Setting and tracking goals is essential to any business or individual looking to achieve success. And while there are many frameworks out there for goal setting, the Objectives and Key Results (OKR) framework coupled with Conversations, Feedback, and Recognition (CFR) have proven to be two of the most successful. In this blog post, we will explore OKRs and CFRs in more detail, and show you how to use them to achieve your goals!
According to Measure What Matters, Objectives (O) are ambitious targets that everyone in the team works together towards; these should be difficult but achievable. Objectives can be anything from launching a new product to achieving a certain level of customer satisfaction.
Key Results (KRs) are the measurable steps that need to be taken in order to reach the Objectives. These should map out how you will get from point A to point B and should include key deliverables, deadlines, and measurable data points such as customer acquisition rates or revenue growth. Key Results also provide feedback on progress towards an Objective, so teams know if they’re on track or if adjustments need to be made.
When writing OKRs, it is important to keep these 7 things in mind. OKRs should…
- be ambitious and stretch beyond what you think is possible.
- focus on the outcomes that matter most to your business.
- be measurable and trackable.
- have key deliverables associated with them.
- include timelines for completing tasks.
- be reviewed and adjusted as needed.
- be celebrated when they are achieved!
In addition to OKRs, Conversations, Feedback and Recognition (CFRs) should be happening through the lifecycle of an OKR—from setting Objectives until they are achieved. CFRs are essential for any team to succeed. They help ensure everyone is on the same page and working together towards a common goal.
CFRs should include questions such as:
- How is the OKR progressing? Is it challenging, yet still achievable?
- What critical capabilities are needed to be successful?
- Are there any blockers that could stop you from attaining your Objectives?
- What OKRs need to adjust, be added, or eliminated based on current priorities and progress?
By incorporating CFRs into the goal setting framework, you can stay focused while creating an environment of collaboration and trust.
By following the OKR framework, and incorporating CFRs into your goal setting method, you can ensure that all team members are working together towards a common goal—which will help drive success for your business or personal objectives.
Goal setting through Objectives, Key Results and CFRs doesn’t have to be complicated, but it does require dedication and follow through. By taking the time to set Objectives, track progress through Key Results, and hold regular CFRs, you can ensure that you, your team, and organization are on track for success!
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