A simple, proven method to 10x growth and efficiency at your company
I like to make lists and you'll often find me scribbling things on a sticky note or notepad somewhere. Lists helped me study more efficiently throughout secondary school and university and also helped me achieve my goals in my career so far.
I used to think I achieved these goals because I was smarter than everyone else but quickly learned that making those lists, documenting goals and having hyper focus on them were the actual game changer. I called them "lists" because I didn't know there was a better term for it - Objectives and Key Results (OKRs)
Setting OKRs for myself in my personal life and with work has made all the difference between being busy and actually getting results.
OKR is a term and goal management framework developed by Andy Grove sometime in the 1960s. It became popular when the framework was adopted at Google and now many other high-growth companies. Studies have shown that companies that adopt the OKR framework have employees that are more effective at their jobs (leading to better performance and growth in sales for the business) than companies that do not.
OKRs could be set at the beginning of every month, quarter, half year or year. But I personally find the sweet spot to be every quarter. For every objective, there are smart measurable corresponding key results to achieve those objectives.
For example, say my objective is to make the onboarding process at my fictional startup smoother and more enjoyable for new hires, some key results for this objective would be:
Develop and implement a thorough 1-day onboarding schedule or program
Attain a 4 to 5 star rating on the onboarding experience from all new hires
Another example: my objective for Q4 2019 is to grow monthly revenue at my other fictional company by 50%. Key results would look something like this:
Close at least one partnership with another business that offers a complimentary service to my target audience
Implement a referral program for customers
Create email campaign that increases repurchases from previous customers by 25%
The OKR framework helps you set smart targets and focus on the things that really matter to your organization. It also indicates to your employees you reward results over busyness.
Granted, it is possible for an organization to succeed without OKRs, but OKRs and hyper focus help you get to where you need to be faster and more efficiently. There's also something immensely rewarding about knowing you set lofty goals, worked hard and achieved them. That sense of accomplishment and purpose makes work so much more enjoyable.