Objectives and key results (OKR) are important to know in order to guide the strategic direction of the company, and how you measure success. Here’s how to define and measure your OKRs.
An objective, much like in a marketing plan, must be actionable and have a time limit. For example, you can say “achieve _____ in 12 months.” Keep your objectives clear, easy for everyone to understand and work towards, and in line with your overall strategy.
Key results, on the other hand, must be quantitative. Have a number you’re working towards, whether it’s increasing sales by 50% or earning 50 new long-term contracts. Your key results should be in line with your objective, and allow you to “grade” success. Try not to make them too hard to achieve, or you risk intimidating your team.
List out your high-level strategies and actionable tactics, communicate them to your team, and get started. Once your strategy is under way, measure progress often on a set schedule. If you decide to do it once every two weeks, keep these dates consistent. As you review your progress, you may redefine your OKRs and set new ones.
Check out the infographic below for more information, as well as some companies’ views on OKRs.
Infographic created by folks at Weekdone, the better team management tools company