Money Management

How the OKR Methodology Works for Businesses?

When you’re running a business, you put your heart and soul into everything you do. You want to work to grow your company and reach all of your goals. The sky is the limit for you and all the people you can influence and impact with your company. As you start setting these ambitious goals, you need a method to help understand your metrics and reach your milestones. This is where the right business tools and software programs can make a huge difference for your company.

Objectives and Key Results (OKRs) software can help you become a better merchant and reach your stretch goals more efficiently. These tools help you navigate through your business data to apply analytics to your company strategies. By encouraging transparency and adding a focus to your workflow, OKRs allow your whole team to stay connected in new ways.

When you’re trying to accomplish big goals, half the battle is establishing your direction and taking the first step to get there. OKRs are all about identifying your objectives and achieving your dreams. Here are some of the ways this methodology can make a difference for your business.

Keep organized with your finances to hit your bottom line.

The bottom line for any business is to hit your bottom line. Without turning a profit and managing your funds, you won’t be able to stay open or operate effectively. As a business owner, you need to use organizational tools like OKRs to make sure you maintain a good relationship with financial institutions.

If you get labeled as a bad processor or terminated merchant file (TMF), major credit card companies like Visa and Mastercard won’t take the risk of working with you. TMF merchants have a hard time earning income without the risk of excessive chargebacks and bad credit card payments. Avoid issues with your processing by using OKRs to organize and maintain strong financial records.

Connect your teams in innovative ways.

The core of any company is built around your team. The first place to start with your business goals is to align your team with OKRs. Connect all the different departments and areas of your organization to work toward the same key results. Everyone from your CEO to your interns needs to be on the same page to produce effective results.

The best way to reach your company goals is to take advantage of everyone’s strengths. Higher-up executives like Caitlin Gossage have experience in many different areas. As a CEO and litigator with years of experience, she knows how to communicate across multiple channels and uses that to her advantage. Use this same methodology with OKRs to connect with your entire team in innovative ways.

Measure your goals to hit benchmarks and harness analytics.

The key to a good OKR is having benchmarks and KPIs to can track. When you look at a major project, it can be intimidating to try and take on a heavy load all at once. Plus, you can get discouraged when it takes multiple weeks or months to complete a task.

Instead, use the OKR template to set manageable goals as benchmarks for your ultimate success. Celebrate little victories instead of waiting forever to see any progress. This helps keep everyone engaged and fully motivated to achieve company goals and build on company strategy.

Encourage employee engagement with transparency.

There is nothing more frustrating than being told to do something and not understanding why it’s important. OKRs treat everyone on your team as equals and offer full transparency. This allows your entire team to know what you’re working on and how it affects company strategies. Keep people motivated by sharing the methods behind the madness.

This also allows you to delegate tasks while being sure everyone is on the same page. Transparency lets you engage with your employees while they are thriving with their own specializations to grow the company.

Eliminate waste and increase productivity.

The standard nine-to-five workday is what most individuals operate under for their workflow. However, during those eight hours of work a day, there is a lot of time that is wasted. Team members may be confused about certain tasks, projects can get repetitive, and resources may be wasted. OKRs help you focus your time so you can increase productivity and get the most out of your workday. Hit those key indicators sooner by making a commitment to productive work.

Reach new audiences on a global scale.

When you’re building a business, it isn’t enough to just reach your local markets. Of course, that’s a great jumping-off point, but you also want to be able to meet needs on a global scale. The more people you can reach, the larger your enterprise can become. OKRs help you set measurable goals and hit those key results throughout your local community and the global marketplace.