Introduction of OKR Cycle
“By Failing to prepare, you are preparing to fail.”Benjamin Franklin
As precisely told by Benjamin Franklin, if we fail to plan or prepare, we are preparing ourselves to fail. The saying is apt for both individuals and organisations. The objectives and Key Results method helps organisations set effective goals with clear objectives within a timeframe and achieve them by Key results. The process of understanding the organisation’s goal and setting clear-cut objectives and key results is called an OKR cycle. Many organisations use OKR to align their goals with their overall strategy and to ensure that everyone in the organisation is working towards common objectives.
Top 3 Steps of OKR Cycle
- Setting objectives and Key results: The first step in the OKR cycle is to set clear, measurable, and achievable objectives for the organisation or team. These objectives should align with the organisation’s overall strategy and be specific enough to be easily understood and tracked. Once the objectives have been set, the next step is identifying the key results that will help measure progress toward those objectives. Key results should be measurable and used to track progress toward the objectives.
- Setting up a system for tracking progress: To track progress toward the objectives and key results, organisations typically set up a system for tracking and reporting on progress. This could involve using a software tool or creating a spreadsheet to track progress.
- Reviewing progress and adjusting goals: The OKR cycle includes regular review and reflection on progress towards the objectives and key results. If progress is not being made as expected, the objectives or key results may need to be adjusted to ensure they are still achievable.
Typical OKR Cycle
The typical OKR cycle begins 4-6 weeks before the end of the year. During this time, teams and individuals within the organisation will review their current OKRs and assess their progress. They will identify areas needing additional focus or resources to meet their objectives and key results. 2-4 weeks before the year ends, teams will finalize their OKRs for the next quarter or year. This includes setting clear, measurable, and actionable objectives and key results. These OKRs will be shared with the rest of the organisation and may be reviewed and approved by leadership. During the quarter, teams will work towards achieving their OKRs by tracking their weekly progress. They will also regularly review and adjust their OKRs to ensure they remain aligned with the organisation’s overall strategy.
How to improve your OKR Cycle
- Make sure your OKRs align with your organisation’s overall mission and strategy. This will ensure that your team’s work is focused on the most important priorities.
- Set clear and measurable objectives. This will help you track progress and ensure that you are making progress toward your goals.
- Set challenging but achievable key results. This will help ensure you work toward stretch goals, not setting yourself up for failure.
- Review and update your OKRs regularly. This will help ensure that your OKRs are still relevant and also progressing towards achieving it within the planned OKR cycle.
- Involve your team in the OKR process. This will help ensure that everyone understands and is committed to achieving the goals.
- Use OKR software to track and measure progress. This will help you to get real time updates, help in staying on top of your OKRs and identify areas where you need to adjust your approach.
- Make sure your OKRs are transparent and widely shared. This will help ensure that everyone in the organisation is aware of the goals and is working towards them.
- Celebrate successes and accomplishments. This will help keep your team motivated and engaged in the OKR process.
Throughout the OKR cycle, there will be regular check-ins and communication between teams and leadership to ensure that everyone is working towards the same goals and that any issues or challenges are addressed in a timely manner. At the end of the quarter, teams will assess their progress and determine what adjustments need to be made for the next quarter. This continuous feedback and iteration allow the organisation to improve and achieve its goals continuously. With 10xWinner’s OKR software, organisations can set their OKR cycle for teams and individuals based on their goals. Our smart tracker and regular check-in reminders will assist in accomplishing your goals to improve productivity. Click here to learn more about our product.