Having an agreed common purpose will be critical for businesses to successfully navigate their way through the current economic environment. Peter Kerr, MD at coaching specialist AuxinOKR, says now is the time for businesses to embrace change.
The pandemic and associated economic shock are accelerating change within many business and large organisations. Owner-managers and management boards recognise they need to adapt, become more agile and resilient to counter the unexpected challenges that have arisen during this strangest of years.
This is no time to ignore the present. We are plunging head-first into unchartered waters. Economic conditions are choppy and with Brexit looming on the horizon, further disruption and uncertainty is on the way.
Now is the time to take control and shape your journey and future. It won’t be easy. Nobody can pretend to know what tomorrow is going to look like. But it’s generally agreed that we all risk a few rocky years ahead. If you sit back and wait for things to happen, you’ll be swamped, and the opportunity will have been lost. This is the time to shape your own future and set the destination you want to set off on.
Forward-looking businesses are preparing now and developing a robust strategy to confront current and likely challenges. OKRs are the ideal tool and framework for corporates and high-growth SMEs to accelerate and manage that change.
This simple framework for goal setting allows ambitious and large organisations to narrow their focus, establish a clear purpose and become more agile. When well designed and executed, OKRs give business a roadmap and clear destination. It’s a bit like when you jump in your car – there needs to be a driver and a clear journey. OKRs help you establish a destination and provide a route on how you’re going to get there.
We believe the adoption of OKRs will be the salvation of many companies. It is a critical thinking framework that turns business strategy into measurable goals. OKRs – which stand for objectives and key results – provide a management team and its workforce with focus by setting ambitious goals which are then achieved through specific tasks. Success is measured by the key results which describe the outcomes you want to achieve.
When OKRs are embedded in a business they will:
-Create a sense of urgency.
-Give clear accountability.
-Establish a culture that embraces learning.
-Help spot any blockages.
-Create momentum to drive progress.
-Foster a commitment to continuous improvement.