By Jowanna Daily
How to use the Objectives and Key Results framework to help achieve your business goals.
As a small business owner, you’ll quickly find that you can get lost in tasks and easily lose track of goals. Objectives and Key Results (OKRs) is not only for large corporations; it is a performance tracking system that can help your business achieve its goals.
OKRs is a framework to help you set measurable goals. Additionally, it is a way for you to track progress on your goals. Small businesses can use OKRs to help track and measure progress towards specific goals. By setting measurable goals and tracking progress, you can evaluate what you are doing against the goals. It also ensures that you are making the most of your resources and staying on track towards reaching your objectives.
How do OKRs work?
OKRs typically consist of a list of objectives, each with one or more key results. For example, an objective might be to increase profits by 20 percent, and a key result might be to increase sales by 25 percent. Individuals and teams are responsible for setting their OKRs; however, they should be aligned with the company’s overall objectives. Periodically, everyone’s progress is reviewed and updated accordingly.
The beauty of the OKR system is that it is customizable to fit any company size and business type. This framework works for a one-person business, or it can be more complex for a larger company with multiple teams.
Create effective OKRS by setting challenging yet achievable objectives. It is also essential to ensure that each objective aligns with your company’s strategy. Once you set objectives, set key results. You use key results to measure and track your objective; these results let you know whether you have met your objectives.
Finally, it is vital to regularly track progress towards the objectives and key results. This monitoring allows organizations to make course corrections as needed and ensure that they are on track to achieving their goals.
Writing OKRs can be a great way to focus your team and track progress. However, writing effective OKRs can be difficult. Here are a few tips to keep in mind:
- Objectives should be SMART (specific, measurable, achievable, relevant and time-bound).
- Key results should be quantifiable, so you can track progress and see if you’re achieving your objectives.
- Be realistic in setting your objectives and key results. It’s essential to set goals that challenge your team but are still achievable.
- Make sure everyone you work with is aware of your objectives and key results and working to achieve them.
- If you need help drafting OKRs, several templates and tools are available online.
OKRs in Action
The way OKRs work with Scrum (a framework used by teams to manage their work) may vary depending on the organization’s specific implementation of Scrum. However, in general, OKRs can help track and measure the progress of teams working in a Scrum environment. It also keeps everyone aligned on the team’s objectives. Additionally, OKRs can track and measure the progress of specific Scrum tasks or initiatives, and they can help ensure that these tasks are completed on time and within budget.
With OKRs, you also can use Kanban (a team-based approach originally developed for manufacturing) to visualize your workflow and track your progress against your goals. On your Kanban board, create columns for your OKRs and add cards to represent tasks associated with completing the objective. As you progress through your tasks, move the cards to the appropriate column. You can also use Kanban to track how close you meet your goals by adding a progress indicator to your cards.
Examples of OKRs
OKRs for your small business may include:
- Increase sales revenue by a specific percentage.
- Reduce the cost of goods sold by a certain percentage.
- Expand the company’s market share by a specific percentage.
- Increase customer satisfaction ratings by a set number of points.
Goals and Tasks
Understanding the relationship between goals and tasks is crucial to understanding OKRs. A goal is a high-level outcome that you want to achieve, while a task is a specific action that you need to take to achieve that goal. To achieve your goals, you need to create a roadmap of specific tasks that will help you get there. The OKR framework creates that roadmap.
Each goal should have a few specific, measurable objectives associated with it. Likewise, each objective should have a few key results associated with it. You can use this framework to track and measure your progress towards your goals over time.
Even if you are a one-person organization, there are many benefits to using OKRs, whether with another framework or by itself. Having quantifiable, measurable goals is a great way to stay focused on what’s important. Setting and tracking objectives and key results can help clarify what you need to do to achieve your goals and provide a framework for measuring your progress.
As a solo or micropreneur, you are no stranger to pressure or disappointment. OKRs allow you to see visible progress and focus on high-priority risks. Having clear, specific goals helps you stay result-oriented and breeds the environment to develop innovative solutions.
Things to Consider When Setting Up OKRs
Strategic Skills. If you are new to setting up OKRs, consider getting an OKR coach or consultant to help you become familiar with the system. There are also various tools to help you manage OKRs.
Team Size & Structure. Make sure you consider your team size and structure. Small startups may hire specific talent, such as a marketer or web designer, to help with specialized tasks. Make sure you consider the impact on those vendors to make sure all tasks align with a goal.
Your Role. Setting up objectives and key results is an essential process for any business, regardless of its size or stage of development. But it’s especially critical for business owners who need to ensure that their objectives are aligned with those of their company. Still, some business owners may hire a project manager to help them track the goals across their mini enterprise.
No matter what role you play, you’re ultimately responsible for ensuring that the business meets its targets and grows. And to do that, you need to have a clear understanding of what you’re trying to achieve and how you’re going to measure it.
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May Content Ideas
May is full of marketing ideas for life coaches. Below is a narrowed-down list you can use in your promotions. Look through and select a few to build campaigns that connect with people.
May 1
- Couple Appreciation Day. Relationship coaches help clients show their partners how much they mean to them. Whether it’s a romantic dinner, a special gift, or just spending time together, couples can show each other how much they care.
- Executive Coaching Day. It is a day to appreciate and recognize executive coaches for their hard work and dedication. Pat yourself on the back!
- Global Love Day. Relationship coaches, this is a day to celebrate love in all its forms worldwide.
- Join Hands Day. It is a day for youth and adults to come together and volunteer their time and resources to help their local communities.
- National Play Outside Day. It is a day for people to get outside and enjoy the natural environment.
- Pilates Day. A great day to promote the benefits of Pilates and encourage people to try it out.
- Phone in Sick Day. This day is a great day to promote self-care.
- Therapeutic Massage Awareness Day. A perfect day to bring awareness to the benefits of therapeutic massages.
- World Laughter Day. It’s a day to celebrate the joys and therapeutic benefits of laughter.
May 2
- Brothers and Sisters Day. This daycelebrates one of the most special family relationships—siblings. Families can commemorate this day by having a special meal or activity together.
- Take a Baby to Lunch Day. A day to encourage adults to spend time with babies.
- Melanoma Monday. This unofficial holiday is a campaign to raise awareness of melanoma, a type of skin cancer.
May 3
- Garden Meditation Day. Encourage peopleto connect with nature and appreciate the peace and serenity in gardens and other green spaces.
May 4
- National Bike To School Day. This day encourages students around the nation to ride their bikes to school.
- World Give Day. An annual event that encourages people to give back to their communities.
May 5
- African World Heritage Day. This day celebrates the heritage of Africa and its people.
- National Children’s Mental Health Awareness Day. A day that focuses on raising awareness of the importance of children’s mental health.
- Silence The Shame Day. It is a day to raise awareness of the stigma and silence around mental health.
May 6
- No Diet Day. This day encourages people to rethink their weight loss and healthy eating approaches.
May 7
- Birthmother’s Day. This day honors birthmothers and their choice to put their children up for adoption.
- Herb Day. A perfect day to celebrate the many benefits of herbs.
- National Fitness Day. This observation day encourages people to get active and stay healthy.
- National Play Outside Day. This day encourages people to get outside and enjoy nature.
May 8
- Mother’s Day. Itis a day to celebrate mothers around the world.
May 11
- Eat What You Want Day. A day where you can encourage people to enjoy their food without guilt or judgment.
May 13
- Friday the 13th. Show your audience how they can turn a bad luck day into a best of luck day. Share your challenges and how you overcame them.
May 16
- Love a Tree Day. Show your followers you care about nature and encourage them to practice mindfulness by spending time with trees.
- Wear Purple for Peace Day. Encourage your audience to wear purple in honor of peace.
May 17
- Pack Rat Day. Are you a packrat, or do you deal with people that can’t let things go? You can encourage people to join you in getting rid of “stuff” or do a Live on how you can hold on to the memory even if you get rid of things.
May 18
- Visit Your Relatives Day. Relationship coaches, encourage your clients or audience to strengthen their relationships with one another on this unofficial holiday.
May 19
- World Plant a Vegetable Garden Day. Coaches, as you can see, you have opportunities throughout the month to encourage people to be one with nature. This holiday celebrates and encourages people to plant vegetable gardens.
May 20
- Be a Millionaire Day. Are you a money mindset coach? This holiday is an excellent day to educate people about the poverty mindset and how to turn it around.
May 21
- National Memo Day. There is always room to communicate better. Use this day to improve your communication.
May 23
- Lucky Penny Day. It’s a day where you can empower people to decide their luck.
May 24
- International Tiara Day. Let your audience know that they deserve everything they want in life. They are worthy!
May 27
- Don’t Fry Friday. Health coaches,let your followers know the dangers of too much sun. You can make a carousel with tips to protect your skin.
May 31
- World No Tobacco Day. Advocate for your client’s death by challenging them to spend a day without smoking.
Jowanna is a business and personal coach, consultant, freelance blogger, and personal brand photographer. Jowanna uses her 20-plus years of business, information technology, business analysis, and project management experience to serve solopreneurs, microbusinesses, and professionals through consulting, coaching, training, and workshops. She is also a freelance blogger who serves corporate and non-corporate clients. Visit her website at https://www.jowannadaley.com/about/.