Strategy Workshop 1 Wrap

June 24, 2022

Check out the key moments from our first Strategy Workshop.

Video Transcript

Before you get into any of the nuts and bolts about strategy or Objectives or Key Results, It's about having that clear vision. The North star that's going to ultimately align everybody to a common goal. No matter the context or the industry or what your business actually does, fundamentally, Your strategy is your plan to create some value for a set of customers and then capture that value by selling a service or a product. Strategy really is an ongoing conversation. It's a process, it needs to live and breathe, so starting with the plan is really important. But then actually committing to that process of change and evolving that game plan is really important. OKR is really a simple framework that helps you to then execute on the strategy. So you develop the plan, you figure out how you're creating value and how you're going to capture that value. And OKR then becomes a nice, simple framework that helps you actually turn that into action. It's essentially a method of setting and measuring your goals. And it's going to help you to put that strategy into practice. We've said our vision, we've got our north Star of ultimately why we exist and from what we want to be famous for, the objective is then the mountain that we want to climb. So it's the big, hairy audacious goal. However you think of it, it's all about again, just inspiring people into action and then your key results are where we ground that in reality and they are the measurable signs that we're actually on the right track to achieve that objective. That's where you really come to the crunch with OKRs need to be really actionable, really focused. There's really three simple questions you need to ask yourself. First of all, does it have a number? First of all, does it have a number? If it doesn't have a number, it's not measurable, it's not a key result. So first and foremost, "does it have a number?" Is it measurable? Second of all? Key results need to be time bound. So ask yourself, "does it have a date or a time for completion?" If it doesn't, again, it's not going to make a great key result. And then key results also need to be stretch targets And then key results also need to be stretch targets Remember we're trying to climb Everest here. Remember we're trying to climb Everest here. So it needs to push you up the hill, it needs to feel like an uphill target it needs to feel like an uphill target And so the third question you ask yourself is "Is it easy?" And if it's easy or if it's something that you're already doing and you just want to tick the box, it's again not going to make a great key result. If we focus on just the outcome, what we then do is we unlock the capability of our people and our teams to actually determine what's the most effective set of initiatives or projects or things we need to do to go out and move that dial. Looking at how technology and enables us to do this better. So I think one of the biggest things is, while the concept of OKR, the concept of goal setting and KPIs, they've been around for ages, we've had lots of feedback loops. The difference that we have now with the technology that's available is you can have faster feedback loops, so you're not waiting for six months after you've set a strategy or an objective in place to then say, hey, how am I actually tracking towards this? You have much better ability to showcase, Hey, how are we tracking for our key results and these objectives across your entire organisation and using tools like monday.com, makes it a lot easier for you to get that holistic view, whether you're at a team level, at an organisational level or even down to an individual level of how I'm making an impact from that objective.

Produced with Vocal Video