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OKR Methodology for entrepreneurs

Do you know the OKR methodology? Do you want to discover why it is a great methodology for entrepreneurs? OKR stands for Objectives and Key Results. This methodology allows entrepreneurs and business owners to align all members of the company around a common focus to achieve strategic goals quickly and efficiently.

In practice, it is also perfectly applicable to one-person teams, the only thing necessary to be able to use OKR is to be able to design objectives, which will always be aligned with the purpose of the startup or company.

The differentiating element of OKR is that it works with few objectives and they will be defined in the short term. Usually, between 3 to 5 objectives are defined for each cycle, which lasts approximately one quarter.

By defining objectives in the short term, motivation increases, and this monitoring can easily be done by identifying those indicators that show that these objectives have been achieved, which in OKR are called key results.

It is also important to establish a measurement system that allows us to validate that the objectives are really being achieved, and, in addition, it will make it easier for us and our team, if we have one, to be motivated.

The last essential element in this methodology is the tasks, which are those activities through which we will complete each of the objectives.

Undoubtedly, for OKR to be effective, it is important that both the objectives and the key results are ambitious enough. A good indicator that this is the case is that achieving 100% of the objectives should be virtually impossible.

Finally, we must keep in mind that one of the most valuable tools when implementing OKR in an organization is the Continues Management of the Performance through CFR: Conversations, Feedback and Recognition.

For this monitoring to be effective, it is important to dedicate time to prepare the feedback, also performing a self-feedback that helps us to identify points for improvement, and, at the same time, to base the feedback we provide on concrete facts with examples, so that they are concrete comments and not based on sensations.

This monitoring and evaluation can be carried out through different types of meetings, whether weekly, monthly or quarterly, and must be defined according to the needs of the projects, without being mandatory and always making sure that they are useful:minimize the quantity and maximize the quality of the meetings.

If you think this methodology can work for your startup, here are some tools that can help you in implementing it: General Internet, Profit, ToughtFlow, Atiim, Workteam, Trello, Gtmhub or WorkBoard are only a few examples.  Do you dare to implement OKR in your project?

Take a look at the blog of La Lonja de la Innovación to find more tips on managing your startup.

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