2018-03-07 13:44:36 Managing Employees English Take care of your bottom line by mapping out an OKR that focuses the efforts of your employees and guides your company along a streamlined... https://d1bkf7psx818ah.cloudfront.net/wp-content/uploads/2018/03/02141315/Group-Of-Employees-Discussing-OKRs-For-Small-Business.jpg Small Business Terms: What is an OKR?

Small Business Terms: What is an OKR?

1 min read

An objective and key result (OKR) is a plan for success that puts employee goals and company objectives on the same path. It links where you want your business to go with how you’re going to get there. Even as your employees work to meet individual goals, they’re also contributing to the core goals of your business. Everybody wins. OKRs are all about outcomes. You set goals, and you set your sights on meeting them. Checking in and measuring progress are part of the process, and they motivate everyone to keep going.

To get started, identify three to five company objectives and connect those to results that prove your goals have been met. If you want to improve your service, maybe you can include a batch of customer satisfaction surveys as one of your key results. Would you like to build a more versatile team? A cross-training program will get you to that goal. And it’s another win-win situation. Employees learn new skills, and you have staff ready and able to fill in when someone’s off sick.

There’s no fixed timetable for OKR check-ins. You can track progress weekly or monthly, or you can follow whatever schedule makes sense for your business. Generally, OKRs are set up for quarterly review. This gives you time see what kind of progress you’re making. If you’re not moving quickly enough towards your goal, you can make changes. It may be a simple matter of borrowing one or two employees to put on a push and get back on track. This is what makes the OKR method effective – everybody works towards the same goal.

Your OKR is an important workplace tool for everyone. Employees can’t help but feel more engaged as they work together and reach for shared goals.Then you can go with momentum.

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

Related Articles

Have You Planned for Buying Out Your Small Business Equity Partner?

When starting a new business with an equity partner, it is easy…

Read more

How to Handle a Cash Flow Shortage

Knowing how to handle a cash flow shortage can be crucial to…

Read more