How do I present an Idea that would save my company 50 million dollars?

[Paradox]

How do I present an Idea that would save my company 50 million dollars?

My company has a restocking problem. Their approach to the problem is the same as it has been for 5 years. It is not working. I have a solution that would cost the company almost nothing but would resolve the issue.

I am a low level employee.


How can I maximize my idea?

Should I ask for a bonus for this idea?

 

[Teflon_Mcgee]

Is this a common problem in the industry?
Is this a universal solution.
Is $50 million just something you came up with or is it indeed that much?

Before you present it to your company maybe you could leave your job and start a company that could fix this problem for other companies.

If the problem is specific to just this company then be prepared to pitch a solution and have it either ignored or somebody else take credit for it.

If you don't like the spotlight just tell your immediate boss you have an idea. Let it work it its way up the chain to whatever fate it finds. If nothing comes of it then screw em.

Alternatively you could put together a decent proposal (maybe paper or powerpoint) and send it straight to the top.

As far as a bonus? That's iffy. I'd be more apt to tryand squeeze a raise out of the situation.

 

[Paradox]

Is this a common problem in the industry?
Is this a universal solution.

No it's not an industry wide problem

Is $50 million just something you came up with or is it indeed that much?

50 million is the number that the company says that this problem is costing them per year

Alternatively you could put together a decent proposal (maybe paper or powerpoint) and send it straight to the top.

This is the route that one of my buddies suggested. This would probably be the best way to go.

 

[theunflushables]

Go straight to the top. Other wise if you pass it along it becomes your boss' idea. And you'll get to watch him get promoted while you're stuck in the same position. And would he remember you when he moves up? Not likely.

 

[TheBucketOfTruth]

Go straight to the top if you can, and even before you tell them the idea, try to get some concept of if you'd stand to gain anything by helping them this way. If it's as great of an idea as you say, then I'd get something in writing saying I get a hefty bonus for work above and beyond my pay grade.

 

[LyteOrchestra]

You know the little bottles of tabasco you see at many restaurants? A clever employee working for the tabasco company one day had a simple but brilliant idea that he thought could double the company's profit. He then carefully made sure he was rewarded well for his ingenuity.

Before he proposed the idea, he arranged for a short meeting with the CEO of the company. While at the meeting he stated that he had a way to double the company's profits, but he wasn't going to reveal it is just yet. He continued his proposal along the lines of: "If we sign a contract right here that if the idea I give you doubles our company's profits, you have to pay me $80,000 a year for the rest of my life regardless of whether I work for you or not. If my idea does not double profits, then you don't have to pay me anything for this idea."

The skeptical CEO agreed to the deal, they signed a contract, and he divulged the concept: simply make the wholes twice as big in every container. Thus whenever people would use that tabasco, a lot more would spill out and be inevitably wasted, so more bottles would have to be purchased.

It worked, the company made over double the profit that next year. He got $80,000 a year for the rest of his life due to the success of his idea and from the security of the contract they had signed. He never worked again.

I hope this anecdote helps in some way in your choosing of a way to go about getting your idea out there and securing some well deserved compensation!

 

[Paradox]

Go straight to the top if you can, and even before you tell them the idea, try to get some concept of if you'd stand to gain anything by helping them this way. If it's as great of an idea as you say, then I'd get something in writing saying I get a hefty bonus for work above and beyond my pay grade.

Great suggestion BucketOfTruth! Thanks!

 

[azanon]

How do I present an Idea that would save my company 50 million dollars?

My company has a restocking problem. Their approach to the problem is the same as it has been for 5 years. It is not working. I have a solution that would cost the company almost nothing but would resolve the issue.

I am a low level employee.


How can I maximize my idea?

Should I ask for a bonus for this idea?

I hate to downplay your thought, but we do this sort of thing around the coffee pot every morning for the past several years. I could also get us out of Iraq saving approximately 10 billion/month (to say nothing of the # of young person's lives I'd save), and having us spend billions bailing out failed and corrupt companies if they'd just give me the authority to do so.

I believe having wisdom without much power is a form of torture.

 

[Paradox]

I hate to downplay your thought, but we do this sort of thing around the coffee pot every morning for the past several years. I could also get us out of Iraq saving approximately 10 billion/month (to say nothing of the # of young person's lives I'd save), and having us spend billions bailing out failed and corrupt companies if they'd just give me the authority to do so.

I believe having wisdom without much power is a form of torture.

I understand your pessimism. I am more of an optimist. I am trying to make this work in my favor.

You have to have the courage to try and possibly fail rather than sit back and not try at all.

Not trying is a sure way to fail. Azanon, I am so sorry you feel powerless.

In any case we can try to rise above out circumstances. Not everyone will succeed but many will.

 

[azanon]

I understand your pessimism. I am more of an optimist. I am trying to make this work in my favor.

You have to have the courage to try and possibly fail rather than sit back and not try at all.

Not trying is a sure way to fail. Azanon, I am so sorry you feel powerless.

In any case we can try to rise above out circumstances. Not everyone will succeed but many will.

To be clear, what you call pessimism I call realism. I don't think its necessarily "pessimistic" to be mindful of one's limitations. I'm sure you've heard the prayer, "GOD, grant me the serenity to accept the things I cannot change, courage to change the things I can and the wisdom to know the difference."

I'm going to assume you're pretty young. We have an office full of 20 something idealists.

Truth is though, if you can find a way to add 50 million to the bottom line of your company and you yourself receiving credit for it, you're good for deserving as much as 5 million of that. Just realize what will distinguish you from almost everyone else is not your idea - we all have those and good ones too verbalized at the coffee maker - but your execution of that idea.

Bottom line - YOU did the really easy part. You posted asking someone else to do the multi-million dollar part. If i had the answer that would get you the result, I'd want at least a cut.

 

[Paradox]

I'm going to assume you're pretty young. We have an office full of 20 something idealists.

Truth is though, if you can find a way to add 50 million to the bottom line of your company and you yourself receiving credit for it, you're good for deserving as much as 5 million of that. Just realize what will distinguish you from almost everyone else is not your idea - we all have those and good ones too verbalized at the coffee maker - but your execution of that idea.

Bottom line - YOU did the really easy part. You posted asking someone else to do the multi-million dollar part. If i had the answer that would get you the result, I'd want at least a cut.

Actually I want the same thing...at least a 5 million dollar cut. I realize that this will probably not happen. Like you I am a realist but I have a hefty splash of optimism

I am trying to optimize my idea. I want someone to look at it and say "Brilliant! of course. Why didn't we think of that?"

My solution to this problem is so simple and costs so little money.

I think that e-mailing the CFO directly is a great idea. I just want to get the maximum payout possible.

My old boss used to find easier, cost effective ways to do things all of the time. He probably saved the company a few hundred thousand dollars. He never capitalized on his ideas.

 

[AAAgent]

I did this exact thing except for my school. We had patrolling security on campus grounds with bikes. I proposed a GPS tracking device on their walky talky things. introduced a website that would track the campus police and show their exact location on a map. That way students travelling late at night will see where campus police are located and can follow safe routes to get back home.

I had a report, powerpoint, statistics of crime rates, explained the inefficiency of security grouping together and talking (this device was a way to keep them occupied with their work, knowing that they were being watched), etc. got nothing out of it except praise/award. looks great on a resume.

you can always hope/ask that they pay you but don't expect it. You have to understand by saving them 50 million doesn't not mean they get more money, it just means they spend less. It you had an idea that could earn them 50 million more in sales/revenue then i think it would be more appealing.

But go for it man, you have nothing to lose and if anything it will be a great experience that you will learn from. i talked to about 10-20 different people and received their input and correct alot of mistakes i had first.

GL

 

[Hockey Playa]

saving an extra 50, is the same as gaining an extra 50

 

[AAAgent]

Technically yes, but sometimes the companies will just budget off the money and send it elsewhere. The money is already part of the companies whether you save it or not. Making an extra 50 out of thin air, that comes externally which is generally valued higher.

Companies will almost always choose earning extra amount of X, instead of saving extra amount of X.

 

[Paradox]

Omg!!!

What an opportunity! My company CFO will be visiting in 2 weeks. Help!! How do I present my Idea!

 

[AAAgent]

How much research have you done on this project??

Do you have graphs, statistics, pictures, etc?

Do you have reliable sources?

 

[Duffdog]

How do I present an Idea that would save my company 50 million dollars?

My company has a restocking problem. Their approach to the problem is the same as it has been for 5 years. It is not working. I have a solution that would cost the company almost nothing but would resolve the issue.

I am a low level employee.


How can I maximize my idea?

Should I ask for a bonus for this idea?

You should have everything ready ahead of time before you contact the CEO. When you do, don't just play all your cards and tell him whats up, that's what low level employees are supposed to do. Ask what benefit to you (if any) would result from you saving the company 50m. If the answer is "none" then don't even waste your time. If the answer is maybe-- that's when you start dealing.

 

[Alle_Gory]

What an opportunity! My company CFO will be visiting in 2 weeks. Help!! How do I present my Idea!

Simplify it. Use charts, diagrams, and other props if you think it will help and its appropriate to the job at hand. The whole point is to make him understand but in an interesting way! Also, try the tree step writing process:

1. Tell him what you're going to tell him. (you can use props to interest him)
2. Tell him. (this is where you can use props)
3. Tell him what you told him. A summary.

This is after he shows interest in meeting with you. If he has no interest in talking to you at all, then don't bother him.

 

[Inquisitus]

What an opportunity! My company CFO will be visiting in 2 weeks. Help!! How do I present my Idea!

You probably won't have more than 10 -15 min with him so;

1. Pick the most salient points of the problem that your solution can solve. Nothing more than 2-3 due to time constraints

2. present the problems first. Ideally, you want to "start a fire" that your ideas will put out.

3. Present as much RELEVANT statistics as you can to the 2- 3 points you picked.

4. Keep it simple. You can expand later if needed in a report. This would effectively be the exec. summary of a report.

5. You may want to consider bringing in your direct supervisor. Have you validated your ideas with your peers?

6. Why would the CFO be the one to talk to about a Stocking problem? Wouldn't that be more of a COO issue?

 

[Paradox]

You should have everything ready ahead of time before you contact the CEO. When you do, don't just play all your cards and tell him whats up, that's what low level employees are supposed to do. Ask what benefit to you (if any) would result from you saving the company 50m. If the answer is "none" then don't even waste your time. If the answer is maybe-- that's when you start dealing.

Thanks Duffdog for the sage advice. What or How much should I ask for?