programme requires a GMAT or GRE test – how can I meet this offer conditon?

If you are a Full-time MBA or MSc International Management admitted student, you may have a GRE or GMAT condition attached to your offer. Your scores can be submitted by sending the test report form to the relevant admissions email addresses for verification MSc Programmes, MBA Programmes.

GMAT and GRE are now also offering alternative online testing options to candidates:

• GMAT Online provides an interim testing option whilst GMAT test centres are closed. Tests are available for booking, 24 hours a day, 7 days a week. Scores are available to you within 7 business days and if requested can be sent to an institution within 24 hours of the test. The online exam is available in most locations, but there are exceptions due to regulatory and local data privacy rules (Mainland China, Cuba, Iran, North Korea, and Sudan).
• GRE General Test at Home – This online test is identical in content, format and on-screen experience to the GRE General Test taken at a test centre and accepted us as a complete equivalent to the in-person test. Individuals in Mainland China planning to take the test at home must visit takethegre.cn for specific information, policies and procedures related to registration and test day.

What other conditions should I expect to meet?

We also want to make you aware of some non-academic conditions that may be attached to your offer:

• Deposit – This is 10% of the total fee for full-time programmes and 10% of the first-year fee for part-time programmes. Once you have accepted your offer you will be issued with an invoice and you will have 30 days to make the deposit payment.
• References – There may be a reference condition in your offer if we have not received a suitable academic reference in support of your application. If you have a reference condition attached to your offer, your chosen referee can email their reference directly to the Admissions team from their official university email address.

We hope this has answered some of your questions around satisfying your offer conditions. You can find some further information on our admitted students pages. We look forward to you joining the Business School in the near future!