You can be on Entrepreneur’s cover!

How to Set Effective and Meaningful Goals for Your Team The OKR methodology is the best bet

By Andrew Barnes

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur Asia Pacific, an international franchise of Entrepreneur Media.

pixabay

We'll be closing another quarter in a few weeks and that presents a chance to do things differently with your team. If you look back over previous quarters or indeed in 2018, how many of the goals set were actually achieved?

If the answer is "not many" or "nothing that mattered", perhaps it's time to start thinking about how to make goal setting more effective and meaningful. The OKR methodology (Objectives and Key Results) provides an approach for aligning goals with what really matters in the growth and success of a business and its people.

Not Such a New Idea

The OKR methodology has its earliest origins in the Management by Objectives framework developed by Peter Drucker in 1954.

In 1968, Andy Grove (co-founder of Intel) used the principles of Management by Objectives as the basis for developing OKRs as used today. However, it was John Doerr who popularized OKRs and took the methodology mainstream in 2017 through his book, Measure What Matters.

Doerr was an employee at Intel and learned the methodology during his time working there. He introduced OKRs to Google's founders, who implemented OKRs at their offices where it is still used today.

It's All in the Doing

What does it take to actually use OKRs to set effective and meaningful goals for your team?

For setting Objectives, describe where you want to go and set a clear direction. For example, "Grow our market coverage".

The Key Results are then measurements that show how you're progressing towards your Objective. For example, one KR to accompany the above O could be, "Go to market plan for the USA adopted by the Board".

Good OKRs are achievable, aspirational and measurable. There are now even platforms for managing and tracking OKRs within a company, such as Workboard and Perdoo.

It's better to have less, more meaningful OKRs. This creates greater clarity on what is really important and helps reduce having focus pulled across many directions. Businesses thrive when there are less unnecessary distractions.

Making OKRs Personal

The good news is OKRs aren't just for professional goals. The framework is also useful for setting personal OKRs, such as learning a new language and getting fit. Incorporating personal goals into the work context helps keep team members connected to other focus areas, and therefore, more likely to achieve both their work and personal goals.

OKRs put a different spin on setting and tracking goals that really matter and can be a useful tool in setting up your people and your business for success. But when it comes to making actual progress, the most important thing of all is to simply get started.

Andrew Barnes

Co-founder and CEO of GO1.com

 

Andrew Barnes is the co-founder and CEO of GO1.com, a Y Combinator alumni and one of the world’s largest onboarding, compliance, and professional development platforms. He is a Rhodes Scholar, has a Masters in Science and Education from Oxford University, and a PhD in Business Strategy from Queensland University.

Thought Leaders

How To Improve Your Soft Skills and Emotional Intelligence in 7 Easy Steps

Using these simple but effective approaches will help a person in their business, life and relationships.

Business News

'Wildly Inappropriate': Woman Says She Was Denied a Job Because She Didn't Wear Makeup During the Interview

Melissa Weaver was applying for a VP of HR job at a tech company via video.

Business News

Uber Is Fixing One of the Biggest Complaints Families and Parents Have With the Company

Uber Car Seat is now available in New York and Los Angeles.

Business News

Founders of Companies Worth Over a Billion Dollars Have These Simple Things in Common

A new study found three traits that stood out in unicorn founders.

Side Hustle

I Started a Semi-Passive Side Hustle That Earns $33,000 a Week on Amazon: 'Selling There Is a No-Brainer'

Dr. Jenny Woo wanted to create a product that would help people connect, and it turned out to be a lucrative one.

Business News

Robinhood Is Offering a Credit Card for the First Time — and It's Available in 10-Karat Gold

Robinhood wants to take a bite out of the Apple Card with its new Gold Card, which has up to 5% cash back with no fees. Here's what to know.