OKRs have become a popular strategy for business success. Initially adopted by major companies like Google and Spotify, OKRs have amazed businesses from all over with their ability to streamline success with a new approach to management and company-wide goal creations. Here, we discuss common OKR examples to give you an idea of how to get your business thriving like the big dogs.
What are OKRs?
OKR is an abbreviation for objectives and key results. Objectives are qualitative by nature, and key results are quantitative. The separation between the two is in place so that businesses can get both a big picture idea of a goal or objective as well as a specific and measurable idea of their objective. Additionally, OKRs are broken down into individual goals that are divided up into tasks that are passed off to different people and departments within a company. The philosophy behind OKR integration is that the parts of the company make up the whole. Positive workplace culture is also harnessed through this setup as individuals are more aware of how their contributions play a role in the success of the larger company. The importance that comes from this understanding leads to greater employee satisfaction and workflow between workers.
OKR Examples Covered
If you’re not sure you can handle creating and carrying out OKRs on your own, you can get your OKR examples covered using this software strategy. Relying on Profit.co is a great way to introduce your business to OKRs and to give your company experience working with new management strategies. Common goals, to begin with, include improving revenue, customer satisfaction, employee retention, and generating ideal marketing campaigns. Most businesses need work in at least one of these areas, making these the perfect starting points for companies looking to begin incorporating OKRs. Here we have provided a few examples to give you an idea of how OKRs work:
Objective: Generate a total of $8M from bookings
1). Achieve 1,000 deals that equate to $8M by the December quarter.
2). Gather 40,000 leads (marketing)
Example No. 2:
Objective: Build up business growth
1). Achieve a revenue of $2M
2). Hold new product reveal
3). Decrease churn by <4% each year by gaining customer success
As you can see with these examples, using OKRs allows businesses to channel their goals from broad to specific, giving them a clear idea of what is expected from groups and individuals representing the company. Key results are the specific indications that let a business know whether or not they have truly achieved their goals. These milestones are specific measurements that accomplish tasks related to the objective. When all these individual tasks are completed, a company can know for certain that they have achieved their goals. Keeping goals too general creates confusion within the company and leads to weaker workflow between team members.
OKRs are success stories waiting to happen. For companies looking to optimize business, we highly recommend OKRs!