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Objectives and Key Results Planning: Stepping Stones to Business Growth

What is OKR?

OKR acronym for Objectives and Key Results is a frame work used by management to define objectives and track results based on the defined objectives. OKR is an effective leadership process for defining, communicating, monitoring goals and results in an organization in periodic manner. The aim of OKR is to streamline organization, team and individual goals in a hierarchal manner to make all members of the organization work in a unified direction. While OKR is a key to match objectives with results and take corrective action in case of deviation, doing this manually is almost impossible. The most effective way for OKR planning is to use an OKR planning software.

OKR Software and Profit.Co

OKR planning and communication is becoming increasingly important for organizations irrespective of size, structure or industry. As organizations grow in size and become complex technological intervention becomes a must to keep the organization goals streamlined and manage the growth. OKR software is the organization’s answer to manage growth in a systematic manner. OKR planning, communication, implementation and checking becomes easy with the use of a OKR software.

OKR has been around for three decades now and thus there are various OKR planning and implementation software available on the block. While there are quite a few software offering the OKP planning tools, these platforms are generally complex and thus difficult to popularize in an organization as employees find it complex to understand, thus making it time consuming to use. This defeats the purpose of using an OKR software in the first place.

Profit.Co makes OKR planning an easy process for you and your employees. This OKR planning platform comes with an integrated task management module. This makes implementation of your strategies aimed at achieving your objectives easy. Moreover, Profit’s OKR software is designed in such a way that an organization can create Objectives and Key Results at all levels of management. This feature ensures transparent dissemination of information across organization, keeping the OKRs aligned for all members of the organization. Our software enables both top down and bottom approach for OKR planning, this feature if implemented correctly will make the employees feel empowered, thus increasing their productivity. Profit’s OKR software also enables organizations to implement management by expectations further streamlining the process of OKR planning and implementation.

How can OKR planning help in smooth functioning of an organization?

In the current competitive business world, survival of any organization or a business depends on its growth. For a business to grow and flourish it requires acute strategic planning and successful implementation of these carefully planned strategies. Implementation of strategies is where OKR planning comes into picture. OKR planning breaks these complex strategies in smaller parts for finite time periods, making the functioning of the organization towards the goal easy.

Let’s understand this through an example:

An organization aims to increase its market share by 10% in the next one year. The OKR planning to achiever this strategy would be increasing sales in a way that the market share increases by 2.5% every quarter. Appropriate communication will be done with all the departments and thus all employees of the organization will have information about the strategic decision. This will motivate and enable all of them to work towards the same goal. The process of objective achievement would be monitored regularly to make sure that the OKRs are achieved.

One common myth about OKR planning software is that only large organizations need it, if we are a mid-sized organization or a start-up, OKR planning is not for us. In our opinion OKR planning is equally important for all businesses be it a sole proprietorship or an organization employing hundreds. OKP planning software is as much as check mechanism as it is a communication process. Keeping a check on progress and taking necessary corrective action in case of deviation is equally for a start-up as it is for a large organization.  Irrespective of the size of the operation, OKR planning and implementation is important for growth and development of any organization. In fact, OKR planning and implementation has helped a lot of start-ups to grow and develop to giants.

Alphabet Inc., the parent company of Google would be a prime example of how OKR planning can be implemented to fuel the growth of the of an organization. Acclaimed venture capitalist John Doerr introduced OKR planning to Google when it was just 40 employees strong. OKR has helped Google to become a mammoth that it is today with over 60,000 employees. So all those who harbour doubts for OKR planning owning to the size and scale of business, Google should open your eyes. Along with Google lot of other tech companies like Spotify, Twitter, Linkedin, Airbnb use OKR system for this performance management and measurement.

While OKR is a huge success in the tech world, its usage is not limited to technology companies. Any business can garner great deal of benefits by implementing the OKP planning for their business. Retailing giants like Walmart and Target are also using OKR framework to communicate objectives and measurement of results.

OKP planning and its successful communication and implementation can create a roadmap for the success of your business. Irrespective of the industry you are in, your business will need clearly defined objectives to grow and prosper. Once the objectives are defined you need parameters against which you can evaluate the performance to decide how successful you as an individual and the organization as whole has been in working towards achieving the set objectives. To communicate these objectives, keep a track of activities and measure the performance at the end of the quarter your organization will require a platform to organize, analyse and present data. This platform is an OKR software and we at Profit specialize in development of this platform. Get in touch with us to get more information and better understanding of our offering.