OKR is the very effective goal setting and management framework Andy Grove created (MBO then) and leveraged to transform Intel and grow its revenues from $1.9 to $26 billion by 2017.
OKR, which stands for Objectives and Key Results, has continued to help individuals and teams implement strategic execution to accomplish some pretty amazing things.
John Doerr, who had worked alongside Grove went on to perfect the technique and bring it to the rest of Silicon Valley to continually 10X growth, starting with Google. To this day, Larry Page still writes out Google’s corporate OKR’s every quarter to drive (monopolistic) growth.
OKR’s formula simply has two core elements:
An objective (I will).
And measurable results (measured by).
To formalize these, you must answer these two questions:
Where do I want to go? Your objective.
How will I measure my pace of getting there? Your key milestones and results you are after.
This year you may set yourself up with your own OKR.
Objective: Increase revenue year over year.
Key Result #1: Generate at least $360,000 of Gross Revenue.
Key Result #2: Fund at least 120 deals.
Key Result #3: Attain a minimum 40% renewal rate.
There is a clear direction, and there are measurable results to start working on and tracking.
But what key activities or initiatives need to be put into place to maximize every day in order to achieve these results?