It's 2020! An exciting year just dawned upon you, laden with opportunities, adventures and undeniably greater missions that you are racing to achieve. With leadership retreats, endless presentations and white boarding akin to getting your strategy in-order, your next step would be on getting execution right. This time around, with laser sharp focus.
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2020 has been a year of many never befores. In the true sense it is a year which has prepared us for the unpredictable and trained us for the uncertain. With so much happening around us and still not much clarity on the next steps, it is more than imperative that leaders start developing strategies which are now weather proof or should we say .... Pandemic Proof?
In most of our interactions we hear team members complaining about the level of micromanagement on task completion when they work remote, whereas, many of our clients and network who are onto OKRs give us a completely different picture on the level of autonomy that OKRs provides them with. When OKRs are set, managers don't go about checking updates on daily tasks, instead, they focus on the outcomes that help drive & sustain company's growth strategy.
OKRs, the simple yet superbly powerful strategy execution framework, the one that 80% of companies in the Silicon Valley adopt to outperform their growth strategies may be just what you are looking for. New to OKRs? Even better. Get started with our 101 guide.
As the Company CXO or Founder, here are three simple steps to get your Company OKRs aligned with your strategy:
OKRs are to drive focus. It certainly starts with getting the right people in the room. Keep your Company OKR crafting session to about 2-4 hours, with yourself as the CXO and the executive team. Make sure you get each member to do some pre-work of thinking through the most important measures for the quarter. Should you want external help, think about calling an OKR Coach to facilitate the meeting.
With your Mission, Vision and Strategy well crafted, OKRs force you to make tough choices and pick only those which would transform your business, if given that extra TLC.
Think about what would be the important theme to accomplish: Revenues? Retention? Expansion to a new market? Which of these are most important for the quarter? The most common Company OKRs are crafted around:
Before we get to writing, lets do a quick recap on the structure of a good OKR:
Objectives – The aspirational and emotive 'Why' which pretty much would call out what you would want to achieve
Key Results – The outcomes which you would want to achieve (Good KRs pass the stretch test)
Tasks - Your list of priorities that would help you achieve Outcomes
Let's now dive into some examples of company OKRs:
Company 1: A SaaS platform
Objective: Be the No 1 platform for <<your category>>
KR1: Increase by USD X Million in ARR
KR2: Upsell USD X Million to existing customers
KR3: Sustain people retention at X%
Company 2: A B2C company looking to improve user engagement
Objective: Build a super simple platform to accelerate growth!
KR1: Increase repeat orders by X % age week on week
KR2: Launch 2 WOW features to increase user engagement by X%
KR3: Increase people experience scores to X%
KR4: Reduce customer complaints by X%
Once you've got your Company OKRs written out ,voila, the next step is to just get everyone to follow it? Well wrong again. OKRs is anything but a cascade or hand it down process. To get everyone onboard would mean aligning to company OKRs by inviting teams to collaboratively set their Team OKRs.
Communicate, Collaborate and Create are the 3 critical C's which are very essential to getting OKRs the right impetus it needs especially with bottom up implementation.
Writing good Company OKRs are the first step to starting your OKR journey. Check out our OKR templates which can quickly get you started on achieving your goals. Want to know more about crafting the right ones? Write in to Fitbots today for a free OKR consultation and demo.