In this episode of the Fearless Business Podcast I hand over the reins to one of our certified mindset coaches, Paul Wilson, who runs a group coaching/hypnotherapy session to help our members to gain clarity over what their objectives for the month ahead look like, what is getting in their way and the key results.
Objectives and Key Results (OKRs) are something I discovered in the book Measure What Matters by John Doerr. He uses some fantastic examples but what really stands out for me is why OKRs are better for businesses than traditional goal setting.
Paul now hosts a regular monthly OKR sessions once a month with the members in our business accelerator to lock on their objectives for the month ahead, with remarkable results.
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Paul uses Advanced Conversational Hypnotherapy to quickly and easily resolve some of life's most difficult problems such as anxiety, erectile dysfunction and female sexual dysfunction, driving and passenger anxiety, smoking & alcohol dependence and phobias without the use of medications and months of talk therapy. Based in Folkestone with online consultations for any timezone.
I also coach business owners to let go of Procrastination, Perfectionism and Imposter Syndrome - letting go of beliefs that are holding them back from success in their field.
Paul Wilson's expertise in mindset coaching and hypnotherapy plays a crucial role in helping members of the Fearless Business Accelerator identify their objectives for the month ahead. During these monthly group coaching sessions, Paul assists participants in recognising and overcoming any obstacles that may hinder their progress. By honing in on specific goals and addressing potential roadblocks, members can move forward with a clear vision and newfound determination.
Objectives and Key Results (OKRs) are a goal-setting framework that gained popularity after being featured in John Doerr's best-selling book, Measure What Matters. This framework emphasises the importance of setting ambitious objectives and measuring progress through well-defined key results. By incorporating OKRs into the Fearless Business Accelerator, participants can better align their goals with their overall business strategy, driving both personal and professional growth.
Traditional goal setting often focuses on rigid milestones, which can limit a company's ability to adapt and innovate. On the other hand, OKRs provide businesses with the flexibility and agility needed to thrive in today's competitive landscape. By setting ambitious objectives and regularly reviewing progress towards key results, businesses can maintain their focus on what truly matters, while making data-driven decisions that promote growth and success.
Members of the Fearless Business Accelerator have experienced remarkable results through their participation in Paul Wilson's monthly OKR sessions. By leveraging the power of OKRs, members can better align their objectives with their overarching business strategy, leading to more efficient and effective decision-making. As a result, businesses can experience accelerated growth, increased productivity, and improved collaboration among team members.
Embracing the OKR framework can significantly impact the trajectory of your business, fostering growth, innovation, and success. With the guidance of certified mindset coach Paul Wilson, participants in the Fearless Business Accelerator can unlock the full potential of OKRs and pave the way for a brighter and more prosperous future. Don't miss out on the opportunity to transform your business through the power of Objectives and Key Results.
Key Performance Indicators (KPIs) are a way of measuring how well your organisation is performing. The idea behind KPIs is simple: you set a target for each KPI, then track whether or not your organisation is hitting that target. If it isn't, you can identify where improvements need to be made. But there's more to KPIs than just setting up targets and measuring progress — in this article, we'll explain why KPIs are important for small businesses and big ones alike, and how KPI software can help you get started with them.
An objective is a specific, measurable and time-bound result that you want to achieve. In other words, it's the end goal of your KPI or SMART goal.
An example objective might be "to increase revenue by 20% this year."
Objectives should be SMART - Specific (clearly defined), Measurable (you can measure it), Achievable (the possibility exists for success), Realistic (possible within available resources) and Time-bound (with some kind of deadline).
A key result is a measurable outcome. It's a specific, tangible and time-bound result that you can achieve. A key result is an objective that can be measured and tracked, so you know if you've achieved it or not.
Key results are also called KRA or KRAs (key result areas). These terms are used interchangeably in the context of objectives-and-key-results frameworks like OKRs (Objectives & Key Results) or SMART goals
The main difference between objectives and key results is that they're both aspirational. An objective is a broad statement of what you want to achieve, while a KPI is one specific measureable outcome that can be used to monitor your progress toward achieving it.
A good example of this is an objective: "I want to run my own business by 2020." That's something you might write down in your life plan or journal as an aspiration for where you want your career and life journey to go over the next decade or so--but it's not very specific or measurable on its own, which makes it difficult for others (like employers) who don't know much about what kind of business owner we are talking about here (e-commerce? brick-and-mortar?) or how much money needs to come into play before this dream becomes reality.
Objectives are measurable, time-bound and specific to a department, project or goal. Key results are measurable, time-bound and specific to an objective. They're the metrics used to measure the success of objectives.
Example: Objective: Create a new website that increases sales by 20% in six months. Key Results: New site content has been designed and approved by stakeholders; copywriting has been completed for all pages (except for the home page); wireframes have been approved by stakeholders; front-end development is underway on three key pages including checkout process flow diagram with clickable prototype link ready for QA testing when complete; backend development will begin once front end work is complete so we can integrate seamlessly with existing system architecture
Objectives and Key Results are used by a lot of Fortune 500 companies, so it's no surprise that they can be useful for your business as well. Objectives and Key Results are a way to measure performance, and they help you to focus on what matters. If you want to achieve your goals, then this is the tool for you!
The most important thing to remember about Objectives and Key Results is that they work together in order for them both (objectives & key results) will work together in order for them both (objectives & key results) will work together in order for them both (objectives & key results) will work together in order for them both (objectives & key results).
The KPI software is a cloud-based solution that allows you to easily create and manage your KPIs. The KPI software is easy to use, automated, scalable and secure.
KPI software has a number of key benefits:
ROI is Return on Investment, which is a measure of how much money you make from your investment.
You can calculate ROI by dividing the profit from your investment by the cost of your investment. For example: if you made $10,000 in revenue and spent $5,000 on marketing materials and other costs related to launching your product or service, then your ROI would be 200%. This means that for every dollar spent on developing this new offering (or "investment"), two dollars were generated back in revenue.
This metric can be useful when used with Key Results because it helps show how effective your investment has been--and whether or not it's worth continuing these efforts into future projects.
If you don't have real data to support your objectives and Key Results, there are several ways to get it.
If your organisation is so big, how will you know if your KPIs are working or not?
That's where a tool like fearless business accelerator comes in. It tracks all of your KPIs and shows you whether they're working or not.
We can help you set up your KPI system, processes and team. We can also help with the culture change required to implement these changes successfully.
We have extensive experience in supporting organisations on their journey to be more data-driven and we have worked with some of the world's leading brands including Apple, Unilever and Coca Cola.
There are a lot of reasons to use KPIs, but they won't work unless they're implemented properly. Here are some tips on how to get started:
If you're looking to improve your organisation, KPIs are a great place to start. They give you a way of measuring how well things are going and how much progress has been made towards achieving your goals. But if you want them to work for you and not against you, then it's important that they are implemented properly---and this is where we come in! We can help with everything from creating new metrics or setting up software solutions for tracking them (like our own KPI tool).
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