Making sure that your organization reaches its goals is dependent upon remaining productive, reaching each milestone that you and your team set out to achieve. In order to do this in the most efficient manner, systems must be in place that clearly outline what your end goal is and how you will get there. One great way to achieve this is by using Objectives and Key Results, which can help you and your team track your progress and hit your goals consistently. For those just being introduced to this system, let’s break down what the purpose of OKRs are and how you can begin using them in your organization for increased productivity and efficiency.
What are OKRs?
Objectives and Key Results (OKRs) is a collaborative goal-setting system designed to help teams identify their company’s goals and develop measurable results that each member of the team can work toward. Objectives serve as the foundation for the system, helping you figure out exactly what you are trying to accomplish. Meanwhile, the key results portion of the equation provides you with quantifiable, measurable items that drive you toward your objective. Using this system, it can make it easy for your entire business to align itself with your main focus and objectives.
How do they work and what is their purpose?
While OKRs can seem daunting at first glance, they are actually relatively simple. Here is how they work:
- You start by setting an ambitious objective. For example, your main objective may be to develop a more fiscally responsible and sustainable business. This can be further specified, but it will serve its purpose here as an example.
- The next step is to come up with three to five key results that will help you achieve your objective and give you and your team-specific items to focus on. These key results are often measurable and quantifiable. Continuing with the example, one of your key results may be, “cut down on current business expenses by 10 percent.”
- Once you have these OKRs laid out, the next step is to set those OKRs as the main focus and develop further systems around them that help you reach your key results and objectives.
Basically, OKR is just an improved method of goal setting for organizations. If you naturally struggle with goal setting, using the OKR framework can help keep you and your team on track as you continue to scale and improve your business.
How can I implement OKRs into my own business?
As was stated above, the OKR framework is rather simple. The hardest part can be developing systems around these OKRs that allow you to reach your goals. One way to start implementing OKRs into your business is by using a solution like Profit. Profit further builds upon OKR by providing you with valuable tools like task management systems, performance analysis and management, and tools to promote employee engagement and alignment. With software built upon the OKR framework that includes all of the systems needed to ensure your objectives and key results are being met, you are certain to drive your business in the direction that you desire.
Setting goals is difficult enough. However, creating the small steps that lead up to those goals and making sure that everyone is working toward those objectives can be even harder. If you want to make sure that everyone in your business is aligned and working more efficiently, use the OKR framework provided above to create objectives and key results that your whole team can get behind and find systems that help you better target your OKRs.
