Present-Fighting vs. Future-Fighting

In business, there are two very important sets of responsibilities.  The first focuses on day-to-day operations.  It is very important that things don't go out of whack, because no one likes change.  Your customers will be mad, your boss will be disappointed, your coworkers may be disdainful, your house plant will wilt and regulators may slap handcuffs on someone.  I'm going to call it present-fighting mode, because your job is to maintain the status quo.  Sadly, this has nothing to do with boxing gifts. :(

The second focuses on the future.  What is the future, you ask?  No one knows, and that's why it is important to think about it.  Unfortunately for those engaged in firefighting, the future will bring change and people will have to adapt.  You should be thinking about future change some of the time, so you don't get blindsided.  You're preventing yourself from being marginalized, rather than making others happy.  Here we'll call it future-fighting, because you need to find the prevent the new status quo from gobbling you up like a grue.  


At my experience level and age, most people I know are focused on present-fighting.  That is their job and there is a lot to be said for doing your job well.  Doing your job poorly, for example, will get you fired.  No one asks the lower-level people to look at anything outside the here-and-now, so few people do.  But you need to!  You need to devote at least some time, like 30 minutes per day, to thinking about and planning for the future.  As you move up in an organization, future-fighting becomes more important and can lead you as high as you want to go.

Choosing a business opportunity

Having just finished my graduate degree in Business, this one is particularly close to my heart.  I am now in a position I've never had before - people are coming to me with their ideas and asking me to be a part of them.    It's exciting - because I get jazzed by other people's passions - and scary - because I'd be responsible for the fulfillment or derailment of another person's dreams.  If I want to be involved, I need to pick something and go with it.  So how do you choose one opportunity over another?

Questions to ask yourself

What you really need to succeed is the right attitude.  To do that, you need to find a path that matches you as a person.  Some introspection is required (in my case about 5 years), but these questions are well worth it.  

• Where do I want to be in 5 years?  10?  20?  
• What kind of work setting do I like?  Structured?  Unbound?  Secure?  Shifting?
• What is most important to me in life?  
• Is there anything I won't do?  Too dangerous?  Too disgusting?  Against my personal code?  
• What am I good at?  
• What do my family and friends think about my choices so far?  

Those questions above are certainly not comprehensive about planning your direction in life, but they are a great start.  Now that you have that all sorted out, you can start planning your future. 

What opportunities are available to me?  

This is really a function of your network of friends and family.  It is difficult to find a new job or other opportunity without the aid of your network.  In fact, many schools, including mine, tout the quality and reach of their network as part of the admissions process.  It is much easier to talk to people you already know than find work in a completely new geography.  

Which involve people I can work with?  

The people are super important.  Without a great team, an enterprise can't succeed.  Unfortunately, they can also kill the enterprise, if they are in the wrong positions.  Be sure (or at least pretty sure) that your partners are competent or able to learn, and good people.  You're going to be working with them for quite a long time, if things go well.  

Where can I make money?  

For me, this is one of the least important.  Yes, there are certain things you can do that won't make money.  But those are few and far between.  I know lots of people do things that I would have guessed wouldn't make poodle spit, but they have turned it into a career.  Don't be afraid to follow your dreams, because building custom cat towers can certainly be a full time job, if you do it right.  

Just do it!

Thank you, Corporate America, for reducing that awesome phrase to a tag line for shoes.  :(  But after you are pretty sure you have the right path, go for it!  Take the time to develop your contacts, try your hand at something new, and get involved.  It is crazy how easy it is to start something, if you know where you want to go in the future.  Or even if you don't know where to go, you can start something and see what it feels like.  

Best of luck in the future!  :)

Think hard before suing

Ah, law.  It is an imporant institution, but there are often better ways to handle a dispute.  I'm not trying to disuade you, but please be aware of the following items when deciding to take someone to court.

Its super expensive

I hope that everyone knows about how expensive it is to hire a lawyer.  Their rates are notoriously expensive, and can sometimes be measured in 5-minute increments.  Unfortunately, there also may be court costs associated with your suit, costs to pay off in the case of a loss, and the costs that may be passed on to you to pay for the other party's defense, if your lawsuit is frivolous.  In all, bringing a court case can cost tens of thousands to millions of dollars in fees alone.  

It will take forever

Another thing that lawsuits are notorious for is the time it takes to have them processed.  The courts are overworked, and they often have difficulty getting cases through their tight workload.  And schedule problems aside, there are a number of different motions you can make in court to get more time.  One example is the Motion to Extend Time, which allows a someone three weeks to submit an answer to an allegation.  

You have to put complete faith in a stranger's judgement

There are likely very people reading this who have a lawyer on retainer.  And hopefully very few who have so much contact with a lawyer that you would trust their judgement without a second thought.  For those of us who don't spend our time in court, we often have to trust that a lawyer has our best interests at heart and that we can trust their judgement when it comes to law matters.  I am terrible at accepting things I don't understand, so this is one of the strongest issues that might prevent me from executing a lawsuit.  

Any prospective business relationship is ruined

Lastly, there is a long-term consequence.  If you pursue a lawsuit, it is unlikely that the defendant will ever do business with you again.  You may even be on such poor terms that they begin to dissuade others from buying your product or service.  A lawsuit can be one of the most effective ways to burn bridges in history, so be sure before you do so.  

Why NOT to use business jargon

Jargon, basically, is a set of words used primarily by specialists for discussing a specific field of study.  Jargon is supposed to be made up of words that have very specific meanings to define exactly what you are trying to say.  But business jargon is often meant to confuse and mislead.

Bad reasons to use jargon

1. To sound smarter.
2. To cover that they don't know a better word.  
3. To make other people feel stupid.   
4. To fit into a group.
5. To evade difficult topics.

Why they're all terrible reasons

Because none of them is the reason jargon exists - to make things clearer!  Each of the reasons above is hiding truth for different reasons.  In one case, it is a weapon, in another a shield, and in another a white flag. Thankfully, I can keep using those metaphors because their use is too wide spread for them to become jargon.  

Words to Avoid

You can find a good list here.  Or here.  Or here.  Or any number of other places on the internet.  Personally, I despise the phrase touch base.  I think it has something to do with my dislike of baseball, though I'm not even sure that's where it comes from.  It gets more difficult when you try to avoid words that you learned had specific meanings, like I did in grad school, but don't have perfect synonyms.  ><

What you should say instead

Say Exactly What You Mean!!!  That's not so hard.  Putting your thoughts into easily understood sentences was something we learned before we entered junior high school.  Then, in the years of schooling since, we learned to be indirect when writing.  I, and everyone else, appreciates it when you say things succinctly and clearly.

Meeting Etiquitte

Meetings are a fact of life, unfortunately.  No matter what business you work in, private or public, for-profit or non-profit, people have to get together and talk.  That's all it is.  But in the business world, there are many unspoken rules about how a meeting runs and the etiquette surrounding it.

Deciding to have a Meeting

This is the most important step.  Meetings are formal requests to use someone else's time, and often require them to perform some work prior and after - making them a drain on the person.  A meeting also takes time away from other activities, so there is a very real opportunity cost to holding one.  Finally, you have to be sure that the topic of your meeting can be addressed best this way.  Not everything requires, or even benefits from, having everyone involved.

Setting up your Meeting

So you've decided to have a meeting.  There are x things you need to consider.  The attendees, time, and place.  

Choosing who you will invite involves both planning and politics.  First, be sure to invite the people who you absolutely need, such as contributors or approvers.  Without at least a portion of them attending, there is no purpose for your meeting.  The second group is determined by the interpersonal relationships and power structure.  Anyone who isn't a stakeholder and doesn't have the clout to get in the door can be overlooked.  But there may be people who may be offended if you don't invite them, even if they likely won't attend anyway.  Remember, meetings over nine people tend to be for communication, not work.  

The time and place will be determined by your attendees' availability.  When setting up meetings, first find out if someone else controls the calendars, and, second, have two or three time frames (2-3 hours) in which you can make it.  Be more flexible with your schedule the more important it is to have a certain attendee.

The Meeting

First, show up on time!  It is not hard to do, if you schedule properly.  And, in the USA at least, it is impolite to be late.  For me personally, it is one of my biggest pet peeves, and will sour me on a first impression.  

In the meeting, if you are in charge, be in charge.  Make sure to tell the group what the purpose of the meeting is.  Have an agenda, to make sure you address important points. Moderate discussions to make sure they don't run too long.  Respect the thoughts of those in the room.  Respect everyone's time.  

And if you're the attendee, be helpful and productive.  Try to be familiar with the meeting topic and agenda (if available).  When the meeting is called to order, sit down and give your attention to the moderator.  Respect the thoughts of others.  Be helpful when asked questions.  Give your best when asked to address a problem.  Don't be rowdy.  Just be well-behaved!

Post-Meeting

Responsibilities after a meeting really depend on the culture of the organization.  An emailed thank you may be appropriate.  Many attendees appreciate minutes.  Agreed action items should have timely follow-up.  At the very least, thank the attendees for their time.  Time is so valuable!  

Organizational Purpose

I've been flooded with discussions on strategy lately.  And one of the main questions that comes up is along the lines of "What is the purpose of the organization?"  Organization, of course, can mean any group of people - not necessarily a for-profit corporation.  It can as small as a two-man garage band or as large as Wal-Mart.

I'm a firm believer that every organization needs a purpose, no matter how small.  Purpose can be anything.  It could be to make music, to enjoy the company of friends, mutual protection, or any number of other reasons.  The most common in business is "to make money," which was the mantra pushed in a book I read, The Goal.  Making money is a key to survival, but it can't be the only reason for an organization's existence.  BUT...

Problems with Organizations Focused on Making Money

• Wouldn't be a very rewarding place to work.  
• Output would tend to reflect only high-reward opportunities. 
• Ignores new opportunities.
• Can breed unethical and/or illegal behavior.  
• Creates a hostile, driven work environment.
• Don't make a true impact on the world (for good or evil).  

That last one is the key.  You really want to make a difference in the world, and an organization is the best way to do it. It enlists others and gives them something to strive for.  The whole is greater than the sum of its parts is no more obvious than in a smooth-running organization.  

Here are some organizational purposes.  

1. To make easy-to-use, aesthetically pleasing technology
2. To help people suffering from the ills of third-world life.  
3. To maintain and distribute common goods.  
4. To provide convenient drug and convenience stores.  
5. To provide high-quality baked goods and meals containing them.   
6. To protect the United States.  

What do you think about the Chicago Cubs?  Fox News?  Your local high school?  

-sjk

My Answers:

1. Apple
2. Red Cross
3. Government
4. Walgreens
5. Panera Bread
6. U.S. Army

Overcoming Adoption Apathy

Change management has been high on my personal list of business concepts for a while.  I've been really focused the last few weeks on overcoming adoption apathy - the feeling that sets in during any type of change initiative that prevents you from wanting to change anymore.

Source

I'm sure everyone has, at one point or another, wanted to change something about either themselves or someone else.  At the beginning, everyone sees the need to change.  They're excited about improving the situation.  You have buy-in from everyone.  But then after a few weeks or months, that great momentum diminishes.  People stop being excited about the change, because its actually taking place.  But because they're not paying attention, the actual change itself slows, stops, and may even reverse.  

Overcoming Adoption Apathy

Over the past few weeks, I've come up with my personal ideas for working through Adoption Apathy.  I've tried out several, and these are the tactics that seem to work best for me.  

• Approach the change tangentially.  When I think about an obstacle all the time, I get overwhelmed with the scale.  I do better just going about doing it, and forgetting about how big of a chore it is.    

• Have a secret change partner.  The most powerful push for me to work is when I know someone is counting on me, and they will recognize my work and accomplishment.  But your brain is wired so if you tell someone your goal, it will fill you with happy chemicals.  So you have to keep your goal to yourself, but know who you're hoping to get recognition from.  

• Keep it fresh.  Don't let the change be something you did last month.  Make changes in your plan that still meet your goal within the framework of your plan.  This keeps you engaged and excited about it.  

• Don't fret over failure.  Yes, you should set goals.  They should be B-HAGS (big hairy audacious goals) so you push yourself to the best of your abilities.  But meeting those goals is not life-or-death.  If you don't meet them, remember that the journey was important, too.  There will be another chance tomorrow.  

• A change plan doesn't work for everyone.  You have to know the people involved (yourself, employees, customers, etc.) to find a change plan that will work.  Just be aware that a single change plan, no matter how broad, will not touch everyone involved.  Work to adapt the plan to the individual, if you can.  

I hope that some of these help you.  Each individual and each group is different and needs different rules to make change happen.  If you have any other ideas, I'd love for you to post them in the comments below.  

-sjk

Timing your work

Today I'm going to tackle a topic that is both a personal issue and strength for me - timing work.  The vast majority of people out there have some sort of metrics relating to work performance, whether it is very specific (number of calls made per hour) or very broad (is my small business making money).  Since time is a finite resource, everyone needs to worry about their own time and how it is being spent.  

I read an article discussing two types of scheduling - forward and backward.  Forward scheduling starts with the estimated duration to find the end point.  Backwards scheduling starts with the deadline and works backwards to discover when it needs to be worked on.  Most knowledge workers, myself included, use backwards scheduling to determine when we need to work on a project and if we'll need to put in overtime or bump another project to get it done.  I'm pretty aware of my capabilities, so I feel pretty good at back-scheduling.  

I run into a problem when I'm given freedom and have to set my own work schedule.  If I'm not given a deadline, I can't effectively back-schedule, and my work load starts to pile up, waiting for a deadline to spur me into action.  Oh, how my life was difficult until I discovered that setting deadlines for myself took care of the problem.  I had to learn that my problem was using backwards scheduling when forward scheduling was appropriate - without knowing what those two were!  

If you have any scheduling strategies and/or stories to share, please post a comment.  

-sjk

New Business Opportunities

Happy Fragrance Day!  I certainly hope you get to enjoy all the people out there who smell nice.

Everyone wants to get in on the ground floor of a new business.  They want to be a part of the realization of the next great idea, and make a pretty penny along the way.  The main problem is how to do that!  There are a lot of web sites that outline ideation, and I really like reading about them.  But when you're a skilled professional that wants to find a growing opportunity, how do you do that?
 
Be excited. As I've begun my personal path toward the front end of the innovation curve, I've noticed that the more excited you are about an idea, the more people are drawn to you.  The more people who are around, the more input you have for your own ideas.  And a bonus is that people will help you refine your idea, not to mention execute effectively. 

Talk to everyone about new ideas.  I'm not advocating that you share all your ideas with everyone.  But if you begin talking to people about new ideas - especially those that you know you will never implement, you become a valuable resource for vetting ideas.  You basically get in on the ground floor of other people's great ideas. 




Share your ideas with everyone.  Ok, now I'm advocating that you share your ideas.  Sharing is the source of many innovations that have occurred in the past.  Many will tell you this is a terrible idea because it lets all your secrets out.  The rewards are not to have the best idea, though.  Those come from great execution.  You just have to be aware that there is competition out there and not be afraid of it. 

I have found these based on a my experience with social media, and applying the ideas I found there.  They are not new, but they do really focus on the value of relationships.  I can't wait until I get to explore new ideas with my grad school teams post-graduation. 

Traditional Media

I'd like to talk about traditional media.  Just to recap: Traditional Media (aka Mass Media) is any communication channel that reaches a broad audience and is inherently a one-way communication channel.  This includes:

• Newspaper
• Television
• Radio
• Internet Banner Ads
• Billboards
• Magazines
• Point-of-Sale Displays

Traditional media is no longer the powerhouse it once was.  In the past, it was very effective because there were a limited number of communication channels, so an advertiser could use one and reach a large percentage of their audience while also reaching a large percentage of the general population.  Traditional Media's reach has slowly declined for a number of reasons, including the proliferation of options in a given communication channel, invention of new communication channels, and the desire to have a 2-way communication relationship with customers.  

I'm not saying that Traditional Media is dead (yet), but when you choose to use them, you have to:

• Be sure you are reaching your target market.
• Have a strong marketing message that has been tested for effectiveness.
• Be willing to make a substantial investment in a small number of media channels. 
• Smoke cigars, drink scotch, and pretend you are in the 1950's.  

Net Present Value

Today I impart the most important takeaway ever from Finance or Financial Management.  Always do a project if the Net Present Value is positive. It represents the culmination of a project cost calculation that includes the time value of money and the likelihood of different outcomes, and spits out a value for the project that you can use to objectively compare it to other projects (if you have limited funds).

Net Present Value (NPV) is a financial calculation used to determine whether to pursue a project.  NPV takes into account everything (if possible) about the project.  You need to quantify reward and financial outlay, of course.  But you also need to consider the risk of a project not meeting your projections.  In a simplified example, if you have a 50% chance to win $1 million and a 50% chance to lose $1 million, rationally, the chance would be worth exactly $0.   That evaluation needs to be done with a person's risk tolerance in mind, too.  While rationally that chance is worth nothing, a someone with a high risk tolerance may believe that the possible reward is worth the possible loss.

All financial projections have flaws.  I learned about several of them.  But the model with the LEAST flaws is NPV.  This calculation is the way a numbers-oriented manager chooses new projects.  There are underlying assumptions that must be stated when doing the calculation, but if you only make conservative assumptions, the calculation is defensible and persuasive.

Word is your bond

I'm trying out a new format, dedicating my Fridays to the practical skills and knowledge that a business person needs to succeed.  They will range from basic to advanced, and I will only cover things that I believe everyone in business should know to make them a well-rounded business-minded individual. 

"My word is my bond."  I'm sure you've heard this almost cliche line spoken in old westerns or samurai movies.  It requires a long-standing pride and effort given to building a positive reputation in a community.  It signifies that you can trust that person not to go back on an agreement.  More than that, it assures the listener that you agree in spirit, as well as with terms.  It says that, for good or bad, the agreement has been struck and it won't be broken on my end.  And it doesn't require any more formality than a solemn promise. 

Some today might think this idea quaint.  I believe that many chose to allow the honor represented by that sentence to fall by the wayside as corporate America became more driven by contracts and written documents than by handshake agreements.  More and more, companies and individuals attempted to put into writing every possible circumstance so each side would have the exact specifications of the agreement.  It removed risk, but also removed the partnership and trust that makes separate parties work together well. 

Every business person should be able to make to say the phrase "My word is my bond" and have people respect it.  It would make many things easier.  If you could trust every single one of your employees to do what they say they do, then you can also trust them to bring any problems that are outside of their control to you for corrective action.  If you trust the word of your peers, you can ask them what their priorities are, and not be afraid of stepping on landmines when doing your internal political planning.  And if you can trust the word of your employers, then you don't have to worry that the plug will be pulled on your division without notice. 

I don't want to sugar coat it, though.  There is bad with the good.  Being true to your word sometimes entails work, sometimes a lot, sacrifice or hardship.  You will go far in business if everyone can trust everything you say.  Remember that as you are standing by your word and doing the right thing.

Leadership vs. Management

These two often are used interchangeably, but I've learned in grad school that they should be applied to two distinct, but important, qualities.  I've heard several ways to define the two, and all definitions point to dramatically different purposes and applications.  

One that has stuck with me is that Management is the ability to produce results, while Leadership is the ability to produce change.  Managers take the current situation and existing processes and get them to be the best they can be.  Managers are concerned with things like efficiency, continuous improvement, and other ongoing improvement initiatives.  By definition, they are not focused on, nor produce, chance because that interferes with the system's functioning.  Leaders look at the current situation or processes and, instead of asking "How can we make this better?", they ask "Should this be the way it is?"  Leaders take into account the external situation, including competitive drivers, cultural trends, and a variety of other factors.  When they analyze something, they are prepared to make changes that will benefit the system in the long term, but my cause problems in the short term.  

It is important to notice that the two seem like they are mutually exclusive.  Managers refine and preserve while Leaders change.  But they are both important skill sets for anyone who seeks to be the head of a team of any size.  Each person in charge should be able to get the most out of their reports and systems, but should also be aware of opportunities for improvement through drastic change.  So what school has given me is the ability to think both as a Manager and as a Leader.  I naturally think more as a leader, and have been spending my conscious effort on managerial topics.  I'm very excited to try them out.