Showing posts with label business development. Show all posts
Showing posts with label business development. Show all posts

Wednesday, June 26, 2019

Avoid the Complacency Trap Using Four Important Concepts

As an individual contributor, you must not become complacent in your role. This applies whether you're an engineer, a manager, a scientist, or a financial specialist. You must stay vigilant during your job, so you do not become lax in completing your tasks. This becomes more important as you gain more responsibilities in your career. I share four concepts on how you stay active in your current role, and you can apply my advice throughout your life.

Keep a Daily Journal and Review it

I remember reading that Ashton Kutcher keeps a daily journal. He writes in it first thing in the morning before he opens his email. This allows him to focus on what he needs to get done before others' requests distract him. Why does this apply to steering clear of complacency? When you write your first thoughts, focus on how you truly feel today followed by the first three things you must get done today. Aside from increasing your productivity through increased focus, you can gauge your mindset. Ask yourself questions like

  • Do I feel bored in my job? Not just at this moment, but in general.
  • Have I completed all my major tasks?
  • Do I feel uncomfortable speaking with my peers? With my managers?
  • Would I rather be doing something else? Be somewhere else?
We all have bad days. Days when we have little to do, or we would rather be at the beach, the park, home, and so forth. This drives an important point about keeping journals: You must review your past notes regularly. How else would you know if your behavior becomes regular if you do not review your notes. Perhaps you are bored with little to do every now and then. However, what if this situation drags on for a week? A month? Longer? This becomes complacency at its core, and it could be dangerous for your career. Suppose your company performs poorly. The company leadership will look to trim its staff, and they will look towards people who either perform poorly, contribute little to the corporate strategy, or both. If you do not correct your lack of work, your manager might show up in your cubicle with this feared speech: "I need to speak with you. Please come to my office." You might not like what he has to say, as it could be an introduction to your layoff.

Look, your career prospects need not be gloomy. The purpose of writing a daily journal and reviewing it is to help you course correct. You learn patterns that could derail your current job, and you take actions to change your behavior. Behavior modification demands persistence and daily due-diligence. It sounds daunting and difficult, yet you are not alone. This brings us to my second concept below.

Speak to your managers about your concerns

Do not wait until your yearly review to speak to your managers. By then, they might have no clue who you are. They probably don't know what you do for the company. Instead, make regular face-to-face meetings with them. I say managers in plural for a reason: You might regularly interact with multiple managers whether they are your first line manager or program managers. I suggest that you make monthly one-on-one appointments with them. If you feel or have been told you perform poorly, schedule meetings more frequently. You must get into a regular business rhythm, so your managers can give you proper and updated feedback.

You don't feel comfortable meeting with your manager? Find a mentor and meet with them. Your mentor can give you advice on how you can approach your managers. In rare cases, your mentor can approach your manager for you. However, I would advice against asking your manager to do this. It puts them in uncomfortable positions. Besides, you must learn how to approach your managers. You will get comfortable speaking with them as you develop a regular meeting rhythm. You will build trust with your managers over time. This will help you tell them what concerns you about your career path.


Glenn Llopis at Forbes Magazine notes that "your performance at work begins to wane when your voice is not heard.  Speaking-up fuels discussion, ideation and group-think." Times exist when you should speak up, and you will need practice on what you should say. This assumes that you have not developed a habit of speaking your mind. Remember, be respectful when speaking with your managers. State your situation honestly, and offer your managers solutions to help them help you improve your job. They will respond positively to this request.


If you find your role unchallenging or lacking in things to do, your managers will gladly help you find more work. Of course, you might have other concerns outside of your job's tasks. Perhaps you feel your job has become too easy, or you you're coasting through your work. You might have issues dealing with coworkers. You might realize that your current position is not what you thought it would be. In all of these cases, speak with your managers. They can help you make the most out of your current position, so you can have an exciting and fulfilling career. Of course, they're not the only people you should speak with.

Meet with your peers / team members

Feedback can be difficult to receive and to give. Few people enjoy receiving critical feedback, and many people feel uncomfortable giving criticism. (OK, there are a few people out there who give criticism no matter what. I would like to assume these people are few, far, and in between.) I have an important point: The longer you work with a team, the better they get to know you. You shouldn't wait for your coworkers to give you feedback. You should ask them for it and make them feel comfortable. Be candid in noting your concerns, as you have a genuine interest in continuous improvement. Remember, this will help improve your career in the long run. It might hurt at first, yet you can reflect on why their feedback stings.

Why should you speak to your peers about your job concerns? For one thing, it will help build trust. Especially if you are the team lead, you develop your team's trust by speaking with them daily. A leader who retreats to a cave (office) does not lead. At first, you might feel like you're micromanaging your team. If you feel this way, and you think your team might share that opinion, you explain to them your intentions for speaking to them often. For example, you have genuine concerns that you are not doing your job to the best of your abilities, and you want to make sure that your team and you are on the same page. Remind your team, and yourself, that this is not personal. You reach out to them because you want to maximize your and your team's productivity.

Created with Canva: By showing your vulnerabilities to your team, you show them that you're human
By showing your vulnerabilities to your team, you show them that you're human

There exist other reasons for speaking with your coworkers regularly. For instance, Patrick Bosworth (Founder & CEO Leadership Choice) notes that clear communication in the workforce gives "Improved connection between co-workers for a more positive and satisfying work environment," and builds "better relationship with managers and leaders." By regularly and clearly communicating with your team, you show them that you care about their work. They share your company's mission. Do not retreat into shyness. Get to know them. Let them get to know you. They will let you know when you begin to slack off, and that will keep your career moving in positive direction.

Of course, you should not forget regular staff meetings. I'll discuss that avenue next.

Regularly Attend Staff Meetings

You will find it acceptable to skip all sorts of meetings throughout your career. I've been to meetings that were disorganized, off-topic, and complete waste of my time. However, I make a point to attend regularly scheduled staff meetings. Why should you attend staff meetings? Your managers provide you with information relevant to your job. Monthly staff meetings exist for managers to share with their staff project updates, opportunities within the company, staff awards, and staff promotions. Some managers ask their staff members in attendance to provide short status updates. If you skip staff meetings, you will miss out on these opportunities.

There are several types of staff meetings. I've already discussed the first line manager's meeting above, others include:
  • Project / Program 
  • Senior Leadership 
  • Executive
Project and program meetings will focus on the current project. Senior leadership meetings focus on issues relating to that leader's team. The higher the leader's responsibility (say: Senior Manager versus Director), the more general the meeting becomes. The executive meeting focuses at the division or company level. You would want to attend these meetings, so you can get a sense of what goes on within your company. You might learn of opportunities outside of your immediate organization. This would be beneficial if you've become complacent in your career because your job no longer challenges you. Perhaps you feel the time is right for a promotion. Although you could look for jobs in the internal career website, an exciting project might pique your interest. You could focus on jobs related to that.

Remember, when you decide to speak up during staff meetings, show courtesy and respect to your managers and your coworkers. If you feel the need to offer constructive criticism, understand your organization's culture first. Although I would advice you to error on the bold side by offering your criticism, you might encounter a leader who dislikes receiving negative feedback. If that is the case, find someone you trust like a mentor, and express your concerns in private. You need not limit your career by causing an insecure leader to dislike you. After all, your goal in speaking up is to ensure you become aware of what goes on around you. You want to maximize opportunities for professional growth, so you do not grow too comfortable in your job.

Summary


I gave tips on how you can stop being complacent in your career. Complacency can derail your job because you become unaware of what goes around you where you work. The three concepts I discussed are writing a daily journal while remembering to review it, speaking to your managers regularly, reaching out to your team on a daily basis, and attending staff meetings regularly. Write down your thoughts and learn your patterns. Do not fear speaking to your managers face to face, as they want you to succeed in your job. Learn to speak to your coworkers regularly, and you will build their trust. They will tell you when you begin to slack off on the job. Although many professionals dislike meetings, you will learn about opportunities throughout your group or company, and you will learn project status. If your company's performance begins to sour, you might first learn about it during a staff meeting. Better to learn it there, so you can ask your managers detailed questions, and you can show them that you're genuinely interested in the company's performance. In closing, the danger of complacency is that you do not become aware that your job is in danger. You must aim to continually add value to your company. A side effect is that you will find your career to be more fulfilling. By following these tips, you can avoid the complacency trap of thinking that you're happy as a clam, yet you're about to get shucked and eaten alive.












Wednesday, June 19, 2019

How You Can Successfully Propose Your Engineering Projects using Five Principles

Engineers enjoy working on cool projects. We're nerds and proud of it. It is one thing to work on a hobby project such as home automation with a Raspberry Pi single board computer (SBD) or developing custom Alexa Skills. Suppose you have an idea for a cool project where you work. How do you convince internal funding sources to fund your idea? Ultimately, you must write a project proposal. Before you do that, I will describe principles you should follow to ensure your proposal's success. This article assumes you will internally propose your idea instead of an using an external crowdfunding source like Kickstarter. I share five principles on how you can get your project ideas funded within your company. These principles are

  1. Check for relevance: Focus on your company's technical strategy
  2. Refine your idea: Write, Re-write, Re-write again
  3. Determine your project costs: ROI is key
  4. Find the relevant markets: More demand means more interest
  5. Write to the funding source's guidelines: Stay within the lines while painting vivid pictures
Follow these principles to increase your odds of proposal success. Let's start with making sure that your idea aligns with your company's technical strategy and why you should do this.


Write a proposal to showcase your technology, or engineering project's relevance to your company's leadership
Write a concise project proposal to show your idea's relevance to your company

Check for relevance: Focus on your company's technical strategy


If you want to sell your idea to leadership, make sure that it aligns with your company's technology strategy. Companies typically publish their strategies internally on their Intranet. It might take some digging to find it. You might need to speak to people in the Business Development department. My point is this: You must know your company's technology road-map and where your idea fits. If your company develops autonomous cars, for example, an algorithm to improve its ability to cooperate with non-autonomous cars would be beneficial to your company. An algorithm for self-regulating temperatures in people's house would not.

At a high level, companies exist to make money. Explore this concept deeper, and you will find that companies have missions and values. Missions explain why companies exist: make the world a better place, make roads safer, help people live healthy lives, and so forth. Values set the boundaries on how companies will go about fulfilling their missions. Your idea must help your company achieve their mission.  Simply put, the technology strategy explains how they will do this. You can find advice on developing strategies, yet you need not worry about that. Your ideas represent tactics -- ways that you help your company execute their strategy.

Refine your idea: Write, Re-write, Re-write again

I've been told that the first draft of anything sucks. On a side note, the quote "the first draft of anything is shit" is often attributed to Ernest Hemingway. However, it could be attributed to Anne Lamott who authored Bird by Bird. When writing, I live by the mantra Fast, Bad, and wRong or FBR. (For more details on FBR, see the "Fast, Bad And Wrong: A Mantra For Creating The New And Impossible.") The ideas here are not that you suck as a writer. It's that first drafts represents your opportunities write all of your technical thoughts down on paper. You want to do it FBR, so you do not lose your thoughts. Write down your thoughts fast, so you document them. Do it bad, so you don't pause and reconsider what you write down. Do it wRong because you will revise your proposal multiple times to get it right. This does not mean that you should write your first draft in one sitting. No, if you need to take a break, take a break. However, when you sit down and write, make sure that you focus on writing your proposal

Remember your company's technology strategy? When you revise your first draft into your second draft, refer to the strategy. If you documented technical ideas that do not align with the strategy, remove them or put them in a future works section. When I write first drafts, I use a "more is better" strategy with FBR because I want to cover my bases. However, I know that I will not need all this material. You can delete text. It's OK.

Tip: Learn concise writing, or try not to express your idea with a plethora of beefy wordy excessive words

When you revise, say what you want to say with as few words as possible. In other words, keep it short and simple. Although teachers expressed this idea to me from an early age, I find guilt in not following this advise. You probably do this too. Why do people write lengthy papers? Perhaps they trained to a "grade by thickness" mentality in college / university. Perhaps they think the more they write, the more important their writing becomes. Unfortunately, the audience gets lost in discursive statements that drone on and one. In fact, they probably don't read it. Why do you think proposals have abstracts and executive summaries? Rhetorical question.

When you edit your draft, you should cut excessive verbiage. Take my sub-header for example. Instead of writing, "try not to express your idea with a plethora of beefy wordy excessive words," I could have written "express your idea with a minimum number of words." It's straight to the point, and you don't fall asleep when reading it. I find it vague, yet I could revise it further to say something like "express your idea briefly yet comprehensively."

Tip: Have someone else review your proposal draft

We are all blind to our own mistakes. You should have someone else review your revised proposal draft. At this stage, it would be inappropriate for you to have a member of your company's hypothetically names Innovative Technology Research and Development Board review your proposal. However, if you know a fellow engineer or technologist who interfaces with that group, you have ask them to review it. You could ask your manager or another manager to review as well. Better yet, find someone who successfully submitted a proposal to this group. That person would know what works and what didn't. Offer to meet with them over coffee or lunch, pay for them, and have a list of questions prepared. Take notes during your conversation, and thank them both in person and via email for their time

Determine how much your project costs: ROI is key

To sell your idea, you need to show it has a reasonable return on investment (ROI). To show ROI, you must figure out how much it costs to implement your project. This serves as your baseline to prove that the company will earn a long-term profit if management funds you. You can break costs down into one of several categories:

  • Engineering / software development labor costs
  • Manufacturing costs including tools and labor
  • Fringe benefits
  • Hardware procurement
  • Software procurement / licenses
  • Training and education

Even if you develop software as your proposed project, you will need to buy hardware. For example, if you decide to develop a cutting edge Deep Learning / Artificial Intelligence software application, you will need a machine with Graphic Processing Units (GPUs) to handle the processing you need. Your standard word-processing and Excel laptop for day to day work will not cut it. GPU powered computers are not cheap, and you will need to factor that into your proposal cost.

What are fringe benefits? Think of them as cost of money involved with bringing people onto your project. Suppose you staff your project with a senior engineer having an hourly salary of $50 / hour. You will need to factor in costs for that engineer's benefits including health insurance. With fringe benefits, this could easily become well over $100 / hour. This becomes important because your company's Internal Research and Development Program (IRAD) already considers fringe benefits in employee hourly rates, so your budget will retract if you do not include it in your budget. Imagine you budgeted that senior engineer for 100 hours at $50 / hour. With that budget inconsistency with the true rate, you will get no more than 50 hours for that engineer. Your project could fail with half of that person's time. Include the fringe benefits in your labor estimates.

How do you calculate ROI? Once you know your costs, you can calculate the return using one of several measures. The measure you use will depend on what you intend to accomplish:

  • Process improvement: Number labor hours saved multiplied by hourly rate(s)
  • New product: Number of units sold 
  • Product upgrade: increase in sales, cost savings to customer
Remember, these figures are estimates. You perform your own analysis to derive both your costs and returns. How do you effectively calculate such numbers? Much of this comes from experience. As you gain engineering experience, you develop a sense for how much time and effort projects take to completion. Granted, you might feel uncomfortable in calculating sales estimates. In that case, find a coworker who successfully submitted project proposals, and request their help. 

Tip: Have your coworker review your ROI figures

Every person is blind to their own mistakes. When you have your coworker review your proposal draft, request they review your ROI estimates. They could find something you missed in your calculations, or they could tell you that your sales estimates are way off base. The IRAD program review staff will review your numbers, so you want them to be accurate. If you know a coworker who serves as the liaison to that program, seek their advice before your submit your proposal. They will know what kinds of proposals get accepted, and which proposals get thrown into the trash bin.


Find the relevant markets: More demand means more interest

When you calculated your project's ROI, you might have calculated how much sales would increase. Although many companies have lofty values and mission statements, remember that leadership wants to show profits. You show profits by convincing them that your idea generates market demand. How do you show that your project increases market demand? You must talk to people. Discuss your idea with coworkers, managers, current customers, and potential customers. Figure out what they need. According to Josh Wolfe on The Knowledge Project, "ask yourself: 'What Sucks?' Almost everything that we use, almost everything that was ever invented, started with somebody saying, ‘Huh, that sucks. I’ve got a better idea.’” Go out and ask people what they think sucks in their lives, and you can figure out how your idea can make their lives better.

If you consider yourself an introvert, you should learn to behave like extroverts. Challenge yourself to speak to strangers. Seriously, you must learn to sell your idea. You will have time to develop your project on a bench by yourself later. This is the time for you to reach out for support. Yes, you can figure out market demand by doing Internet searches. However, companies rarely publish the best known information online. If you do not work in customer relations, find people who work in business development. Send them introductory emails and request 30 to 60 minutes of their time to discuss your idea in person. You will learn much from these conversations including uses for your project. What's the worst that can happen? You can learn that your idea has no relevance, or someone has already done it. If this happens, consider it an opportunity to move on to a better idea.

Does the market have to be external? No. You could apply your project to other business areas within your companies. This rings true if your idea focuses on process improvements. For example, if you propose to use Artificial Intelligence and machine vision to improve yields in smart phone processing board manufacturing, your company's television division could use that idea to improve yields in their television production lines. What if your company's divisions have different customer groups? If you prove value to both groups, you increase likelihood that your leadership approves your project.

Tip: Develop your professional network well before you develop your project proposal

You might notice a common thread in proving market value: You need to speak to people. To make this easier, develop your professional network. When people know you personally, they show more willingness to help you. If you have opportunities to attend conferences whether internal to your company or not, attend them! If you can present on a project, by all means, present it. Whatever you do, DO NOT miss out on the networking opportunities that conferences represent. Speak to people, find out what interests them, hand out your business cards, and get their contact information. You never know when you will need their assistance. The person you chat with at a conference could be a potential customer, an insider to a potential funding source, or someone who can mentor or coach you when you develop your project proposals. Get out there and make yourself known!

Write to the funding source's guidelines: Stay within the lines while painting vivid pictures

Look, you should respect the review board's time. This means that you write your final proposal draft according to their guidelines. If they request a one page summary, provide them with a one page summary. Yes, you will develop far more than a page while you develop your project. That's great because you can save that information for when they ask you for more information. Do not provide them with information they do not request because (a) they will either not read it, or (b) they will be annoyed that you make them spend more time reading irrelevant text.

Of course, project proposal guidelines can have more than page limits. The review board can request you provide the following in your proposal summary:

  • Summary of project
  • Project implementation plan
  • Project timeline
  • Project costs
  • Source materials including any prior work (i.e., patents)
  • Any products your proposal supports
  • Relevance to other business units
  • Sales or ROI estimates
You will not need to provide all of the information I listed above in your proposal. It depends on your company's internal processes and the funding source. It will take time for you to provide this information, yet you should compile this information when you edit your proposal drafts. You should provide this information concisely. (See my tip on concise writing.) If the internal IRAD group has an internal website for you to submit proposals, make sure you save your inputs in local documents. It sucks when you write text in an online form only to lose it to a system glitch.

Tip: Prepare to present your project proposal

Keep extra material saved in separate documents, so you can incorporate them into a project briefing proposal. You can delve deeper into your proposal when you present it to the proposal board. However, you need to stay within their guidelines here as well. This means using the company presentation format and staying within a predetermined time limit. The more prepared you are, the more likely you will impress the proposal board. You want to convince them that you can

Summary

In this post, I discuss five principles that you can use to successfully write an internal business proposal for your engineering project idea. Engineers enjoy working on cool projects. Imagine developing a matter transporter used in Star Trek or a light Saber used by Jedi knights. We love turning science fiction into science reality. Unfortunately, engineers often work in business environments where they must prove their idea's worth before leadership will grant funds for developing these projects. The five principles discussed include focusing on your company's technical strategy, refining your proposal idea, determining project costs and ROI, finding relevant markets to sell your product, and writing your proposal to the funding source's guidelines.

Not all ideas are created equal, nor are the best ideas guaranteed to receive funding. By following these principles, however, you will increase your proposal's acceptance chances. These principles allow you to develop your idea to your audience's needs.


Do you want to learn more about engineering, career advancement, and leadership? Please read my prior posts on this subject: