Try using OKRs to aid your annual planning exercise to experience the agility it offers to the process and how it makes sure that you achieve your goals. The steps to follow are simple:
Among the takeaways companies got from the COVID-19 situation and its challenges, the need for agility must rank pretty high! What use annual planning if circumstances change drastically that the objectives become impossible to achieve, while no one knows what to replace them with? As a quote attributed to Helen Keller puts it, a bend in the road is not the end of the road, unless you fail to make the turn. Organizations woke up to the fact, when first challenged by the pandemic, that changing their course midway and reorienting everyone in a different direction wasn’t easy. Figuring out the best direction was also not easy, given that no one really knew how to face the unprecedented situation.
Businesses need to be able to quickly reorient themselves to work towards valuable opportunities and orient the business-wide teams to follow suit. The ideas need to be formulated and approved quickly to ensure that the business doesn’t lose its momentum. Or lose their efficiency as the teams wait for months for approvals, funding or resources to support their endeavours. Set your annual goals for annual planning using Objectives and Key Results aka OKRs to stay on track with your objectives, and measure them as needed, to reorient your OKRs suitably to enjoy enormous agility. OKRs offer a powerful and agile goal-setting process, which allows progress to be measured at any time and corrected as and when needed.
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In an earlier blog, we have explained the benefits and best practices in setting OKRs. They are especially useful for leaders who wish to set and communicate their goals to the entire organization. They can also track the results, as they work to achieve their goals. It helps them to align the performance and engagement of their employees, taking a holistic approach. Objectives help you define what you want to achieve in a qualitative manner while key results help you measure that performance in a quantitative manner. The ultimate goals of success and profitability are never lost sight of, when OKRs are set following the following broad strategic steps:
Consider adopting a technology platform to help you manage the whole annual planning process using OKRs as you set effective OKRs, and regularly track, measure and monitor them. Learn more about performance management systems and OKRs: