Seeing as how The Avengers had the best opening weekend in history, it is clear that there is something enticing about the idea behind this film. And there is! For one thing, Marvel Comics has built up character backstories for years that people identify with either through comic books or the movies. But that is only one aspect that is appealing. The other is the interplay between these powerhouse characters and the fact that, though incredibly powerful on their own, only by combining their unique strengths can they overcome a massive, world-altering threat. It is this characteristic that businesses can learn from, particularly as it relates to the tools they use to solve their business problems. Can businesses really learn from comics characters? Absolutely! Lets delve a little deeper.

The Avengers Are Mighty Individually

Though it can be argued that certain Avengers are more powerful than others (Hulk, anyone?), it nevertheless remains true that each can stand on their own and still represent a potent and efficient fighting force. The same can be said of most quality business software. If a program is entirely dependent on another to be of value, then it is subject to weaknesses that might not befall a more independent system. Further, many programs like this do not represent a significant value, and are often upsells for a core product. While they might increase the functionality, they normally do so at a disproportionate cost. If a business chooses to abandon the core-product, the add-on will become worthless as well. Sunk costs like this can be very damaging.

They Work Better With A Leader

[Minor Movie Spoilers] In the beginning of The Avengers, the heroes are all tossed together and almost everyone gets in a conflict. These characters are all used to being at the top of their game, and they are all strong leaders. However, once they fall in line behind a certain spangly-bannered someone, they become much more organized and effective. In business, there are going to be certain programs that the organization is more comfortable working with. If other programs are proprietary and do not play nice with the programs that the business already feels comfortable with, then their value decreases dramatically. It is always easier to access information in just a few places. The more dashboards that employees have to go through, the more difficult it is to understand and execute on the information available.

Avengers Cover Their Weaknesses

The best part about the avengers is that, when they team up, they can overcome weaknesses. The Hulk has a group that can keep him in check and point him in the right direction. Iron Man has a moral authority to keep him grounded. Hawkeye has people to distract enemies while he shoots arrows from afar. The point is, they accentuate and enhance strengths while minimizing weaknesses. Business tools can and should do the same thing. If there is a facet of a comprehensive program, such as Microsoft Dynamics, that doesn’t quite work to solve your needs, another piece of software can be configured to jump right in so that you can keep going and get your work done. In the end, it’s all about minimizing problems and boosting efficiency.

Are your business tools super-powered? If not, take a look and see what will give them the juice they need to take on problems you face every day. That way, when a metaphorical planet altering invasion of space monsters occurs, you will be able to handle it.

Competitive advantage. The term brings to mind long meetings spent listening to various market reports, conjectures about competitor pricing and strategy, and of course looking at the clock every five seconds wishing that the conversation was over. Long-term forecasting of the competitive landscape is not without value, yet it does have one disadvantage that is baked right in: unless competitors are handing you actual plans and numbers, you are essentially engaging in advanced guesswork. Unfortunately, those guesses can easily prove false or inapplicable.

So, is there any sort of advantage that is definite, measurable, and applicable to every competitor regardless of industry? I am so glad you asked.

I term it the “lightspeed advantage” because it implies that you are able to pivot from bad situations and escape to clear, profitable waters at the speed of light. Remember when Han Solo made his lightspeed jumps away from the empire? Well, there is no reason that your team can’t be like the Millenium Falcon.

The key is to keep track of all of your resources, both human and monetary, so that you know exactly what you have available and when. Then, you must be sure to check those resources against your backlog of completed projects (you have been keeping a backlog of projects, right?) and determine the types of projects that have the greatest opportunity for profitability. That way, when opportunity presents itself, you will know your constraints and can bid with an almost nonexistent margin of error. If a project or customer doesn’t fit your criteria, move on to one that does.

This may seem like an obvious advantage, but think about it: while competitors are tied up dealing with projects outside of their scope, constantly vying for attention and eating up resources, you have completed two or three projects and are working on more. The difference is in the specificity. You knew you could complete the assignment with your proposed budget and deadline before you even began. The stakeholders are happy, your team is happy, and you are rich. 

Journyx provides efficient timesheet software for businesses large and small. We have covered many of our software's advantages in the past, from key integrations to small business advantages. One of the topics we discuss the most is the importance of building a backlog of data from which to learn, and we stand behind that. The value of a backlog of information is maximized if the business begins tracking time from the outset. However, many businesses do not realize the necessity of a robust time-tracking tool until much later, relying instead on less sophisticated paper-based methods or simply not tracking time at all. Any startup should definitely integrate time tracking as a core process.

For one thing, the disparity between what the startup founder thinks will take the most time and effort and what actually takes up the majority of a company's time is often quite different. Even if a business is being “bootstrapped” and run by a small number of people, it is incredibly valuable to know what the greatest time sinks are for your company, and where more attention is needed. In many cases, it is not readily apparent that specific tasks are preventing other, more important duties from being performed. A time-tracking tool, and the discipline to use it, will reveal such issues quickly. Startups that can pivot to tasks with a greater ROI are often the ones who find the greatest success.

Another benefit of time-tracking for startups is derived from the first. By knowing exactly which tasks are time drains, you can determine what jobs can be outsourced and which ones require a dedicated employee. Take a company website, for instance. If the team is relatively inexperienced and spending a great deal of time coding the site, it might be a good idea to outsource the project so that they can focus on jobs that play to their strengths. If, on the other hand, the team is struggling with ongoing website maintenance issues, and the site goes down for extended periods of time, it might be better to go ahead and hire a programmer full-time. Remember, both skill set AND time should act as determinants for resource allocation.

I know what you’re thinking: one of the greatest challenges for startups is lack of cash. How can you afford an advanced time tracking solution? Well the good news is that Journyx provides its Timesheet application for free to all businesses with ten users or less. We want you to be successful, and we believe we can help. Get your time under control so you can determine the best path for your business, from startup to mature company.

Businesses are consumers to professional goods and services just as people are consumers to personal goods and services. Businesses are susceptible to many of the same problems that any consumer faces. One of these is the purchase of tools that ultimately prove extraneous, either because another tool in their repertoire already fulfills a key need, or because the tools are useless as a standalone. The truth is, with enterprise-level software, standalone functionality often doesn’t cut it. If a tool cannot communicate with other important business applications, then ultimately it makes business systems clunky and inefficient. Like a link in a chain, individual software may be strong, but unless it is chained together with other strong links, it isn’t useful.

Obviously, the less sophisticated a business is, the easier it is to get by with simple, standalone systems. The problem is that the number of businesses that fall under the category of “simple” is very low. Let’s be honest, businesses only really seem easy from the outside. Even the most basic business has managers, founders, and executives throwing their hands up and asking, “What’s next?”

There is no one solution that will fit every company and that is kind of the point. Choosing software that recognizes its limitations and allows for linkages with other software to addresses those weaknesses is a very sound strategy. Popular business software such as Microsoft Dynamics follows this principle, and that is one reason why many companies view it as a flexible and intuitive program. There is no reason to limit yourself when so many options are available to customize your software to fit your needs specifically.

The key is to find what works and what doesn’t. There are many ways to go about this, from looking up software reviews to following companies on social media, but one of the most effective is still a quick phone call. Businesses should be able to answer questions about their tools and how they can solve your problems. Calling a company also serves as a fantastic litmus test for customer service, which every company claims to excel at, yet comes up short in reality.

Eliminate “shelfware” and expand the capabilities of your business software through a little research, and you will find that business problems become much more manageable. Insight is a key competitive advantage, and even moreso given the cutthroat pace of our current economic climate.

Have you found any particularly effective software combinations? Do you have any tips for evaluating the efficacy of business tools?

Government contracting differs from traditional business ventures in many key ways, and one of those is the marketing of your product. As in any industry, differentiators will ultimately determine who wins the contract, yet it is important to realize that these differentiators are unique when dealing with government agencies. For one thing, you are not offering a good or service to a wide market; you are offering it to one particular agency. For that reason, specificity is much more important than in traditional marketing. You are only trying to capture the attention of one customer, so your marketing efforts should reflect their needs in detail.

You also must realize that these agencies can see right through buzzwords, marketing slogans, etc. because they are ultimately irrelevant to them. Using such words in your approach is not only useless, but potentially harmful, as they indicate that you do not know what they actually want. Offering to build “the highest quality airplane money can buy” will be less effective than saying “we can build you an airplane that meets your target specifications for $50,000 less than you thought it would cost,” for instance. These kinds of details will make a big difference when the time for proposal comes.

It is also important to acknowledge the human element of these interactions. Since the idea of a massive bureaucracy is so closely associated with government agencies, it is easy to forget that individual humans have a significant impact on where a contract is awarded. It is therefore very important to network with the agencies that you are interested in contracting for to get an inside view of requirements, and also to become a friendly resource for them. Successfully doing this can translate to a contract award since you will be remembered as a valuable asset when they are making final decisions. Don’t lose sight of whom you are trying to win over, and market to specific agencies, and you can significantly increase the odds that you will win the contract you want.

This is the third installment of our 3 part series entitled “5 Aspects of Time Tracking Nirvana.” Please read part 1 and part 2 before continuing here.

Let’s jump right in to the final aspects of time management that automated software can help:

4. Timesheet Rules Handling

In nearly every business environment, there will be rules dictating employee time spent on work. This might mean that certain activities are disallowed at certain times, or that employees are only allowed to work a certain number of hours per week, or any other of a variety of regulations. For companies using a paper timekeeping system, these rules can quickly become arduous to navigate. Employees will be required to memorize or look up the rules every time they have even a slight deviation in their standard time entry, and approvers will need to be even more careful as they peruse the numerous timesheets submitted that might have slight errors. Again, minor errors at the data entry level can quickly snowball into much larger issues down the line.

Automated timesheets can effectively eliminate the vast majority of these problems. For starters, they can be arranged so that certain options are not even available to employees. This makes sure that those activities that employees should not engage in cannot be entered at all. Automated timesheet systems also allow for timesheet rejection notices and reminders that come without requiring the attention of a supervisor. Thus, employees will know immediately if there was an error, saving time for both themselves and their managers as well as minimizing the chance for entry errors.

5. Workflow Approvals and Process Auditing

At some point along the line most companies will want to get employee timesheets in front of a qualified approver to make sure that the time is being spent on relevant tasks and that there are no other issues. If a business is acting as a government contractor, the DCAA will also want to make sure that a qualified supervisor is monitoring employee time. In even modestly sized organizations, manual timesheet entry presents numerous issues in this regard. In situations that require multiple levels of approval things quickly go awry, requiring multiple copies of daily time entry to be stored and catalogued.

Automated time entry systems can be programmed to follow a designated approval path and, once there, allows timesheets to be shared as necessary throughout the organization. Further, it allows multiple layers of approval so if an employee is working on a project, but that is not his only responsibility, then the project manager can view data appropriate to him while another supervisor receives different or more complete data, depending on the needs of the company.

For an audit report, this becomes even more critical, as the ease with which timesheets and timesheet processes are identified can make an audit either extremely painless or convoluted. Automated systems create an easy to follow approval path and offer instant access to timesheet data. As long as employees follow baseline processes, no audit will ever be unnecessarily difficult.

Final Thoughts

Remember, every time tracking system is a tool. Unless a business has effective processes in place, no timesheet system can be effective. That being said, an automated time tracking system is a much better tool than a manual system. Businesses who implement them discover the numerous advantages of easily accessible employee and project data, allowing them to make more accurate adjustments and future predictions that will ensure maximum profitability.

This is the second installment of our 3 part series entitled “5 Aspects of Time Tracking Nirvana” If you haven’t read part 1 please do so here.

Let’s take a look at some of the specific ways an automated time tracking system can optimize your daily time entry and data access needs:

1. Employee Project and Work Type Selections

One of the most important features of any time tracking system is for employees to track their time to specific tasks or projects. That way, the company can see exactly where employees are most productive and restructure responsibilities accordingly. In a manual system, employees will be required to sift through long lists of tasks, many of which are not applicable to their role. Obviously, the chance for confusion is high, and when confusion exists at this basic level it can snowball into massive errors requiring extensive revisions.

Automated time tracking software alleviates this issue by filtering tasks to specific employees. That way, employees cannot assign time to tasks outside of their role. This reduced chance of confusion and error helps establish a baseline by which an employee can properly navigate the time entry process. Further, it saves time by allowing the employee instant access to approved responsibilities.

2. Daily Time Entry Compliance

While companies have time entry requirements that vary from strict to relaxed, there will be situations in which is necessary to require specific, daily time entry. A great example of this comes when dealing with the DCAA as a government contractor. In this scenario, employees would be required to enter time daily (no later than 9am for the previous days work).

Obviously, this aspect of time tracking greatly benefits from software, as it is far easier to prove that there are standards in place for an automated system than in a manual, paper-based one.  Automated software provides daily reminders that make it nearly impossible for an employee to forget this requirement, and the software provides an incredibly effective audit trail should the DCAA ever need to take a look at your records.

3. Auditable Correction Process

In even the most advanced time tracking software systems there will be the need for the occasional correction because, let’s face it, humans will always find a way to make mistakes. In time tracking as in life, it is the way those mistakes are handled that separate the excellent from the wanting. The DCAA can play a role in this too. If a business is acting as a government contractor then any and all changes to existing timesheet data must be documented.

In a manual system these corrections, and their documentation, can quickly get out of hand. There is really no easy way for an employee to make corrections, and then the approval of those corrections, along with a file keeping system that makes those documentations easy to access in the event of an audit further increases difficulty and room for errors. In practical terms, it is a logistical nightmare.

Automated time tracking software makes this process much more easy. Documentation is kept in the software itself, and previous time entry data is easy to access. Approvals of corrections, should they be necessary, are also much easier as managers can simply check the individual employees entry data. Again, auditing this system is very easy because all changes can be noted and viewed easily.

In the third and final installment of this series we look at the final two aspects of time management that automated time tracking software can help with. Stay tuned for more great information!

Paper based employee time tracking is certainly possible. However, possible rarely means optimal, and in this case it certainly doesn’t. Let’s list a few of the disadvantages of this antiquated time management system: Employees will require extensive knowledge about the types of projects and tasks they can log time against. They must also be trained on processes for manually correcting existing times entries. Approvers must then painstakingly review every timesheet to make sure that it is correct, and they must then account for any errors. While this might not take much time on a one-off basis, it will represent an enormous waste of effort that could be better applied elsewhere. Of course, the chances that an error might go unnoticed or uncorrected are also much higher in a manual process. 

So what is the answer? Simple. An automated time-management system can drastically reduce errors while allowing employees and managers the ability to accurately view where and when time is being spent most productively. There are several steps in the time management process that can be automated to quickly downgrade any headaches. Those are:

1. Employee project and work type selections on timesheets
2. Daily time entry compliance
3. Auditable correction process for existing timesheet entries
4. Standard timesheet rules handling
5. Workflow approvals that capture process/change details and ensure proper approval

Automating these aspects of time entry will have direct results, and the best part is that it isn’t very hard or expensive to implement such a system. The best providers will offer you both cloud and installed options for time management software.

In the next part of this series, we will begin looking at these time-management steps in depth to demonstrate exactly how quality software can maximize the value of your time and resources.

This Q&A was taken from our Journyx webinar series featuring Wes Fue entitled “Federal Government Contracting-It’s a Whole New World!” For more information, sign up for an upcoming webinar or check our archives for previously recorded webinars.

The short answer to this question is: no. Consider this, you wouldn’t want your pricing information out there either! However, that does not mean that there is no way to determine a fair pricing structure for your contract proposal. One of the most effective ways is to go to usaspending.gov. From there, you can find a wealth of pricing information. For instance, you can see how much government agencies have spent on projects similar to the one you are proposing, you can see the total amount spent on certain project categories, and you can see the types of projects your chosen agency has awarded. If you are still on the hunt for competitive intelligence, it is also possible to type in the name of a business to see the projects that they have been awarded in the past and the pricing of those contracts. All of this information is free and public. So, even though it is not possible to see a specific bid for an active solicitation, it is very possible to structure a reasonable estimate using the wealth of information available online.

Many businesses require approvals of employee time entry, the more flexible the better. In addition, they often require layered approvals, or approvals from more than one individual, whether that be from supervisors, HR, or managers of specific projects. Microsoft Dynamics, one of the more popular offers a basic level of this functionality in Business Portal, but unfortunately the approvals are set to allow no more than one approver and one supervisor to review the timesheet. While this may work for smaller and simpler companies, expansion and a desire to use timesheets in a capacity beyond administrative functions will require a more robust approval system.

Another issue with the basic validation levels concerns the ability for employees to edit timesheets even after they have been approved. This effectively renders the approval invalid. Time spent going back and double-checking all previously approved timesheets for discrepancies is obviously and needlessly wasted. Approvers need to be able to “lock down” a timesheet after approval, unless of course there is an explicit reason for later modification, in which case the approver should be given the ability to request changes as necessary.

Fortunately, it is still possible to reap the substantial benefits of the Microsoft Dynamics accounting programs. Journyx Timesheet combined with Accountlink for Microsoft Dynamics allows for full approval flexibility. Timesheets can be entered and approved through any web browser, and do not require any technical knowledge whatsoever to navigate and submit. Once the approval process has been completed, the data can then be easily transferred into the Microsoft Dynamics interface. In this way businesses can experience all the benefits of Microsoft Dynamics while maintaining the robust approval levels that modern businesses require. There is no reason not to experience the best of both worlds thanks to Journyx Accountlink for Microsoft Dynamics.

Unless you are living in utopian sci-fi society, all of your employees are human, and that’s a good thing because humans are smart and resourceful. They are also prone to make mistakes and forget things. The time entry functionality of Microsoft Dynamics Business Portal is unfortunately very susceptible to both of these flaws. If an employee makes a mistake or forgets to enter time by a set date, there is nothing to validate or remind them to do so.

That means, most unfortunately, that approvers will have to manually look through timesheets to check for errors or omissions with no real idea of where, specifically, an issue will arise. Since approvers are often managers or even higher-level employees, this waste of time can have a very real and detrimental impact to the operations of a company. Worse, because Business Portal doesn’t feature multi-layered approvals, it is possible that an erroneous timesheet could make it all the way to payroll, necessitating a lengthy period in which timesheet submission processes must be backtracked and fixed. Again, a waste of time for all involved.

Businesses must have a system in place that both validates timesheets to make sure there are no issues with the entered information, and that sends reminders so that timesheets are submitted at a designated time. Fortunately, Journyx Timesheet combined with Journyx Accountlink for Microsoft Dynamics allows for just such a functionality, and does so while still enabling all of the advantages of Microsoft Dynamics, extending its value by adding necessary functionality.

Data from Microsoft Dynamics can be transferred bi-directionally with data from Journyx Timesheet, so the robust validations and reminders set in Journyx Timesheet reflect in the Microsoft Dynamics program. Best of all, none of this requires any advanced technical skills, and data can be input and viewed over the web. It is a convenient solution to a very real problem, and can drastically improve the value of timesheet data through error eliminations.

This Q&A was taken from our Journyx webinar series featuring Laura Faulkner entitled “Holding Your Ground-3 Keys to Expanding Your Government Contracts Now” For more information, sign up for an upcoming webinar or check our archives for previously recorded webinars.

This can be tricky, because it is never wise to spread yourself too thin and dilute resources. However, considering the potential volatility of government contracting (due to budget costs, contract realignment, etc.) it is also wise to branch out into several different contract areas to be sure you always have a place. Thus, it is advisable to proceed into those other areas using a low-risk approach. That might mean subcontracting or taking on smaller contracts initially. That way, you do not expend too many resources on untested ventures, and should the need arise to reallocate resources it will be easier to maintain a less risky contract with less experienced personnel. 

The most obvious question many people ask when they decide to pursue a government contract is almost always, “where do I start?” Unfortunately, they will often hear many different things from various advisors, and while the advice can be quite solid, it always overlooks the fundamental first step of the process. I am not talking about receiving your DUNS number or even checking the available RFP’s. In fact, you shouldn’t be directly involving yourself with any government agency at this earliest and most crucial stage. No, your first step is incredibly obvious, yet so many aspiring contractors overlook it – a critical mistake.

The first step when pursuing a contract is to create a business plan.

Again, this seems incredibly apparent, but a major factor in contract failure is the inability to meet the terms of the contract due to poor initial planning. It is impossible to make a realistic plan without knowing the resources you have available and what the realistic costs of the pursuit will be. That means going through your existing business plan (you did create one initially, didn’t you?) and revamping it with this new business goal in mind. Contracts require some flexibility, so it is always best to err on the side of caution when adding this important endeavor to your future plans. However, the pay off for going through this innocuous logistical task means that you will be better prepared for the rigors of contracting.

In order to create a plan with a potential contract in mind, it is absolutely essential to know your business data, best achieved by keeping and maintaining a backlog of information from past projects. This will allow you to make accurate forecasts about future allocations of resources. You will also be able to make more precise proposals that promise the maximum ROI for your company while still being competitive. Without an accurate estimate it is very possible to either over or underbid on the proposal, resulting in needless frustration for you and the agency, and even a possible loss of the contract. So, right now, go and fix your business plan. It’s an easy step that will save immense headaches later.

This Q&A was taken from our Journyx webinar series featuring Wes Fue entitled “Federal Government Contracting-It’s a Whole New World!” For more information, sign up for an upcoming webinar or check our archives for previously recorded webinars.

This is an excellent question. Unfortunately, the answer is that they do not have to. While agencies do release the final competitor standings they do not necessarily advise across the board. For a business that is waiting for a decision to proceed on certain other business operations, this information can be crucial. Therefore, it is a good idea to stay on top of the contracting agency and ask for a debrief if you have submitted a contract and know that submissions close on a set date. You can also wait a couple of weeks to see if a decision has been made if you are uncertain of the close date. Finally, it is a good idea to find out where you stood in relation to the other competitors if you do not win the contract because most agencies will base their decision on a relatively fair scoring system.

It may seem a little counterintuitive, but tracking time can actually be used to strengthen employee morale at the office. When viewed through an automated system wherein employees track time to tasks, it can readily become apparent where employees are spending the majority of their time, but more importantly, it can also demonstrate where they are spending their time most efficiently. These two metrics can be referenced together to gain insight into what employees are assigned to do, and what they actually enjoy doing.

Let’s break this down a little further with an example. Say John is in charge of managing his company’s website. Viewing the hours he has tracked over a set period of time, it is obvious that he spends the majority of his time cleaning up bad code, refreshing links, and performing mundane site maintenance.  However, as an occasional side assignment, John also works on building code for his company’s software. His timesheet indicates that he spends far less time on this.

However, the savvy manager looks at the time spent on both of these tasks and compares completion rates to find that while John spends much more time on maintaining the website, he actually completes a greater percentage of work in less time when working on the software. The manager checks the software and finds the work is good, thus negating the possibility that John was simply speeding through the task to get it done. On these grounds, the manager decides he has enough information to speak with John about a shift in responsibility since it appears that John is better at programming software, and thus might enjoy that work more.

This example might seem simplistic, yet you would be surprised just how often circumstances like these appear in an organization, and how often they goes unnoticed. Employees working on tasks that they view as mundane will become dissatisfied in their job roles very quickly, increasing employee turnover unnecessarily. With a little insight it is possible to increase employee morale without necessarily spending more money or offering incentives. Simply giving workers responsibilities at which they excel creates the groundwork for increased satisfaction and productivity long term.

When Thomas Hobbes wrote The Leviathan, his philosophical political treatise, he put forth that a government should be heavily centralized and have near absolute power in order to essentially save people from themselves. Thankfully, western society affords us much more freedom than this theory would allow, and somehow we survive without bludgeoning each other over the heads with dull stones. That being said, much like the government in Hobbes’ philosophy, the United States government does have some “sovereign” powers that ordinary consumers do not have. When working on a government contract, it is important to realize this, as well as how those privileges can affect you.

One of the most important of these additional rights is the ability to unilaterally alter a contract, so long as it remains within the parameters of the contract. In practical terms, that means that the government contractor might be required to ship or package the product in a certain way, or even to supply more product. Of course, this does not mean that the contractor is without rights. Equitable cost adjustments may be instituted to scale compensation. In any case, the contractor must comply with these new contract components. 

Perhaps the most concerning possibility for a government contractor is the fact that, should the government decide that the need for the contracted product or service no longer exists, the government might cancel the contract. The contractor will be compensated for the project in this case, but it can be unexpected. When dealing with the government, it pays to be prepared.

So what does this mean, and what should the aspiring contractor do? First, it is absolutely essential to keep your house in working order, and to be sure that you have the necessary resources to take on a project. Second, it always pays to have a pivot strategy in place. The possibility for alteration or cancellation of a project is remote, yet if you can prepare for multiple possibilities it can save you from financial distress and in some cases can improve your relationship. Raising a big stink over shipping specifications, for example, will only make you seem uncooperative. It’s far better to maintain some level of flexibility in your operations so that no situation is ever too far outside of your control. The best way to do this is to consistently track resources and time to projects, that way you know exactly how much additional funding, time, or materials can be diverted while still remaining profitable.

Journyx has been around for more than 15 years at the time of this writing. During that time, we have developed and distributed the first web-based time tracking system. We have served industries in nearly every field and provided custom solutions when other companies said it was impossible. We have a well-developed expert knowledge base that can help you tackle government contracts, recover from an economic downturn or make a footprint in the global marketplace. Our website highlights our capabilities in “Track Time and Expenses,” “Bill For Projects,” and “Pass DCAA Audits,” among other things. We do all of these things, and we do them well. But that is not why people choose Journyx.

People choose Journyx because they want to hold a finished product in their hand, not look at a report detailing last minute budget issues that require the cancellation of a project. People choose Journyx because they want to make sure their employees are happy and working on the tasks that they are individually best at. People choose Journyx because, at the end of the day, they want to leave the office secure in the knowledge that they are on track, without the nagging fear that they really should have kept working well into the night.

They choose us not because of what we provide, but because of what we remove: Inhibition. Stress. Uncertainty. Stagnation. These things are responsible for the ills that befall nearly every company from time to time. Executives don’t refuse creative new initiatives because they hate advancement; they do so because they are afraid they will lose money. They don’t refuse the promotion because they dislike the employee, but because they aren’t certain that it will increase overall company health. At Journyx, we realize that sometimes these situations will persist regardless of the action taken, but we also believe that by providing an in-depth view into the operations of a business we can make sure that the implications of every decision are known. That way, when a company decides to build the next pipeline, rocket engine or video game, they can rest easy in the knowledge that they are doing so with the right people, resources and budget. 

So don’t deal with Journyx because we are interesting. Deal with us because you are.

It’s about 5:30 am. A man stands facing a hastily built wooden tower many miles away, grasping a handful of torn paper. As a mechanical sounding voice counts down to zero, the man begins to dribble the handmade confetti into the air. For a moment, all is deadly quiet. Then, a light many times brighter that the sun illuminates the nearby mountain ranges. The blinding white gradually transitions to deep purples and blues. The tranquility and beauty of this moment persist undisturbed for a few moments, and then a tremendous roar overtakes the man, and a wave of pure force pushes at him, dragging his clothes backward, away from the wooden tower that no longer exists. The confetti moves too, wavering from its initial descent trajectory. The man thinks for a moment. Then, satisfied, returns to the base.

That man was Enrico Fermi, preeminent atomic scientist. The event was the Trinity test, the first major test of a nuclear weapon. The strips of paper were the only measuring apparatus that Fermi wanted to use to calculate the force of the explosion. The most fascinating part of the story is that his calculation was close to accurate. Using no more sophisticated a gauge than some crudely ripped paper, Enrico Fermi figured out, within one order of magnitude, the approximate kiloton yield of an event never before seen by mankind.

So what does this mean in practical terms? Two things. One, a creative use of simple metrics can often give you insight that is less than obvious at first glance. Two, we know more than we think we know.

Fermi’s ability to gain valuable insights into events by making educated assumptions has given way to an intriguing way of thinking about things, namely, that by clearly identifying and making educated guesses about relevant variables, we can make fairly accurate observations. In the business world, that means that as long as we have a good idea about how things have behaved in the past, how much things cost, or how much time was spent on something, we can make good guesses about future behavior. That is why it is so important to build a backlog of important business data, and keep it up to date and accessible, so that these types of estimates can come naturally.

Theoretical physicists often use “Fermi Problems” to train themselves to think in this way. The classic problem asks, “How many piano tuners are there in Chicago?” Of course, it is possible to look up this data, but that’s not the point of the exercise. Rather, one approach might look like this:

1.  There are approximately 5,000,000 people living in Chicago.

2.  On average, there are two persons in each household in Chicago.

3.  Roughly one household in twenty has a piano that is tuned regularly.

4.  Pianos that are tuned regularly are tuned on average about once per year.

5.  It takes a piano tuner about two hours to tune a piano, including travel time.

6. Each piano tuner works eight hours in a day, five days in a week, and 50 weeks in a year.

Therefore, by calculating:

(5,000,000 persons in Chicago) / (2 persons/household) × (1 piano/20 households) × (1 piano tuning per piano per year) = 125,000 piano tunings per year in Chicago.

And:

(50 weeks/year)×(5 days/week)×(8 hours/day)/(2 hours to tune a piano) = 1000 piano tunings per year per piano tuner.

We can easily divide to find:

(125,000 piano tunings per year in Chicago) / (1000 piano tunings per year per piano tuner) = 125 piano tuners in Chicago, an estimate that, if the assumptions are good, will be relatively accurate.

Here are some more problems of this type:

How many dog groomers are there in New York?

How many hairs do you have on the top of your head?

How many competitors does a tech company have?

How many baths does the population of the United States collectively take in a month?

How many successful projects does it take to become a billion-dollar company?

Remember, these questions are intentionally vague and there is no one “right” answer. Rather, there are many reasonable answers based on the assumptions you make going into the question. Give one a try and share how you reached your answer in the comments below. And remember, no cheating!

Sometimes, for some reason, the software that your company uses simply dies. It may be your fault, or it may not. Whether it becomes too bloated and slow, its arteries clogged with excessive, ill-managed data, or underutilized until support became much more trouble than it was worth, the fact remains: you can no longer use it to solve your problems.

Your options at this point may seem fairly limited. You can either buy new software to replace the old, regress to an earlier state of doing things, or maybe you will try your hand at building an in-house version of the software. All of these options are potentially viable, but consider this: there may be an alternative.

Often the problem that “killed” your software is very specific. Just like a living thing, if an essential process stops working, it will shut down the entire system. However, unlike a living thing, it is possible to revive your software, often by incorporating a third-party solution.

For example, if you are using a comprehensive software system such as Microsoft Dynamics you may be incredibly satisfied with the entire package, but one key issue -- possibly difficulty aggregating data or providing a tailored project management solution -- stops you from using it in the long-term. Software that specifically addresses these needs can patch over the problem, optimizing it for your company to an even greater extent than even a shiny new system. This can require some homework on your part, but the benefits can far outweigh the costs of buying and transitioning to a new system.

If you think your software is dead, why not spend a little time playing the modern day Frankenstein and seeing if there are some key pieces of third party software that will bring your system back to life?

The term “hanging out” is often associated with friends, perhaps some cold beers, and just kicking back while talking about whatever. These conversations are informal, yet often have a profound impact on those who engage in them. In fact, the informality of it can actually contribute to the importance. The conversations are real, unscripted, and give direct insight into the mindset of the participants.

As a business, it can be incredibly valuable to both gain and offer this kind of insight for marketing and customer service purposes as well as to humanize your corporate brand.

Fortunately, Google has enabled just such an opportunity through their “Hangouts” service on the Google+ social media platform, and many high-profile individuals have already utilized it to their advantage. Foremost amongst them, Barack Obama recently held a hangout on January 30^th to have a discussion with several Americans, and to answer questions submitted earlier in the week. It was a brilliant idea, and Obama, who has built a reputation as a savvy social media user, was wise to adapt this new platform to his political strategy.

Whether you are a CEO or some other executive in your company, if you would like to host a hangout to put a human face on your company, here are some quick tips that will help maximize the value of your hangout:

1.  Keep it secure. You don’t want the conversation to spiral out of control. Either set some ground rules for the hangout regarding who can talk when, who can block others from talking and who can respond to prepared questions, or only allow a few participants at a time to stimulate a more fluid conversation.

2.  Invite interesting participants. It is a good idea to have several interesting participants that can either host a round-table style Q&A or just banter with each other. If you do this, again, try to establish roles before going in so as not to step on anyone’s toes.

3.  Record. This one is pretty simple. It’s a good idea to record sessions so you and your customers/community can go back and revisit the information presented in the hangout whenever needed.

4.  Establish regularity. If you are just going to hold a one-off discussion on a popular topic, that’s fine, but consider the benefit of holding more regular sessions in the style of a “fireside chat.” If you hold a hangout once a week at the same time, you could potentially build a solid community that will grow and provide consistent, honest feedback.

These tips will get you started, but consider that this is a new method of communicating as a business. You can provide a forum where ideas are transmitted freely, honestly and directly in a way that has not been seen before.

There is a lot of hubbub about using third party solutions for successfully integrating software products into your business, and you can’t open a software provider’s page without hearing how well they will improve your current system, filling in the gaps and taking over the clumsy, clunky controls that you are stuck with. Whether you are using QuickBooks accounting systems or Microsoft Dynamics for projects, there will always be someone saying that they can take over and optimize or even replace the system entirely. In many cases this is true, because those businesses focus on very specific problems, whereas the software they attack is configurable to a wide range of needs. So, if your issues match with their specific skill sets they can count money in the bank. However, in many cases they are counting on one factor that is almost certainly the cause of the other issues: user error.

If you, or whomever you hire to consult, fails to optimize the installation of core business software, or fails to appropriately update it over time, then it can appear as though the problem lies with the software itself. In fact, most of the larger software packages are made to adapt to nearly any business problem, and those that can’t generally require only minor tweaks, not a major overhaul or replacement. Consider the claim that QuickBooks can’t be used for maintaining compliance with the Defense Contract Auditing Agency (DCAA). The reality is that you need only configure the appropriate settings and link it to a timekeeping system that meets the requirements of the federal government. Choosing an entirely new accounting system and implementing it across your company is time-consuming, expensive, and inefficient. However, there are companies just waiting for you to get frustrated with your products, throw your hands in the air and say, “I give up!” That, as they say, is when they’ve got you.

So, if you take away nothing else from this post, take away this: always look to see if your software has the answer built-in before abandoning it for something shiny with big promises to deliver. The odds are that it has flexibility that you were unaware of. If you had it installed by someone else, ask for assistance, or call the vendor. In many cases they will be happy to help. There is no reason to clutter your business with extraneous new systems that provide only a bandage to a broken arm. The most effective fixes come from an understanding of, and willingness to correct, the primary system itself.

Who is ultimately responsible for the data of your company? In every case, the answer is you. Sure, you might outsource your data storage to a third-party, but guess what? Anybody who needs access to that data is going to expect it from you, and any issues such as loss, theft, or corruption of that data will be your responsibility as well. It is not enough to select a data storage provider and then wash your hands. It requires a relationship of constant communication. It also requires quite a bit of homework, as the best data vendor is selected

The importance of keeping data secure is particularly important when dealing with the US government, as they require secure records that can be easily retrieved and reproduced with all the accuracy of traditional “paper” records. Proof that your company can secure their records in this way can help win the trust of government agencies or businesses looking to subcontract. Of course, it will also help you if you already have a contract. If the DCAA ever needs to look into your records, you will want to provide them with well-kept data that could not have been compromised.

So what are the best ways to ascertain if a data storage provider, or a SaaS provider that stores data on their servers is legitimate? For starters, you should make sure that you will have access to your data at all times, and whether or not they have backup systems in place should there be some sort of power outage at their facility. This could mean that they have data stored at more than one geographic location, or that they have reserve power or some other contingency in place. If they don’t you might be without data at a crucial time. You will also want to inquire about the speed of data uploads and restoration, particularly if it is important that your company have fast access to its data. Finally, it’s not a bad idea to inquire about their other paying customers, and how many there are, to get an idea of whether or not they currently provide necessary support for businesses such as yours.

Data storage need not be a stressful factor of your business, but it does require some forethought. Grant it that, and you will have a secure solution that works well for your business. Fail to do so, and you might find that you are without key information during those crucial times when you really, really need it.

Guess what? Gaining a contract with the defense industry is indeed a lucrative process. At least, it is when the business who wins the contract understands all of its terms. One of the most important terms to determine, especially at the outset, is what it means to have a fixed price contract. Sometimes, a business will overestimate its ability to deliver on a project, possibly because they are used to acting as “yes men” for their standard customers, promising they will deliver just about anything the customer wants and opting to iron out the details later. However, the federal government is not a standard customer, and if you say yes to them, you should be able to deliver.

The truth is, the contracting agency will adhere rigidly to the terms of the contract. If they allocate a certain amount of money for the completion of a project on a fixed price contract, that is all the money that the agency will spend. If a business takes on a project that’s out of its league, it’s quite possible to lose money. Therefore, an understanding of all your businesses processes, particularly related to available resources and time to completion, is absolutely necessary before attempting to win the contract.

Of course, even if you don’t have the ability to tackle a project due to resource requirements that are a bit out of reach, the story doesn’t end there. It is still possible to team with other aspiring contractors, or even to act as a subcontractor. The point is, without a firm grasp on the logistics and assets of your business, you might either undersell or oversell yourself, and thus miss out on the optimum profit potential of your government contract.

It’s all over the internet. Major sites, such as Craigslist, Google, Wikipedia, and many others have put up personal appeals to stop the passage of SOPA (Stop Online Piracy Act). Meanwhile, those supporting the bill are equally voracious, stating that it is not the internet apocalypse that its critics are making it out to be. In fact they propose it as the logical next step to halt abuse of internet commerce, much in the same way security cameras and other anti-shoplifting devices secure physical retailers.

As far as I can tell, the vast majority of complaints on both sides do not actually believe that SOPA itself is the real issue. Rather, they focus on what the passage, or failure to pass, SOPA represents. For critics, it is the first real attempt by the United States to formally monitor and control internet activity. Thus, even though they might believe that SOPA in and of itself poses little risk to legitimate websites they feel that it is an “open door” that will lead to further restrictions of a far less agreeable nature. Once a major bill of this type is made into law, they believe, it is relatively simple to institute further restrictions piece by piece until it is no longer possible to browse the internet with total freedom, but rather with whatever the current political climate deems “appropriate.” In this current age of heavily divided bipartisan shenanigans, such fears are understandable.

On the other side of the issue, individuals believe that this represents the greatest chance to protect intellectual property yet. Although they know of the various bypasses, sites that redirect to “blocked” materials, and other workarounds, they also believe that they will have the groundwork in place to launch a more aggressive attack on pirates and those who would bootleg their software rather than pay for it fairly. They believe that if this bill fails, it will be nearly impossible to meaningfully curtail the rampant piracy that infects nearly every software developer today. And this is also a valid point. Even though it is easy to joke about fat-cat companies losing out on a few extra dollars, the truth is piracy really hurts many online retailers, particularly smaller businesses and start-ups, and can lead to major financial issues. And to them, the idea that this is an attack on the freedom of the internet is somewhat laughable, as they are simply trying to protect their freedoms to sell without fear of theft.

The truth is both sides have valid points, and the possibility for abuse exists on both ends of the spectrum. On one, the internet becomes a government regulated shell of its former self. On the other, piracy kills software development, resulting in the death of innovative start-ups and curtailing profits to the point that freeware is the only viable option, heavily reducing the quality of available software. This is really a tricky one, with far reaching implications should either side fail.

Where do you stand on the SOPA issue? Can you provide some alternative viewpoints, or perhaps a compromise that will satisfy both sides of this important debate?

While it’s not a cakewalk for small businesses to win a government contract, there is good news: it is getting easier. The U. S Government, as of November 2, 2011, has modified its FAR (Federal Acquisition Regulation) rules and now requires contracting agencies to consider setting aside a portion of their task and delivery order specifically for small and disadvantaged businesses. Now, now, I know what you’re thinking: “It requires them to consider placing a portion of their orders aside? What kind of weak ruling is that?” Well, fortunately, trends in contracting show that more and more contracts actually are being awarded to small businesses.

For example, in 2009 the U.S. Government awarded 21.9% of contracts to small businesses, whereas in 2010 that number rose to 22.7%. The difference resulted in a 1.1 billion dollar increase in the funds given to small business contractors. Further, the government exceeded its goal of allocating 5% of its contracting dollars, settling around an actual allocation of approximately 8%. In short, the trend toward awarding contracts to small businesses is steadily rising.

So what does this mean for your business? Well, if you have been on the fence about going for a contract, or if you think you have a product or service that the government regularly needs, then there has never been a better time than now. Not that you need to rush into this, but if you can determine that your company has the capability to pursue one of these opportunities, it could result in massive profits.

If you are intrigued by the possibility of acting as a government contractor and want to learn more, check out our webinar, “How to Win and Successfully Execute on Defense Contracts”, for in-depth information on entering the field of government contracting. Good luck!

The following post is taken from the Journyx Webinar “How Journyx Helps our DCAA Clients Manage Employee Time & Projects.”

Government contracting can be tough on the executives responsible for making sure employees and projects are tracked accurately. Of course, it is possible to get by on a number of systems, but there are certain tools that can make the process much easier, allowing supervisors to work on more pertinent tasks that will improve the overall profitability of a company far more than logistics measurement. The trick here is accountability. The best tools will provide a solid backbone on which the supervisor can bolster his or her approach to this important problem.

Project Coordination Capabilities

A supervisor will need to make sure that the right people are on the right jobs. Though this isn’t limited to government contracting, making sure that the people who can perform a task most efficiently are the ones assigned to it will increase the odds that you will stay within budget and schedule. Therefore, the supervisor needs a tool that will allow him to track individual employee efficiency and view it in the context of other employees’ effectiveness on a given task. This information should be easily readable through reports, charts or graphs. Preferably, the supervisor would have access to all three.

Project Budgets and Schedules

Speaking of going over budget or schedule, the supervisor needs to have access to these two key pieces of data throughout the lifecycle of the project. Of course, this seems obvious until a deadline is breathing down the neck of a project team and no time or money is left to meet it. When dealing with the government, specifically of fixed-cost contracts, this discrepancy can result in major financial turmoil, since the business itself will be responsible for any funds spent on a project above the contracted budget. Therefore, metrics that show how a project is coming along do not only need to be present, they need to be crystal clear.

Who is Available?

Again, resource availability may seem like an obvious piece of information in theory, but can actually be very tricky. Let’s say there is an individual in the company who could save quite a bit of time with his expertise on a project. The supervisor schedules him through the clunky system currently being used. This is usually not too big of a deal; the supervisor will let him know when it is time for him to work on the project. However, when that time comes she discovers that he is out of town -- for the next three weeks. And he is unreachable by phone or email because he is backpacking on the Appalachian Trail. Insight into not only when an individual is available, but when he or she is not available (whether due to sick leave, planned vacation or religious holiday), will prove invaluable when it comes to structuring a contracted project.

Check out even more tips on tools that supervisors can use to make interaction with the U.S. Government simple, as well as how Journyx can provide a cost-effective system that meets your DCAA needs through the Webinar, “How Journyx Helps our DCAA Clients Manage Employee Time & Projects.”

Sarah Glass is the President and CEO of AimSourcing, Inc.  AimSourcing specializes in outsourced accounting services, management information systems and business consulting.  AimSourcing helps Journyx customers integrate with QuickBooks, which automates the flow of time data into customers’ billing, project management and payroll processes.  This is an excerpt from Glass’s webinar “How to Modify QuickBooks for DCAA Compliance” where Glass explains how to configure your business software for a DCAA audit.

The DCAA, or Defense Contract Audit Agency, supports government agencies that request their services. Essentially, they serve to make sure that contractors are working within the set guidelines of the government when it comes to the financial interactions between their company and that of their contracting agency. Many individuals view the DCAA as a mysterious and unapproachable government agency, but the truth is their operations are relatively transparent if you know where to look. The following are a few things you should know about the DCAA if you are planning to work as a government contractor.

1. They Are Paid by the Government Agency

DCAA services are paid for by the government agency sponsoring the contractor. If a business is audited or otherwise examined by the DCAA, they are not responsible for the costs associated therein. This means that, although a DCAA audit may be inconvenient for your company, it will not be financially burdensome. This can potentially be a double-edged sword, however. Surprising as it may sound, there are instances where you would like the help or review of the DCAA. Unfortunately, it is impossible for a contractor to request assistance from them. They can only be requisitioned by government contracting officers.

2. They Only Have a Few Major Areas of Emphasis

The DCAA focuses primarily on a few areas of emphasis. These include internal control systems, management policies, accuracy and reasonableness of cost representation, adequacy and reliability of records and accounting systems, financial capacity and the contractor’s compliance with contractual provisions having accounting or financial significance. This knowledge can be useful if the DCAA wants to look over your records. You can prepare for an audit by arming yourself with a compliant, automated time-tracking system that will make a potential audit simple and painless.

3. Extent of DCAA Involvement Depends on the Type of Contract

The three primary types of government contracts are fixed price, time and materials, and cost reimbursable. In general, DCAA involvement on fixed price contracts occurs during the proposal stage rather than the incurred cost stage of the contract. Conversely, the more flexibly priced contracts are audited by the DCAA to determine the final cost of the contract after primary costs are incurred. This means that the DCAA will have a very different interaction with your company, should they get involved at all, depending on whether you will determine your pricing up-front or after you have completed your work.

These facts should help you begin to understand a bit more about the DCAA, and clear away the fog that seems to shroud the agency. For more in-depth look at the DCAA, as well as tips to prepare you for an audit, check out Sarah Glass’ webinar, “How to Modify Quickbooks for DCAA Compliance.”

Wes Fue of Timberwolf Enterprises LLC, a business consulting firm that specializes in advising government contractors, worked with Journyx to produce a webinar titled, “Is Government Contracting Right for Your Business?” In it, he discusses the array of opportunities available to businesses and some best practices to determine whether or not businesses can find a place in defense contracting. The following post is taken from his webinar.

Consider the hurdles businesses face when selling to consumers or other businesses. Will they get paid on time? Who are they supposed to talk to? Will the consumer be able to afford their product? These are all common thorns in the collective side of businesses everywhere, whether they focus on business to consumer or business to business sales. Ultimately, it is necessary to realize that clients can be unreliable, and that there will always be a certain amount of risk involved there.

On the other hand, selling to the U.S. Government is a very different game. There are still hurdles, but they are different, and related primarily to procuring the contract initially. And while the terms of a contract are not set in stone, requiring flexibility on the part of the contractor, there is one very important, over-arching point to consider: The U.S. government is the number one buyer of goods and services on the planet. The implications of this are huge. You are not dealing with someone from the Fortune 500. You are dealing with Fortune 1. In general, dealing with the government offers rock solid ground to work on, and is possibly the most secure entity in the world to contract for.

Another factor to take into account is the fact that the federal government has multiple programs in place to help small businesses succeed. In most cases, regular consumers care little for the success of a company as long as they continue to receive working products or services. And while the federal government also requires quality deliverables, they also have a vested interest in the success of U.S.-based businesses. There are incentives in place for veteran and minority-owned businesses, so there is lots of room for companies of all sizes to compete for the contract.

There are currently 1,175 government agencies that a business can contract for, so the odds are that there is a niche for an extraordinarily wide array of products or services. Flexibility and determination will help a business win the contract, so reach out to the best consumer in the world and maximize your profits.

Check out Wes Fue’s webinar, “Is Government Contracting Right for Your Business?” for even more information on the field of government contracting and how it relates to your business.

Cynthia Kalina-Kaminsky has more than 26 years of experience in project execution in the fields of manufacturing, service, academia, government and non-profit. She has a Ph. D. in industrial engineering and has undergone extensive project management training. The following post is derived from her webinar, “You've Got the Contract - Now What? Successful Kickoff Meetings.” The webinar details the importance of project scope and change management, and gives effective techniques you can bring to the table in your kickoff meeting.

When you work on a project for a defense agency, it is not uncommon for the scope or details to change. To a certain extent a business must expect these changes and structure their processes such that they will not irrevocably damage a project once it is underway. However, it is also important that you control your project so you don’t end up with one much larger than originally quoted, possibly resulting in a smaller profit margin for your company. Holding a kickoff meeting can ensure that key players on the project are on the same page, potentially curbing scope and change issues down the road. The following tips can help you structure your meeting for success.

Determine the Decision Maker

It is important to establish the method of coming to a decision within your meeting before it is actually underway to avoid confusion and bruised egos. This will likely vary from project to project, and in some cases it may be more obvious who will have the final say on decisions than others. In those cases where it is not as clear, examine your options and choose the one that will have the greatest chance of satisfying stakeholders without causing unnecessary delays in the meeting. In some cases, putting contentious issues to a majority vote will be the most expeditious and fair way of resolving issues. In others, it is more helpful to structure the meeting bureaucratically where one person gets to make the final choice. In any case, make sure everyone involved knows how things will happen in the meeting and what is expected of them.

Establish Priority the SMART Way

Obviously, your project is going to be very important to your company, likely falling as the main priority or somewhere near the top. For a defense agency, it could possibly fall somewhere further back, maybe 25^th in terms of what they currently have on their plate. However, it is possible to increase priority by using SMART goal pieces. SMART stands for: Specific, Measurable, Accurate, Realistic and Time-Based. Prepare yourself with the information necessary to state exactly what’s going to happen, who will be held accountable, and what a realistic time for completion estimate could be. If you can convince the agency that you have a solid grasp on the fundamentals of your project so it won’t tie up time, money or resources, then you make it more of a priority for defense.

These tips will get you started, but you can find many more tips and details in Kalina-Kaminsky’s webinar “You've Got the Contract - Now What? Successful Kickoff Meetings.” Check it out and learn effective techniques for managing your defense projects.

Failure sucks. Just ask R. U. Darby, who gave up on his gold mine when he was only three feet from the mother load, only to have someone else make it rich due to his mistake. Darby was not an idiot. Darby was not timid. Darby was not even in deep financial trouble due to buying one too many jet skis during a moonshine-fueled mid-life crisis. No, Darby failed because he was tragically uninformed. His ambition, his promise for success, was blindsided by a lack of knowledge and a failure to gain expert data about his endeavor.

Like many young men, Darby wanted to strike it rich quick. Like many young men who have an uncle with gold fever, Darby had an uncle with gold fever who found some traces of the shining ore a few weeks after he started digging.  Darby and his uncle borrowed money from several family members to purchase the machinery necessary for mining. Shortly after returning with the requisite machinery, the pair found a rich vein of gold. They had it smelted and proved that it was one of the richest mines in Colorado. Darby was excited that he would soon be able to pay off the debt to his relatives, and hopefully have enough money left over to purchase something akin to a 19^th century Macbook Pro.

Unfortunately for Darby and his closeted techie ambitions, something inexplicable happened. The vein of gold suddenly stopped. Not the type to quit halfway, Darby continued to drill deeper and deeper, until it became apparent that he was in fact the quitting two-thirds of the way type. Disappointed in his heinous luck, he sold his machinery to a junk man for just a few hundred dollars. Then, shamed and disgruntled, he returned home. Broken. His dreams shattered upon the harsh reality of his failed entrepreneurial venture.

But the story does not end there, dear readers. As it turns out, the junk man was wily and totally willing to capitalize on Darby’s folly. He hired an engineer, who calculated that there was still gold in the mine, a mere three feet from where Darby had stopped digging. The junk man was ecstatic when further drilling revealed that the engineers’ calculations were correct. The junk man, who had gotten into the venture for just a few hundred dollars spent on old machinery, laughed all the way to the bank with millions (presumably whilst twirling a well-oiled moustache).

So how can you determine if there is the potential for massive profit just beyond the temporary setbacks in your business? As the junk man knew intuitively, the answer is that it requires in-depth knowledge about your company. Time data, for instance, can reveal small problems and prevent them from becoming enormous issues. If you are constantly digging blind, like Darby, you will be unable to take steps appropriate to your situation. Only a comprehensive understanding of all of your problem factors will let you know whether to move your machinery to another mine, sell it for scrap, or uncover a massive gold deposit. Just try your best to avoid the unruly moustache.