Mission, goals and how to get there
The Art of the OKRs
We’ve seen HOW we can use Open Allocation to organise a venture and help create value, now let’s see WHAT we are supposed to do to manage ourselves and to perform. We’ve seen how important is the execution so we need a framework that will help us be as focused and efficient as possible. The OKR framework is a good way to do that.
What are OKRs?
OKR is an abbreviation for Objective & Key Result. As a management technique, OKRs can help you focus on your company goals and reflect on progress each quarter. This approach to setting goals was first implemented at Intel Corporation in the 70’s and is now being used by some of the biggest tech companies, including Google, Zynga, Upstart, LinkedIn and many more.
Basically, based on our mission and vision, we decide what are the objectives for our team for the next period of time. Objectives are places we want to get, they have to be ambitious and clear. Key Results are quantifiable and measurable activities we can do, that, when put together, make the objective achievable. There are usually 3–5 quarterly objectives, each with 5–7 key results.
Once the team agrees on the general OKRs, each member drafts its own, based on those. This way, everyone can:
- see how they contribute to the big picture (purpose);
- improve themselves while helping other teammates (mastery);
- and own their objectives and key results by deciding what those are (autonomy);
Another important aspect is communication and transparency: OKRs are public, therefore anyone can see what others are doing, how they can help and where we’re all going. Arguably, OKRs are the easiest way for us to be connected at a personal, team and company level, and work towards the same goals. It is also a good way to have clarity on what’s expected from each one of us and how all the activities come together.
Once everyone has its own OKRs, aligned with our team OKRs, the next step is to break down the Key Results into Tasks. Deadlines and procrastination are two things everyone hates. Maybe there is a better way to deal with tasks and avoid altogether these issues.
My approach is to divide activities into 45 minutes tasks that get their own slot in my agenda.
This way I can put my whole focus on getting the job done and I don’t have to worry about anything else. I also set ambitious goals regarding the number of tasks I want to check in one day, so if I get to do only a part of them, I am still ahead even if I have to reallocate tasks for the next days.
Prioritisation:
My tasks are also prioritised, so I always know with which one to start. I use the Urgent/Important Matrix, and think about every task. If a task is urgent and important, I get it done right away. Important but not urgent tasks are scheduled in my agenda, urgent but not important tasks are either rescheduled, delegated or denied, if possible; and tasks that are neither urgent nor important are avoided altogether.
Delegation:
Ownership and delegation are also important here. Even if I am the owner of an Objective, there are chances some, if not all, Key Results to be delivered by others. As an owner, my role is to make sure the job gets done and I am free to do things whoever I see fit. I can do it myself, I can ask for help from another teammate or I can outsource certain tasks.
Delegation is a tricky part, many things can get wrong here. OKRs help up to a certain point, but I use a simple, 3-steps delegation framework. The 3 steps are:
> understand
> commit
> deliver
Delegation is a two-way street so I have to make sure that who helps me understands what is the job to be done. Next I need a commitment so I know that my teammate took over control and ownership for the task and finally the task is delivered as discussed. If things go bad, we can always backtrack and see where the failure was: understanding, commitment, delivery? This way, we can improve the way we collaborate and communicate in an objective manner.
Regarding Key Results, these are self graded from 0 to 1. This is for self-improvement, not for evaluation. Ideally you should get a .7 for each KR. Lower means you can improve certain skills (and ask for help), higher means you were not ambitious enough.
Meetings:
And there is the issue of meetings — most of them unproductive distractions that keep us away from real progress. Some companies do it better, so we can do it, too. Here is my approach:
[1] If it can be done without a meeting, do it that way. Whether it’s a decision or you need to disseminate an information, if this can happen through other means (1-on-1s, email, Slack, etc.), do it that way.
[2] Meetings have somebody responsible, an agenda, and a desired outcome. All information is sent prior to the meeting so there is no time wasted on things we could do individually.
[3] Meetings are attended only by those without whom the desired outcome is not possible. After a meeting we walk out with something actionable.
[4] When we brainstorm, we don’t evaluate; so, when there is a problem, come up with options to find a solution, or, even better, suggest some solutions.
If you want to find out more about OKRs, have look at Google Ventures partner Rick Klau’s one-hour presentation.
Thanks for reading!
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