It's all going according to plan... but is it really?

We'll it's April 1st; not only is it April Fools Day, but this signals the end of the First Quarter (assuming you manage to the calendar year). This is very exciting day!

As an aside, April Fools Day is a day that you can play harmless practical jokes; these jokes, as well as the victims, are known as "April Fools". In theory, there are no consequences, harm or foul for your humorous activities, but remember, some people don't have a sense of humor and long memories, so tread with care. Apart from the obvious merriment, it is also a natural point in the calendar (particularly in business) to determine if you are "on target" to meet your plan objectives for the year.

There is a Six Sigma* saying that goes something like this, "In God we trust, everyone else bring data." I've always liked this saying, as it reminds us that hard, objective information lets us understand a situation and by extension, measure how we are doing against our objectives. Measuring first quarter results against your objectives gives you insight in to how you have started the year - Are you off to a great start, or are you falling a little short and need to course correct?

 Measuring how you are doing relative to expectations is key; it is a main reason why plans, goals and objectives need to be developed... as well as physically written down. It's all about having them down on paper in "black and white", and is the reason for the "M" in a S.M.A.R.T Objective**. "M" is for measurable - Measuring performance to your goals after the first 90 days -

• Develops an objective view of how you are performing to your goals.
• Indicates how effective your initial implementation has been.
• Offers an opportunity to"course correct" or initiate new activities with time enough to be impactful.

Data does not feel or think...it just is; having data and measuring it against your planned objectives eliminates these two statements: "I feel everything is going according to plan" or "I think everything is going to plan"; it allows you to say, "I know everything is going according to plan!"

If you find yourself saying "I think" or "I feel", there is a good chance you are not working from data. Data is knowledge, and knowledge is KING.*** 

gpe

* Six Sigma is a set of techniques and tools for process improvement and functional excellence. It was developed by Motorola and popularized by Jack Welsh who made it central to his business strategy at General Electric; it has been adopted by many businesses to drive improvement.

** SMART is an acronym, giving criteria to guide in the setting of objectives:

• Specific – target a specific area for improvement.
• Measurable – quantify a target of progress.
• Achievable – can the objective realistically be achieved, given available resources.
• Relevant – is the objective in-line with your strategies and plans
• Time-bound – specify when the result(s) can be achieved.

*** I know a dear geophysicist who is probably gritting her teeth over my loose definitions of data and knowledge. My only defence... the use of artistic license to hopefully illustrate a point.

How much is your idea worth? It depends...

The following is the original and the rewrite can be found by clicking here. 

First of all, I should point out my career has involved working in a cutting edge industry where the work was fun and challenging; offered me the advantages of travel, expense accounts, bonuses and stock options - Great times, invaluable experience, and a body of work to be proud of. I don't do that anymore... I'm now involved, more and more, with people who have an idea and are passionate about bringing to life. It's a wonderful opportunity I have been afforded...

I was at a networking event recently, which brought entrepreneurs and seed investors together for mentoring and guidance. It was there, I met someone who could be considered a "poster child" for the modern entrepreneur - His new economy "Uber-esk" idea, a very slick website, and an air of confidence that you could not help but like... did I mention he was still in his third year of university? That same week, I also met a person who was being creative with expanding the business, another who was wrestling with how to manage through a current cash flow problem, and then ended the week having dinner with two close friends*. 

In our conversations, we discussed our business ideas, our visions for the future, the challenges, and what we were doing; with excitement in the possibilities. We were creating value and worth with our ideas; the revenue we expected to generate or the valuation of these ideas with our favorite seed investors. It was here, that I realized the worth of an idea was much more than just monetary. And how valuable ideas really are - 

• Ideas feed your life goals - We all should have life goals, and as they say, "they should be BIG, so you can grow into them". Ideas are the birthplace for meeting those goals.
• Ideas drive accomplishment - "I have an idea, why don't we do this..." (or some other iteration), sets activities in motion, and this is how accomplishment happens.
• Ideas feed knowledge - more often than not, an idea will lead to something that you have not done before; simply said, "you will have to learn how to do it".
• Ideas feed your well-being - Ideas, by their very nature develop creativity, accomplishment and success. All good feelings.
• Ideas are self perpetuating - Ideas beget ideas, particularly if they are shared... "That's a great idea and that makes me think of this idea... we could probably try this... that gives me an idea..."
• Ideas are the birthplace for solving problems - If you want to solve a problem, the largest list of ideas you can come up with will hold the answer.

Ideas are curious little things though... it's not what they are, but what you do with them, that defines their worth. Three options come to mind -

• You bring your idea to life - this is simply where you dedicate your energy and emotion to your idea; then work very, very hard to make it a reality. It's fair to say the more complex the idea, the more of a roller coaster ride it will be - Don't forget to enjoy the ride.
• Give your idea away to someone who will make it a reality - if you have decided not to make your idea a reality, let someone else do it. What is served by holding onto it?
• Holding on to an idea and doing nothing - There is no advantage to holding onto an idea and doing nothing with it - It's even worse when you say you are going to make your idea a reality and never make the attempt. 

The worth and value of an idea is in its execution... the shame of an idea, is not attempting to execute on it at all.

gpe 

* Dinner with Big D and The Duke was a good time and I wish them great success with their ideas.

The problem statement... a solution to a runaway meeting.

A meeting can be defined as a gathering of two or more people that has been convened for the purpose of achieving a common goal such as sharing information, reaching agreement, etc.* - With that said, meetings are one of those business topics that are easy fodder for opinion, which more often than not, isn't flattering.

Dave Barry, the Pulitzer-Prize winning humorist said, "Meetings are an addictive, highly self-indulgent activity that corporations and other organizations habitually engage in only because they cannot actually masturbate". I myself can still remember a meeting where a team, after 45 minutes, had still not come up with a name for themselves, I truly don't know if they ever did, as I just left to go do something more productive... see how easy it is to take shots. It is not my intention to spend any time on the "six easy steps for a more effective meeting", as the Internet can serve you very well that way. I did however, want to spend a minute or two on how the "Problem Statement" can be used to effectively stop a runaway meeting. 

A while back, I found myself in a "we have to fix this meeting"... six or seven people around the table brainstorming and as you may appreciate, it was a free for all with conversation from every direction. About ten minutes into the meeting, a very wise financial leader asked a very simple question that brought the meeting to a very abrupt and silent halt.

"What is the problem statement we are trying to solve for?"

It was very apparent we really did not know what we were there to discuss, let alone solve for. After about five or so minutes of reflective comments and open thoughts, we rallied around a half-baked problem and finished the meeting. I actually don't know if we had another meeting on the subject, but then again, I may have blacked it out.

As a quick definition, a problem statement is a concise description of the issues that need to be addressed by a problem solving team and should be presented to them (or created by them) before they try to solve the problem*. Asking what the "problem statement is" comes in handy as a galvanizing question in meetings when the objective is to solve a problem - It is also useful to sort out meetings that don't seem to have an objective.

This brings me to another point... all meetings should have articulated objectives:

• A meeting to share information.
• A meeting to plan (includes meeting to take advantage of an opportunity).
• A meeting to solve a problem.
• A meeting to reach agreement and manage next steps.

In my opinion every meeting should begin with the meeting's objective and the problem statement that the meeting is trying to solve for. But again, everyone has opinions on meetings.

gpe

* definitions are from Wikipedia