Alignment on company and team goals
Focusing on important objectives
Increase accountability & ownership
Flexibility to adjust objectives
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OKRs (Objectives and Key Results) is a goal-setting framework that businesses use to align individual performance with overall goals in a measurable way.
The OKR template is a tool to help product managers set objectives with their teams that align with overall business/company objectives. It helps you set and track goals and the progress towards achieving them.
The template starts with breaking down company objectives into team ones, then assigns owners and contributors to each. You can define the different initiatives and opportunities for every objective, formulate a game plan and track progress for each key result.
Identify overall company goals for the year or quarter, which may include revenue targets, product launches, customer acquisition goals, or other objectives that you use to define progress and success.
Break down company goals into smaller, more specific objectives for each team. Make sure your goals are SMART (Specific, Measurable, Achievable, and time-bound).
Assign owners and contributors to each objective. The owner should be responsible for ensuring the objective is achieved, while contributors help make it happen.
Define initiatives and opportunities that will help each team/owner achieve their goals. The initiative is the project that will help achieve the objective, while the opportunities are the ideas or steps that will complete this project. Every opportunity can be assigned a percentage that will represent the completion of the initiative.
Use the percentage of progress column to track the team's progress towards their goal, review progress regularly, and adjust the game plan as needed to ensure that the team stays on track to achieve its objectives.