How to define strategic objectives with OKR
OKR Refresher
Objectives and key results are a powerful goal-setting tool that can help create focus, alignment, and transparency in any organisation. The beauty of the OKR framework lies in the fact that every objective comes with one or more accompanying key results, which are really metrics to track progress towards the objective.
Using the OKR framework will provide tons of value to any enterprise, as long as there is enough alignment with top business goals and priorities. That means that the strategic business priorities must be crystal clear, as they will be used as input for the OKRs of the rest of the organisation. Having unclear or ambiguous strategic company objectives will create confusion and disruption in your business — guaranteed.
So how to avoid this? Let’s have a look at how to set strategic objectives in the right way so that your employees can focus on what really matters: doing the work that leads to great results.
How to Define Strategic Objectives
Strategic objectives take their inspiration from the 3 essential pillars every company should have in place. Its mission, its vision, and its values. They then form the bridge between those 3 top pillars and the company OKRs.
The mission of a company describes what it currently sets out to do. Its vision is almost like a future mission, which the company inspires to do in the next few years. Lastly, the values are the company’s DNA and cultural fingerprint. They define how the company treats its customers and employees, and also how it aspires to behave towards anyone it comes in contact with.
These 3 pillars will be essential input for the strategic objectives as they define where the company is now, where they wish to be in a few years, and with what behaviour and skills they believe they’ll get there.
Top Questions for Defining Strategic Objectives
Once the Mission, Vision, and Values are in place, there are a few questions that can help in identifying what the strategic business goals must look like:
- What absolutely must be done in the next few years to continue or start the success of the company?
- How is business impact actually defined and in what ways can the biggest business impact be made for both the consumer and the company?
- Where should the company invest in order to grow and scale?
- In regards to the mission, what are the key levers of success? And of failure?
Questions like these will help define what the company should be focusing on in the next few years, and will then be the compass for the company OKRs and the OKRs of the rest of the organisation.
Alternative Ways to Define Strategic Objectives
If you need something a little more creative to get your Strategic Objectives in place, here are some other ideas to get you there:
- Draw a company roadmap with important strategic milestones for the next few years to establish clarity
- Check what your competitors are working on, and whether they have their Mission, Vision, and Values online for inspiration
- Pretend you are your own customer. How happy are you with your product and how can it be improved?
- How do you want your product to evolve in the next 5 years?
- Invite someone with a very different outlook on your business for a quick brainstorm and to give feedback on your strategy. There is a lot of gold in different perspectives, so be open to hear and learn
- To stimulate grassroots innovation and contribution: brainstorm with a few teams about future milestones, or do a company SWOT analysis
How OKRmentors can help
These are just a few ideas for you to play around with. Of course here at OKRmentors we are happy to help you out. We have a vast collection of OKR-related content to help you on your OKR journey, and certainly with your strategic objectives. Whether you need help defining your strategy or translating it into your quarterly company OKRs, we’ve got you covered.
Click here to book a free consultation with one of our experts. And for those of you eager to get the ball rolling, tell us in the comments below about your company mission, vision, and values so you have the perfect base to get those strategic objectives started.
