OKR stands for Objectives and Key Results. Objectives and key results is a goal-setting framework for defining and tracking objectives and their outcomes. An objective tells where you’re going and key results show how you’ll get there.
OKRs are very effective tools for setting and achieving goals. This is largely because they’re much easier to understand and execute for almost anyone. This info-graphic shows the goal setting frameworks used by top brands in a timeline.
You can see SMART and KPIs, two concepts we have previously discussed on Success Acronyms. Why’s OKRs the latest favoured trend? It’s because it’s very easy and simple for anyone to use them.
Here’s an example: the objective for most businesses is to improve or grow sales. Defining the key results points a business to how we are get there. So we ask, what are the key results of a high selling Company? Here they are:
1. Customer satisfaction
2. Operational excellence
3. Product superiority
We can see that to achieve our objective of growing sales, we have to set tasks that will ensure our customers are satisfied, that our business structure operates efficiently to support increased demand and that we have the best products in our industry.
OKRs applies not to business situations alone but with non-profits, social causes and even personal situations.
A personal application of an OKR can be, for example, as regards to improving one’s health. Considering the objective, the likely key results of improving one’s health, would be more energy/productivity, reduced risk of disease and long life.
Again, knowing where we’re going and how we’ll get there, we can undertake the tasks that will get us there. Some of the tasks we’ll need to take on daily basis:
OKRs compared to SMART or KPIs are more aggressive and ambitious ways to reach and achieve any goal or objective that we may desire. There’s lots of extensive knowledge about OKRs available on the internet. I’d like to encourage you to further read and study them as it’s certainly a much better way to set and achieve any objective that’s important to us
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