Regardless of your company's size, objectives and key results (OKRs) can guide you and your team to a thriving, successful future.But creating the right OKRs might not be as simple as you thought.
When your goal is growth, your OKRs need to examine the most efficient and effective ways to scale using the assets you already have. Andbeyond that, the OKRs serve as a measuring tool to track progress, deadlines,and overall success.
This article has excellent OKR examples for growth that you can use with your own business. By following these guidelines, you can drive results right away.
What is OKR?
An objective and key result (OKR) is a two-part strategy for setting goals for an individual or group. The first part, objectives, are yourgoals. The second part, the key results, are the measurable outcomes from yourgoals.
Here is a simple example of an OKR:
- Objective: Increase blog production by three articles a week
- Key result 1: Complete research for three blog posts by Tuesday at 2 pm
- Key result 2: Write and edit one blog post by Wednesday at 4pm
- Key result 3: Write and edit two blog posts by Thursday at 4pm
- Key result 4: Write and edit three blog posts by Friday at 4pm
OKRs can be as straightforward or as complex as you needthem to be. But the most crucial part of a great OKR is that it makes a meaningfulimpact on the company's success by driving results.
1. Sell More
Most OKR review template models include a measurement of sales progress. Progress can be measured in total dollar amount or profit.It can also be measured as a percentage growth from the previous quarter oryear.
The exact layout of your OKR for sales is up to you. Here isa basic example:
- Objective: Sell$25,000 worth of product this year
- Key result 1: Generate 10,000 new qualified leads before end of Q2
- Key result 2: Launch new product in Q2 to boost sales
- Key result 3:Increase marketing efforts with a social media campaign and an email campaign in quarter 4
The key results will vary based on what you want to sell and your timeline. But the general theme will be the same - growth.
2. Improve Customer Satisfaction
Another way to grow your business is to increase your customer satisfaction. You can keep the customers you have and get new ones. Here is an example:
- Objective: Improve customer experience and satisfaction with our product or service
- Key result 1: Collect feedback via an email survey to customers
- Key result 2: Monitor social media pages and engage with customers that comment
- Key result 3: Increase customer retention to 85%
Customer experience is key to business success and growth.Consider adding a metric like this in your OKRs.
3. Launch Website
If your company is looking to grow via an online presence -start with a website. And you can use an OKR for the website development process. Here is what it might look like:
Objective: Launch a company website
- Key result 1: Research and purchase a domain name for the website by May 1st
- Key result 2: Research and choose a content management system within the budget by July 1st
- Key result 3: Complete comprehensive website testing and make necessary adjustments by August 1st
- Key result 4: Launch website on August 15th
If you already have a website, you could use the same typeof OKR for further online growth - starting a blog, signing up for social media pages, etc.
4. Grow Team of Highly Motivated Personnel
Part of growing your business is growing your team. You can create OKRs for your staff too. Here is an example:
- Objective: Hire ten new staff members in the year 2021
- Key result 1: Post job on major job search sites
- Key result 2: Interview at least three new qualified candidates per month until spots have been filled
- Key result 3: Make oneoffer a month until all positions have been filled
As your business grows, your personnel needs doo too. And finding good candidates can take time. Don't overlook this type of OKR in yourplan.
How to Grade OKRs
OKRs are often measured or graded on a scale from 0.0 to1.0. A 0.0 to 0.3 means that you were not very successful in accomplishing the OKR. And 0.4 to 0.6 means that you made progress but did not achieve everything you wanted to.
An OKR rating of 0.7 to 1.0 means that you did a good job with your growth OKR and delivered key results. You can also assign a color scale to these ranges (i.e., red, yellow, green).
What About V2MOM?
If you've heard of OKRs, you may have also heard about V2MOM. If not, this acronym stands for vision, values, methods, obstacles,and measures. It's another framework you could use to set growth goals.
Your vision is what you want to achieve. Your values are what you or your company believe in (the bigger picture). Methods are the steps to take on your way to your vision. And obstacles are the things that are getting in the way of your success.
Finally, measures are the indicators that you have achieved your vision. You can find v2mom examples from Fortune 500 companies downto small businesses. The framework is scalable for any business.
V2MOMs are also known to be flexible. When you encounter an unexpected obstacle, you don't have to start again from the beginning. You can simply adjust the obstacles list.
So, be specific, honest, and thorough, whether you choose to use OKRs for growth or v2moms. Staying organized and accountable will help you and your business grow.
Using OKR Examples for Growth
Now you have 4 OKR examples for growth. Which will you choose for your business? Or have you already come up with a few new OKR ideas?
Business growth doesn't have to be complicated. With the right objectives and results, you can feel organized, focused, and motivated to help your company thrive.
And if you're looking for more advice for a thriving business, check out all the other blogs we have on our site!