How to make simple OKRs that dramatically improve team performance

Goals and objectives are crucial for any entrepreneur looking to create a high-performing team. The power of setting objectives is a practice we have seen from Bill Gates to Mark Twain.

In the Moonshots Master Series, we went deep into goal setting and creating Objectives and Key Results (OKRs).

In the show, we learn from the master, John Doerr, who inspires us by stating it's crucial to choose the right goals for the right reasons. We then hear from Laura Wilkinson, an Olympic gold medalist, who discusses the importance of setting goals, and why accidents like winning an Olympic Gold don't just happen.

Now we dive into Christina R Wodtke, who speaks about 'What Matters', how you flow OKRs through your organisation, and the importance of empowerment. We also have Expert Program Management who states how to keep your balance when setting goals and the value of Self-assessment.

To help us kick-start our behaviour today, we learn from Kim Scott, who breaks down Radical Candor and introduces the four quadrants. We close, fully inspired and keen to begin, with Terrence Donahue and Michael D Watkins, who talk about the benefits of planning where you're going forward, and the Next 90 Days.

Let's focus on OKRs.

Objectives and Key Results (OKRs) is a popular goal-setting framework used by companies such as Google and Intel.

It involves setting clear, measurable objectives for a business, along with specific key results that will measure progress towards those objectives. OKRs are a powerful tool for entrepreneurs because they help to focus efforts and resources on the most critical priorities and provide a clear roadmap for achieving business goals.

Here's how to make simple OKRs that dramatically improve team performance:

1. Determine the overall purpose of the business: Before setting OKRs, an entrepreneur needs to understand the business's meaning clearly. This vision may involve identifying the company's mission, values, and long-term vision.
2. Identify the critical areas of focus: Once the overall purpose of the business is clear, the next step is to identify the essential areas of focus through the OKRs. These may include specific business functions or departments, such as sales, marketing, product development, or customer service.
3. Set high-level objectives: For each key area of focus, the entrepreneur should set a high-level goal that encapsulates the desired outcome. These objectives should be specific, measurable, attainable, relevant, and time-bound (SMART). They should also be challenging but achievable and aligned with the overall purpose and vision of the business.
4. Define key results: For each high-level objective, the entrepreneur should define a set of key results that will measure progress towards achieving the goal. These key results should be specific, measurable, and time-bound and used to track progress and identify any areas of weakness or improvement.
5. Communicate the OKRs to the team: It is vital to communicate OKRs. This communication may involve holding a meeting to discuss the OKRs and how they align with the overall purpose and vision of the business. It may also include providing resources or support to help the team achieve the objectives and key results.
6. Set regular check-ins and review progress: It is important to establish regular check-ins and review the progress of the key results. This review may involve tracking progress on a dashboard or using other tools to monitor progress.
7. Adjust as needed: As the business progresses, it may be necessary to adjust to the OKRs to stay on track and continue moving towards achieving the objectives. This approach may involve setting new key results, adjusting the timing of objectives, or making other changes to ensure that the OKRs remain relevant and practical.

Overall, setting OKRs is a powerful tool for entrepreneurs to focus their efforts and resources on the most critical priorities and achieve their business goals. Following the steps outlined above, an entrepreneur can set effective OKRs to help drive the business's success.