OKRs are a proven method of organizing and categorizing the goals for your business. Although you may think it will be hard to integrate OKRs into your company, establishing OKRs will only help organize goals, delegate tasks, monitor efficiency, and reward those who are putting forth the effort to help your organization achieve the pre-set objectives.
Despite thinking that OKRs are ways to set, sometimes they can be difficult to come up with. This can lead to the company giving up on the process altogether, continuing the cycle of disorganization and lack of growth. Business owners and management staff need to find out how to set OKRs without amplifying the concerns already troubling the company.
By figuring out how your business can benefit from using OKRs and sample OKR programs for your company to utilize, you can increase the efficiency and output of your business with minimal effort.
5 Ways Your Business Might be Needing OKRs
You can use some tips and tricks to find out if your business will benefit from using OKRs. Most of the time, you’ll find the answer is ‘yes’ when deciding if your company can utilize the tools set forth by the Objectives and Key Results method. If you need some help with creating your first OKRs, head to Profit.co for some inspiration and much-need guidance.
Utilize Output OKRs
Most of the time, business owners want to use OKRs to expressly state a plan of action to reach the end goal quicker. Some examples of a faulty OKR would be the following:
- Become a senior-level executive of the company
- Integrate with the other sectors of the business
- Switch to a new onboarding process
- Run seven paid campaigns
- Launch a second successful version of the company’s app
Unfortunately, this is not an excellent example of an OKR - for help creating OKRs, visit Profit.co to gain some inspiration and organize your business.
In this scenario, the OKR is not stating the business’s goals that the business wants to achieve - it is stating the actions. Objectives and Key Results are specifically designed to figure out what your company wants to achieve, when they want to reach the goal, and how the company will measure its success.
Companies should use a template like this to set OKRs:
- Want to achieve ____ (the goal)
- By using this method
Using non-smart OKRs
Goals should be smart when using OKRs. Objectives should be specific, measurable, ambitious, realistic, and time-bound. Go visit Profit.co to see some examples of SMART OKRs, all of which have clear end results, contain clear metrics, push the team to a high-reaching and achievable goal, and have a clear ETA.
Too many OKRs
When creating OKRs, you should visit Profit. First, get an idea of a narrowed-down list of topics to address. Sometimes businesses create too many OKR clusters with 4-5 key results, leading to a lack of focus.
The biggest roadblocks when coming up with a multitude of OKRs is:
- Lack of focus - having too many goals negates the important content
- Low completion rate - too many objectives result in a lower completion rate and lower morale
- Too much process - Multiple OKRs results in excess labor when it comes to weekly tracking and checking-in
Top-down OKR structure
Mistakes when creating OKRs can involve managers creating OKRs for the lower-don employees, product managers creating the goals, and the finance team defining the expected monetary results for the entire company. In this instance, the OKRs are not set from the bottom-up, but from the top-down.
Check out Profit.co to see some bottom-u goals that contain the perspective and insight of the majority of the company.
Using OKRs to evaluate team performance
OKRs are a great way to set goals - but not the preferred method to evaluate team performance. This would motivate the individuals to push for low-level goals and achieve easy outcomes to improve their metrics and data for the OKR results. Instead, use other methods to rate your employee’s performance to see how they measure up against the rest of the staff.
Visit Profit.co for OKR Inspiration!
Profit.co is a great website to help business owners and new entrepreneurs execute your unique strategy to quickly achieve your lofty goals and objectives. By helping individuals and corporations focus on the larger task at hand by delegating smaller goals, Profit.co can help you measure your progress and earn results.
Profit.co is a worldwide business execution platform that offers four products to its customers - OKR management, task management, employee management, and performance management.
OKR management focuses on your strategic alignment, corporate OKRs, watched OKRs, step-by-step OKR creation, and OKRs by KPI. Strategic alignment helps align everyone in the company with the shared vision of the company. In addition, coming up with and creating individual OKRs, team OKRs, and department OKRs help your business set its own objectives to complete when progressing towards the larger goal.
Finally, Profit.co offers a step-by-step OKR creation process to help you quickly and accurately define a unique OKR for your company.
The second product Profit.co offers is task management, a sector that focuses on creating tasks, prioritizing jobs, associating tasks with Key Results, visualizing workflow with easy-to-read diagrams, assigning tasks to others, and monitoring team goals and tasks/
The third product Profit.co has for customers is employee engagement, which features the newsfeed, mentions, comments, reactions, reward systems, and an awards dashboard to monitor employee progress and performance.
The final section of Profit.co is the performance management section that monitors the profit score, periodic reviews, 360-degree feedback, self-reviews, and HR dashboard. Keeping an eye on which employees are underperforming and which ones are overperforming can help you better delegate tasks and organize your OKRs.
OKRs are a foolproof way for a company to improve its goal-setting and increase productivity. Although OKRs can be difficult to come up with at first when you are new in the process, visiting sites like Profit.co can help with inspiration and organization for your entire corporation.