Radical Focus / OKRs

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Radical Focus / OKRs by Mind Map: Radical Focus / OKRs

1. OKRs - 3 simple parts

1.1. set inspiring and measureable goals

1.2. make sure you and your team are always make progress toward the desired end state

1.3. set a cadence that makes sure the group both remembers what they are trying to accomplish and hols each other accountable

1.4. OKRs are the things you want to push, the one thing you want to focus on and make things better

1.5. basic of OKRs

1.5.1. quarterly period

1.5.2. 1 bold qualitative objective

1.5.3. 3 quantitative results that let you know, if you have reached the objecitve

1.5.4. everything that doesnt focus on OKRs is a waste of time

1.5.5. 1 objective, followed by 3 key results

1.5.5.1. objective with 50% confidence

1.5.5.2. add health metrics, we want to protect in the mean-while

2. ideas

2.1. solve the problems you have, not the ones you imagine

2.2. a fresh pair of eyes never hurts

2.3. Jim: some entreprenuers run out of monay, some of heart and some both

2.4. "Evolving door test from Intel - by Andy Grove"

2.4.1. what would a new CEO do - who is not burdenend by history and emotion?

2.4.2. What would I do with helloCash if I would be a new CEO?

2.5. don't avoid conflict, but pick your battles

2.6. every teammember has to step into his role - and the CEO has to explain this

2.7. tell everyone clearly what to do.

2.7.1. tell everything as often as necessary - when you are tired of saying, people are starting to here it

2.8. know your CEO role as well

2.8.1. set the goals

2.8.2. have the hard conversions

2.9. the best is the enemy of the good

2.10. if you say three things, you say nothing - keep it simple and stupid

2.11. you don't need people to work more, you need people to work on the right things

2.12. no one likes surprises

2.13. "the one who hires, fires"

2.14. you can not let a bad apple stay put - they poison everything

2.15. "if everything is important, nothing is important"

2.16. "when you are tired of saying it, people are starting to hear it"

2.17. "we start our journey to our dreams by wanting, but we arrive by focusing, planning and learning"

2.18. "later means never"

2.18.1. "you have to dream very big dreams, because big dreams and small dreams take the same amount of effort"

3. questions/todos how to set up OKRs

3.1. What be a good Objective for our group/team? Something though but doable in 3 monts?

3.2. How will you know you have succeeded?

3.3. OKRs have to look hard but right

3.4. have 1 OKR for the whole company - this is the one thing

3.5. set OKRs for each gruoup that ties back to the company goal (mission, vision,...)

3.6. set a confidence level "5/10)

3.6.1. set stretch goals

3.6.1.1. are you 100% sure that you will reach it?

3.6.1.2. are you 100% unsure that you will reac it?

3.7. have a weekly check in

3.7.1. on monday - commit everyone to do it

3.7.2. on friday make party the things you achieved

3.8. tell everyone and everytime about the okr

3.9. the system around it - commitment, celebrations, check ins - makes sure you continue to make progress toward your goals...

3.10. by committing every wednesday you make sure you do something

3.11. before starting OKRS, check your mission

3.11.1. "we start our journey to our dreams by wanting, but we arrive by focus, planning and learning"

3.11.2. great missions are short enough everyone in the company can keep it in their head; they are inspirational and directed

3.11.3. a mission has to be short and memorable

3.11.4. to make one, start with this simple formula

3.11.4.1. We [reduce pain/improve life] in [market] by [value proposition]

3.11.5. objectives and a mission have a lot in common - both are inspirational and memorable - the only difference is the timescale

3.11.6. "a mission keeps you on the rails. the OKRs provide focus and milestone."

3.11.7. using OKRs without a mission is worthless

3.12. OKR fundamentals

3.12.1. the Objective is qualitative and the KRs (most often 3) are quantitative

3.12.2. the Objective establishes a goal for a set period of time

3.12.3. the KRs tell you if the objective has been met by the end of the time

3.12.4. What is an Objective?

3.12.4.1. a single senctence that is

3.12.4.1.1. qualitative and inspirational

3.12.4.1.2. time bound

3.12.4.1.3. acitionable by team independently

3.12.4.2. examples for good objectives

3.12.4.2.1. launch an awesome MVP

3.12.4.2.2. close a round that lets us kill it next quarter

3.12.4.3. some poor objectives

3.12.4.3.1. sales numbers up 30%

3.12.4.3.2. doubble users

3.12.4.3.3. raise a serices b of 5 m

3.12.5. What is a KR?

3.12.5.1. you create them by asking a simple quesiton: "how would we know if we met or Objective?

3.12.5.2. everything that can be measured

3.12.5.2.1. growth

3.12.5.2.2. revenue

3.12.5.2.3. performance

3.12.5.2.4. quality

3.12.5.2.5. nps

3.12.5.3. make a confidence coal "5/10"

3.12.5.4. common metrics

3.12.5.4.1. usage metric

3.12.5.4.2. revenue metric

3.12.5.4.3. satisfaction metric

3.12.6. example

3.12.6.1. "Launch an awesome MVP"

3.12.6.1.1. KR 1 NPS of 80

3.12.6.1.2. KR 2: 15% voncersion

3.12.6.1.3. KR 3: 40% of users come back

3.12.7. What makes OKRs work?

3.12.7.1. Cascade

3.12.7.1.1. The company should set an OKR and then everythime should should make its own to achieve the company goal

3.12.7.2. individual OKRs are about becoming better at your job, as well as ehlping your product get better.

3.12.7.3. part of your regular rhythm

3.12.7.3.1. bake them in your weekly team meetings and weekly status emails

3.12.7.4. Monday Commitments

3.12.7.4.1. a format with 4 key quadrants

3.12.7.5. Fridays are for winners

3.12.7.5.1. committing to friday wins is so critical (freitags - beier)

3.13. OKRs for MVPs

3.13.1. reduce complexity of new features

3.13.2. all the MVPs on the roadmap are displayed on Kanban cards which have required fiels, description, requirements, notes, sketches

3.13.3. OKRs are included in the Kanban cards to answer two important questions

3.13.3.1. 1. What are we trying to achieve with this feature?

3.13.3.2. 2. How do we measure success or failure?

3.13.4. measure if it helped to reached the quarterly OKR

3.14. send a weekly status email

3.14.1. send everything to the whole team

3.14.2. content

3.14.2.1. 1. list OKRs to remind everyone (and myself) why we are doing the things we do

3.14.2.2. 2. list last weeks prioritzed tasks and if they were achieved

3.14.2.2.1. explain why not, if sthg didn't work

3.14.2.3. 3. list next weeks priorities

3.14.2.3.1. only list the 3 P1s

3.14.2.3.2. only list a few big items

3.14.2.4. 4. list any risks or blockers

3.14.2.5. 5. list some interesting notes

3.14.3. send it on thursday or friday

3.15. quick tips for OKRs

3.15.1. the monday OKR check in is a converssation

3.15.1.1. discuss confidence, health metrics and prioritzie

3.15.2. set only 1 OKR for the company unless you have multiple business - lines. it is about focus

3.15.3. keep the metrics out of the objective - the objective is inspirational

3.15.4. weekly check-in (mittwochs-meeting)

3.15.4.1. start with company OKRs, then groups, don't do individual ones; them weekl with everyone

3.15.5. OKRs cascade

3.15.5.1. 1. company

3.15.5.2. 2. group

3.15.5.3. 3. individual

3.15.6. make friday celebrations

4. OKR quadrant

4.1. 1 Objectives / 3 Key Results with confidence level

4.2. health metrics

4.3. this weeks' top priorities

4.3.1. 3 Prio 1 things

4.3.2. 2 prio 2 things

4.4. pipeline / next 4 weeks

4.4.1. big things only, that have to happen in the next month

5. Fristen

6. OKRs and strategic planning

6.1. Dreams + OKRs

6.1.1. long-term-vision of a company should be simplified into a dream

6.1.1.1. this dream is the guiding star to the company's most important decisions

6.2. Yearly OKRs

6.2.1. what should be achieved in the current year, to drive the company closer to its long-term vision (= dream)

6.3. Quarterly OKRs

6.3.1. what has to be done to reach the yearly goal?

6.4. EXAMPLE FOR helloCash

6.4.1. Dream

6.4.1.1. "Become the largest SaaS company in Latin America"

6.4.2. Objectives for the year

6.4.3. Objectives for the quarter

6.4.4. Key Results

7. Action Plans for OKRs

7.1. for every goal (key result) there should be an action plan

7.1.1. what will be done

7.1.2. by whom

7.1.3. till when

7.2. the team must brainstorm possible solutions

7.2.1. "5 Whys"

7.2.2. "Fishbone Diagram"

7.2.3. other problem solving-techniqs

7.3. decide the necessary actions based on the pareto-principle

7.3.1. which of the actions take 20% effort and lead to 80% of the results?

7.4. Monday-Meeting = Problem Solving Meeting

7.4.1. discuss status of every key-result + outlook of every key-result

7.4.1.1. discuss what the critical tasks are for achieing the key-result

7.4.1.2. brainstorm ideas

7.4.1.3. remove roadblocks

7.4.2. Grading OKR progress

7.4.2.1. 0.0 - no progress made

7.4.2.2. 0.3 - small progress made (what's accomplishable with minimal effort)

7.4.2.3. 0.5 - reasonable progress made (what has been done with considerable effort)

7.4.2.4. 0.7 - progress made (as expected)

7.4.2.5. 1.0 - amazing progress made (more than expected)

7.4.3. 2 awesome problem-solving tools

7.4.3.1. 5 Whys

7.4.3.2. Fishbone-Diagram