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09-03-2020, 12:58 PM #1
- Join Date
- Aug 2018
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Okr
OKR is an acronym that stands for Objectives and Key Results. *It is a very effective goal setting and management framework that helps individuals and teams implement strategic execution and accomplish some pretty amazing things.
OKR is a tremendously powerful tool, especially in times of uncertainty, when stern direction (with flexible approaches) are needed. *Andy Grove, born Andras Istvan Grof in Hungary 1936, survived the Holocaust by taking on a false identity and reaching America with little English and no money.
He eventually joined a fledgling company called Intel and transformed it using a method he created known as OKR.
Grove and his method took Intel from a precarious position to putting personal computers in 84% of American households by 2017, increasing revenues from $1.9 billion to $26 billion.
OKR's primary tenet was that execution is more important than mere ideas. *Grove, who fought his way through Communist Hungary to then become Time Magazine's "Man of the Year," was living proof of this - really a "walking OKR."
The simple version of OKR consists of an Objective, which defines a goal to be achieved, and up to 5 Key Results (3 is best), which measure progress towards the Objective.
What is in an Objective?
It is a description of a goal to be achieved in the future. *It sets a clear direction, provides motivation and can be though of like a destination on a map.
The key question to generate an effective objective is "Where do I want to go?"
What is a Key Result?
It is a metric with a starting value and target value that measures progress towards on Objective. *It is like a signpost with a distance that shows how close you are to your Objective.
The key question for this one is "How do I know if I'm getting there?"
Here is an example of a past OKR from one of our greatest minds, Elon Musk:
Objective: *Make humankind interplanetary.
Key Result #1: *Reduce the cost of launching a rocket by 10x.
Key Result #2: *Re-use all rockets at least 5x.
Key Results #3: *Win $10 billion in commercial launch contracts.
Keeping it simple and tight is key here. *Complexity is the enemy of execution.
How would you use this method to boost your sales game's execution?
-FundingStrategist
https://fundingstrat.com
https://fundingstrat.com/okr/