Why we need OKR (Objectives and Key Results)?
OKR is a management tool that helps you to define and measure key performance indicators (KPIs) for your business. It’s a way to set goals and track progress.
It is important to understand the importance of OKRs and how it can help you to achieve your goals. It is a simple yet effective way to keep track on what you are doing, how you are doing and if you are doing the right things.
OKRs is a simple system that helps many companies to grow and become successful. The acronym stands for Objectives and Key Results, which is a goal-oriented framework used by businesses worldwide. It helps aligning teams around company's strategy, increase productivity and improve results.
It can be applied in any industry or role as long as there is a clear vision/mission statement.
OKRs are measurable, ambitious, and time bound. They give you a framework to set quarterly goals that are clear and concise. They help you stay focused on what matters most in your business by providing a clear structure for decision-making.
They can also be used as a tool for communicating with employees about the company’s overall strategy and direction, as well as its priorities at any given time.
OKRs are a simple and effective way to create alignment across your organization and achieve measurable results. They are useful in situations where you have teams that are spread out geographically and may not have a lot of face time. They also allow you to track progress against goals, which can be an important factor in determining how much money your company can spend on new initiatives.
The key to using OKRs effectively is to make sure that everyone involved in completing them understands them, has input into what they should be and how they will be measured, and ultimately feels accountable for achieving the results that were set out at the beginning of the year or quarter.
How to set OKR / Objectives and Key Results?
You can apply OKRs in any type of organization, including startups, small businesses, non-profits, and large corporations.
The process of setting OKRs is straightforward. First, identify your business's main goal. Then, break that goal into smaller ones that are measurable and achievable within a given timeframe. Finally, create key results for each objective, which will help you track progress toward the goal.
To get started with OKRs at your company:
Set one or more main objectives for the year or quarter—it's best if these are tied to what you want your team to accomplish over time rather than specific projects or tasks.
For each objective, create three key results that will measure how close the team is getting toward achieving those objectives: one short-term result that shows progress within the next few months; one medium-term result that shows progress between six months and a year; and one long-term result that shows progress within two years or more
Objectives and Key Results, or OKRs, are a tool that can help you align your team around the same goals, make them more accountable, and track progress.
The first step is to identify what you want your company or team to achieve by the end of the year. These are called "Objectives". For example: "We will increase sales by 20%.»
Next, figure out how you'll know if they've been achieved—that's the key result. For example, if your company has a goal to increase sales by 20%, then your key result might be "increased revenue from web orders."
Then all you need to do is break down each objective into multiple specific actionable steps for your team to follow. These are called key results—they're essentially mini-objectives that help everyone stay on track throughout the quarter (or year). The best way to do this is by using an objective as a starting point and asking yourself "What does it look like when this happens?" Then write out what needs to happen for each step along the way so that everyone knows exactly what needs to be achieved.