What exactly does OKR stand for?
OKR is a popular framework for goal setting and tracking.
To summarise, an Objective shows the point of destination, and a Key Result will be an indicator of whether or not you are there yet.
When working with OKR, you will have to ask yourself three questions:
- Where do you need to go?
- How will you understand you’re there?
- What will be the steps to getting there?
The third question will generate initiatives: things you’ll do to achieve your OKR. They complete the overall picture and help everyone to understand the difference between Key Results and Initiatives.
Let’s explore the following question.
"Where do you need to go?"
The answer to this question will be the Objective. It should provide a clear direction, where your company should proceed. Your Key Results will make it more precise by adding some metrics or identification.
- Improve our customer experience
- Grow new business revenue
"How will you understand when you’re there?"
The answers will become your Key Results, the results that are to be achieved to complete the Objective.
- Increase our NPS from 60 to 70
- Close deals worth $80 000
"What will be the steps to get there?"
The answers will be your initiatives, the tasks you’ll do to achieve your OKRs.
- Implement in-app live chat
- Host 80 product demos