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EP 36: Demystify Vision Part 3 - Concentrating your impact with OKRs
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In this episode, Lee continues the series on Vision by sharing a powerful tool to focus your teams - Objectives and Key Results (OKRs). OKRs are a tool for building the intermediate range of goals that connect your long-term vision to your short-term actions. OKRs are a way to concentrate your team's collective impact on the few most vital, relevant, shared, and time sensitive aspects of your business.
Lee briefly explains the history and then dives into the practical tips and tricks to make your Objectives clear, concise, and compelling. He helps leaders avoid getting stuck with the wording by giving specific syntax, sequence, and guidelines. He then describes the different kinds of Key Results, so you can quickly measure and assess your progress. He also provides tips for making these measurements helpful and at the right level.
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Key Takeaways:
- OKRs focus your team's impact on the vital few shared priorities.
- OKRs are not everything your team is doing. Only 1-3ish per level of an organization.
- Objectives are clear, concise, compelling, and directional statements of a destination or outcome.
- Leaders often get stuck focusing on the task or solution. Ask, "Why would we want that?" or "Who would benefit if we did that?" to get closer to the outcome.
- Powerful objectives are a single sentence with strong action verbs, a specific aspect of the business, a desirable outcome/impact, and often the primary customer/beneficiary.
- Key Results are quantifiable, indicators of progress.
- Set your KR targets with the end in mind. Don't wimp out by waiting for a baseline.
- Refresh OKRs quarterly or so to assess and adapt to changing priorities.
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