OKRs (Objectives and Key Results) guide you towards your desired destination, highlighting long-term priorities and ensure they remain in focus.
Unlike KPIs, which are like a dashboard that indicates whether everything is working well in the medium term.
OKRs serve as a system for setting and executing goals, promoting alignment, agility, and impact. They help you distinguish what truly matters and set clear priorities, consisting of Objectives (what to achieve), Key Results (how to measure success), and Projects (focused efforts to achieve Key Results).
It’s important to understand what OKRs are not:
- They are not KPIs and should not measure business as usual.
- They are not for micro-managing or highlighting missed targets.
- They are not for reward and compensation purposes.
- They are not a “set and forget” goal setting framework.
Why use OKRs for Partnerships?
OKRs are especially useful for partnerships because they:
- Align your partnerships goals with your company’s goals, and contribute to the overall success of your organization.
- Align your vision and strategy with your partners, and ensure that you are working towards the same goals.
- Foster collaboration and accountability, and create a shared sense of ownership and responsibility for the outcomes.
- Identify and leverage the synergies and opportunities between your partnerships and other functions and departments in your organization.
How to set OKRs for Partnerships?
There are some specific steps and best practices that you should follow to make sure that your OKRs are relevant, realistic, and effective for your partnerships. Here are some tips:
- Start with the big picture, and define your overarching objectives for your Partnerships. These should be aligned with your organization’s mission, vision, and strategy, and reflect your long-term aspirations and priorities for your partnerships.
- Break down your objectives into more specific key results, and define how you will measure and track them. These should be SMART (Specific, Measurable, Achievable, Relevant, and Time-bound), and reflect your targets and milestones for your partnerships.
- Assign projects and tasks to each key result, and define the actions and resources that you and your partners will need to take and allocate to achieve them. These should be focused, prioritized, and coordinated, and reflect your operational plans and tactics for your partnerships.
- Review and update your OKRs regularly, and monitor your progress and performance. This should involve feedback and input from your partners and stakeholders. This will help you identify and celebrate your achievements, and address and overcome your challenges.
Main objectives in OKRs for Partnerships
Here are some of the main objectives that can be defined in OKRs for Partnerships.
Driving Growth
One of the primary objectives of any partnership is to drive growth. This could be in terms of revenue, customer base, market share, or any other key growth metric. The key results for this objective could include specific targets for revenue growth, customer acquisition, or market penetration.
This is a typical goal of Indirect Sales Partnerships.
Driving Innovation
The objective of some partnerships might be to leverage strengths to promote innovation. Key outcomes for this goal could include the development of new products or services, the improvement of existing ones, or the implementation of innovative business processes.
This is a typical goal of the Solutions Partnerships.
Driving Change
Partnerships can also be a powerful tool for driving change, whether it’s within the organizations involved or in the wider industry or society. The key results for this objective could include changes in organizational culture or adoption of new technologies or practices.
Enhancing Brand Reputation
Partnerships with reputable organizations can enhance a company’s brand image. The key results for this objective could include improved brand recognition, positive customer feedback, or increased media coverage.
Expanding Market Reach
Partnerships can help organizations expand their market reach by giving them access to new markets or customer segments. The key results for this objective could include entry into new markets, increased sales in foreign markets, or improving customer retention in foreign markets.
To conclude
Successful OKRs adoption is about commitment, and it’s an investment in your team, culture, and business. It’s not just about setting objectives but ensuring everyone comprehends and embraces them.
OKRs help you focus on the most important things that matter for your Partnerships, and communicate them clearly and transparently to your partners and stakeholders. They also enable you to track your progress and adjust your actions as needed.
OKRs are the north star of your efforts.