OKR’s and Objectives for Small Businesses

When people tell you about alignment, it’s the ‘objectives’ that always came into the scene. Naturally, these objectives helped companies envision a clear direction and so it should be absorbed well by each of your teams to ensure that everyone is on the same page. No matter how much effort you exert to assemble the perfect and right people, the possibility for it to go in vain is high if you have no clear and well-established objective.

For the developing small-scale businesses, at some point, you might think that achieving those objectives is far from being possible. You might think that realizing it will be arduous and you might feel that you’re being too ambitious.

Well, for someone starting a small business, all of those thoughts are valid and normal. However, at any cost, it should not be affecting how you see it in the bigger picture. Your objectives should not be blurry nor vague, they should, instead, be SMART goals (Specific, Measurable, Attainable, Relevant, and Time-bound).

One of the most commonly used frameworks nowadays is the Objectives and Key Results (OKRs). OKRs prominence among many organizations lies within its simplicity in structure but is able to unify teams, boost focus, and fix problems that stifle growth and innovation. This framework helps companies envision what are the objectives that need to be achieved (Objectives) and measures how much progress have they realized so far (Key Results).

Objectives

Objectives can be defined as something that your company aims to achieve. When setting your objectives, bear in mind that it should be inspiring and timebound to drive innovation and profit.

Key Results

To measure your progress, Key Results is your ally. Once you set your objectives, Key Results will determine how can you get there. Keeping a sharp observation to your Key Results will help you identify whether you’re paving the right path or you’re getting the results you’re aiming for.

By means of this framework, employees are able to prioritize and focus on their tasks as it served as their guidance towards achieving the company objectives.

OKRs for Small Businesses

As the industry guru, John Doerr defined, “OKRs are a survival tool”. Most likely, us people might link OKRs with larger, but not with smaller and/or startup businesses as we probably think these small businesses only move within bounds and limits.

OKRs inspires team, establish strong communication, accelerate growth, and minimize problems.

Let’s delve deeper:

a. OKRs inspires team

Much of what we already know, OKRs help companies have a clearer vision of their objectives and goals. However, in addition to that, OKRs also help teams be inspired and work with a purpose. With everything going on inside the workplace, the endless war for talents as well as all the pressure and competition, the right OKRs along with effective leaders play a crucial role in ensuring that the team is spending their time worthwhile.

OKRs themselves promote aspiration and usher the group toward the common goal as it encapsulates “Objective” which confers a compelling vision of the company’s path. According to Gthmhub, “ideally, top-level OKRs should align with your company’s mission and reinforce core values.”

b. OKRs establish strong communication

Whether you’re dealing with micro, small, medium, or large businesses, communication is vital. One of the most important factors that businesses need to master is the process of properly dispersing or aligning their objectives. A well-defined objective is futile if, in the first place, it was perceived differently. That is why it should be properly communicated, not only to ensure that everyone is on the same page but also to generate valuable results.

Aside from alignment, it is also worth noting that communication is one of the most infamous challenges that small businesses usually encounter as they grow so keeping an open communication within the team is highly important.

OKR allows promotes better workplace communication because team members discuss and assist one another to ensure that their efforts are all aligned to meet their key results and elevate task coordination.

c. OKRs accelerates growth

When your team unlocks their full potential and the objectives are properly communicated, it expedites growth.

In order to achieve business success, you need to showcase a relentless focus on efficient growth, and that is one of the OKRs strengths. OKRs empower your team to set and achieve measurable objectives, bringing alignment and unified direction to the team.

d. OKRs minimize future organizational problems

Within many startup organizations, one of the troublesome episodes happens when they decide to expand without a proper systematic approach. Decision-making also becomes crucial and complex in this growth phase so it is important to know that as early as possible, try to provide efficient solutions that will harness the team against these “growing pains”.

Make your OKRs a successful realization

Being in the business for quite some time, you might have heard the buzz on how OKRs establish focus and clarity amongst many organizations. While OKRs develop unequivocal results, it is still dependent on how you take them into your own hands.

OKRs alone can’t make any difference unless otherwise, you take the first step in developing the right and strategic approach that will later transform your objectives into a successful realization.

Below is the checklist you may want to consider in creating your OKRs:

a. Set focused goals and communicate them

OKRs are simple but can be too complex if not properly communicated. In realizing your objectives, each individual has a role to play, hence, the plan should be clear and well-received, otherwise, it will be total chaos.

In doing so, the first thing that you need to do is to let your members know what are the OKRs and what should be done to realize that. You should also take your time inculcating its importance and emphasize how will it benefit the organization as a whole.

In creating your plan, make sure that you include important information – the OKR timeline, OKR flowchart, and your guide in writing effective OKRs.

b. Take it seriously

Devote your time and attention to the whole process. After setting the objective, track the progress of your key results by conducting regular check-ins and designating specific individuals that will take ownership of the specific OKRs.

c. Adjust and prioritize

After brainstorming objectives with your team, adjust them in accordance with your priorities. It might look less ambitious but there is nothing wrong to focus and prioritize with one specific OKR. By that, your team will not be too overwhelmed and clouded with pressure, which will allow them to pay attention to small details and evaluate.

Getting your small business ready means creating a strategic and well-determined OKRs. Start your OKR journey with Woffice OKRs and prepare to work beyond your bounds!

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