Maximizing success with OKRs
Have you ever heard of the phrase “measuring what matters”? I recently stumbled upon this concept while listening to the Moonshots podcast, where they discussed the key points from one of John Doerr’s book “ Measure what matters”. I found it so insightful that I wanted to share it with you all. In this blog post, we’ll dive into the importance of measuring what matters and how it can transform the way you set and achieve your goals.
Setting goals is an essential aspect of success, but it’s not just about knowing what you want to achieve, it’s also about how you execute your plan. That’s where Objectives and Key Results (OKRs) come in. OKRs provide a framework for setting goals and tracking progress towards achieving them.
Einstein once said, “I just thought about that problem more than anyone; I stay with problems longer.” This mindset is crucial for success, but it’s not enough on its own. You need to have a clear goal in mind and take deliberate steps to achieve it.
OKRs are important because they help you set the right goals for the right reasons. Objectives are what you want to accomplish, and key results are how you will get there. It’s not enough to have a vague idea of what you want to achieve; you need a specific plan of action to get there.
One of the most significant benefits of OKRs is that they provide a system for execution, which is the most critical factor in achieving success. Your team should write down their objectives and key results and grade them, then publish them for stakeholders to see. This creates a social contract that holds everyone accountable for achieving their goals.
To set up effective OKRs, you first need to have a good understanding of what you want to accomplish. Focus on your objectives and ask yourself if they help accomplish company goals, if they move the company forward, if they are inspiring, if they are time-bound, and if they are set for a quarter or the end of the year.
It’s also essential to consider what objectives and key results are not. Objectives should not be easy; you should always expect to achieve 2/3 of your objectives in a single quarter. If you achieve your objective before the end of a quarter, it’s a sign that you were not thinking big enough.
Objectives are not projects with subtasks; they are aspirational goals that seek to improve your company. Key results should be specific, measurable, achievable, lead to objective grading, and be challenging but not impossible. They are not binary and should be numeric and updated throughout the quarter.
OKRs can make your company go viral. For example, an objective could be to generate 100,000 views on your YouTube channel, and key results could be to get 10,000 new followers on Instagram. These examples show that objectives are aspirational and move the company forward, while key results are numeric and objectively quantify the success of the overall objective.
The temptation when creating OKRs is to make them too complex. Instead, focus on simple statements with specific goals that align with your company’s overall vision. Use OKRs as guiding principles to provide focus and transparency across the business, but don’t rely on them as the only tool in your arsenal.
OKRs are a continuous and intuitive process. Utilizing OKRs allows you to step out from your own prejudice with regards to how you might solve a problem and instead install a framework on how you can do it in a measured and prioritized way. This approach improves the results you achieve from your ultimate goal.
In conclusion, setting goals is essential, but it’s not enough on its own. You need a specific plan of action to achieve your goals. Utilizing OKRs provides a framework for setting the right goals for the right reasons and tracking progress towards achieving them. It’s not enough to have a vague idea of what you want to accomplish. You need to have a specific plan of action to get there.
When implementing OKRs, it’s important to clarify your objectives and key results, as struggling to prioritize tasks can indicate a lack of clarity in these areas.
Without a clear understanding of your overarching objectives and goals, you may find yourself wasting valuable time and energy pursuing tasks that ultimately won’t contribute to your success. Implementing OKRs can help you avoid this pitfall by providing a framework for setting clear objectives and tracking progress towards key results. By doing so, you can ensure that every action taken by your organization is aligned with your overall vision, and that you’re always moving closer towards achieving your goals.
