OKRs for Planning-What Are They and How to Use Them?
One of the most important parts of planning and achieving your goals is setting the right ones to begin with. Too often, people set goals that they don’t want or aren’t prepared to work towards, which leads to frustration and failure later on down the line. To help you avoid this situation, read on to learn what OKRs are and how you can use them as an alternative to more traditional goal-setting methods like SMART goals or goal-setting frameworks.
OKRs are a quantifiable way of tracking what you want to accomplish at work, whether it’s meeting an annual goal or fulfilling an annual objective. OKR stands for Objectives and Key Results. An Objective is basically a measurable milestone that must be accomplished in order to achieve success—for example, doubling sales revenue by expanding into new markets. A Key Result is what will be measured in order to determine whether an Objective has been met—for example, hiring one salesperson in each new market. To read more about how OKRs can help your company achieve better results, check out our guide on how exactly to use them in your business.
2) An Introduction to OKRs
OKRs stands for Objectives and Key Results. It’s a method of goal setting that was pioneered by Intel, but has since been adopted by many large corporations like Google, LinkedIn, Facebook, Spotify, Cisco, IBM and Intel itself.
3) Why you should use them?
Setting goals, by itself, is not very effective. It’s too easy to come up with something you’ll never act on or fall short of achieving. Objectives and Key Results (OKRs) are an alternative that helps you plan better. They force you to be specific about what exactly you want to achieve at work. OKRs are very simple but powerful concept which can help you achieve your goals faster by focusing on results instead of tasks. Let’s take a look at how they work!
4)Types of Objectives
If you’re not familiar with OKRs, they stand for Objectives and Key Results. Essentially, objectives are goals and key results (or metrics) help measure how well those goals are achieved. For example, an objective could be: Grow sales by 25% in 2016. A key result might be: Increase number of sales leads by 25% in Q1 2016 as compared to Q4 2015. An effective way to use OKRs is as part of a quarterly planning process where you set 3 – 5 objectives per quarter that define what success looks like for your business over the next 90 days.
5) Creating Effective Objectives
Objectives aren’t enough—in order to accomplish your goal, you need a way of measuring success that goes beyond I want more money or I want a corner office. OKRs, short for Objectives and Key Results, are an effective way of setting SMART goals in a measurable manner. When you understand how they work, OKRs can help you get on track toward achieving your goals.
What is an example of a good OKR?
An OKR example is a way of writing goals in a measurable, trackable fashion. For example, instead of saying I want to lose weight as your goal you could set an OKR that says I want to lose 20 pounds by June 1st. That’s something you can measure (by weighing yourself at June 1st) and see if it was achieved or not.
Best practices for writing good OKRs
Each of your goals should have a measurable, time-based objective. You should also attach a quantitative number to each goal. For example, if you’re an entrepreneur looking to increase sales by 30% in 2019, it’s not enough just to say that one of your goals is Increase sales by 30% in 2019. You must add something like: 30% increase in sales by January 2019 This additional information will help guide your actions and give you an idea of whether or not you’re moving closer toward success. Lastly, make sure that your OKR objectives are always focused on what is most important rather than what is easy.
How are OKRs different from other goal-setting exercises?
OKRs are a goal-setting method developed by Google, Inc. Employees are evaluated on their performance based on whether they have met their OKR goals or not. Using OKRs can help you plan better, both at work and in your personal life. Here’s how you can use them too!
How to adopt OKRs for your company?
Before deciding if OKRs are right for your business, you need to understand how they work. The basic idea is that you state your company’s goals (the okrs), then quantify them with metrics (the objectives) that show how far along you are. You then rank each objective based on its importance, create actionable tasks under each objective, then set deadlines by which you aim to complete them.
The most common mistakes teams make with OKRs
Setting unrealistic goals, not writing down their OKRs, not sharing their OKRs with others, and—the worst offense—not reviewing their OKRs on a regular basis. In fact, many teams often never review them at all! The solution: require that all of your team members review their OKRs regularly.
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