Understanding OKRs
OKRs are a goal-setting framework that enables teams to define ambitious, qualitative objectives alongside quantifiable key results. Objectives state what is to be achieved, and they should inspire and challenge the team. Key results, on the other hand, are specific measures that track the achievement of these objectives. They should be time-bound, aggressive yet realistic, measurable, and verifiable.
Implementing OKRs at Volta serves multiple purposes:
Trackable Goals: It provides a clear, measurable way to track progress on goals critical to success according to the unique profiles of startup stages at Volta. Flexibility with Accountability: OKRs afford flexibility in methods used to achieve objectives while setting a committed path for accountability on deliverables. Startup Success Team Synergy: OKRs facilitate transparent communication with the Startup Success Team for accountability and clear understanding of coaching impact and investment dividends.
Establishing Effective OKRs with Startup Teams
To cultivate value-driven OKRs, Growth Coaches at Volta should undertake the following steps:
Grasp Team Needs: Understand the team's current stage, needs, and aspirations. Align with Volta’s definitions for startup stages and objective milestones. Set Inspiring Objectives: Formulate objectives that are aspirational, reflecting qualitative goals that motivate and challenge the startup to reach new heights. Define Measurable Key Results: Create key results that provide a roadmap with specific milestones for achieving the objectives. These should include metrics that Volta’s startup success team can readily assess. Time Boxing: Ensure that OKRs have a clear timeframe, typically a quarter, to focus efforts and enable timely review and adjustment.
Monitoring and Support
Schedule regular check-ins to discuss progress on OKRs, address challenges, and recalibrate if necessary. Leverage Volta technology and support systems to track and document OKR progress, which will be crucial for the Startup Success Team's review. Employ "tough love" in your feedback approach, encouraging open and honest dialogue focused on caring personally and challenging directly.
Quarterly OKR Reviews
Prepare for quarterly reviews with the Startup Success Team, presenting the OKRs, achievements, and learnings. These reviews will determine the continued coaching investment and the startup’s growth trajectory within Volta.
Conclusion
Adopting the OKR framework will harmonize your efforts with Volta’s focused support model for startup success. We are not just setting goals; we are laying a foundation for measurable growth, grounded in flexibility and accountability. Embrace this approach, and together, we will help Volta startups scale to unprecedented heights.
Quarterly & Monthly Milestones (OKR's)