There is a framework behind objectives and key results (OKRs). This framework is to define and track objectives and their results. Major companies, most notably Intel and Google, employ OKRs to cut through the filler and drive real business results.
Said differently, an OKR is a goal-setting technique that is used to drive transformational business results. An OKR is not, for instance, a way to improve a metric by 3%. Successful OKRs take something important and distill them down to their core.
To get more specific, objectives and key results must be limited in number, measurable, and tangible. Avoid phrases such as "Get more leads" because that is an infinite process with no sense of progress or reward. Instead, we can say that we want to "Double the amount of leads we talk to each month on the phone".
For instance, a food delivery company may set a goal of reaching 100% coverage in a particular city or expanding to 50 new cities next year. These goals are important, difficult to achieve, and drive real business value. They are also decrete: you either reach them or you do not.
Now that we understand what OKRs are, and their importance, we have to decide which metrics to set for our specific case. Each business is different, and thus requires different objectives and key results.
We recommend creating 2-3 OKRs per department and placing them on a single OKR dashboard. This way, you can invite the relevant team members to the dashboard and they can always access the data within seconds.
To select the right OKRs, think about activities will drive real business or organzational value. Getting more website traffic to your ecommerce store alone will not help your business, but increasing the amount buyers will.
The path to purchase (site visitor --> browse --> select item --> add to cart --> checkout) is much more complex, but also more valuable.
More specifically, OKRs are have two components: 1) the objective and 2) the key results. Each objective that we set should broad enough to be meaningful. You want people to be able to "sink their teeth into" the objective and come up with multiple strategies and plans of attack.
Whether you have an iPhone, iPad, or Android mobile device, Alluxo is the #1 way to track your OKRs. Our mobile OKR dashboards will save you countless hours (and emails!).
We understand how busy you are, so our mobile OKR dashboards are designed to load in seconds and look beautiful on any mobile device. You'll wonder what you did before downloading the Alluxo mobile app!
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