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There are many definitions of strategy, but they all boil down to strategy being a (long term) plan for how to realize your ultimate ambition (i.e. your mission & vision).
I prefer to look at strategy as a “path to success”. There will always be multiple paths towards success and it’s one of the great challenges for every organization to find the path to success that’s right for them. Whatever is the right path for your organization depends to a great extent on the resources that you have available (if resources were unlimited, you wouldn’t need a strategy).
Every strategy needs to be implemented which is why it can be beneficial to convert your strategy into Strategic OKRs.
From strategy to Strategic OKRs
Converting strategies into Strategic OKRs forces you to make your strategies specific, so that everyone is able to understand them. What does it mean to become a thought leader in your industry, to dominate a certain market, or to shift your focus from hardware to services (as Apple recently decided)? Which results do you need to accomplish to consider your strategies successfully implemented?
Converting your strategy into Strategic OKRs also enables you to track progress on the implementation of that strategy, which can motivate the people working on it as well as help executives stay on top of the delivery of such strategy.
What’s the time span of a Strategic OKR?
Most strategies take several years to implement. To become a thought leader will probably take more than a year. To dominate a specific customer segment, to enter new markets or to shift your organization’s focus from hardware to services are all strategies that often require several years to fully implement. Strategic OKRs, therefore, usually have a horizon of 3-5 years.
Do I really need Strategic OKRs?
It’s difficult to ride a bike when you only look 1 or 2 meters ahead of you. You’ll waste a lot of energy and will constantly have to make corrections to avoid falling. Similarly, an organization’s “ride” will be choppy if it lacks a long term plan. Strategic OKRs provide direction and help reduce the number of efforts going to waste, as they enable teams to see how best they can add value. Setting up your Strategic OKRs in a solution like Perdoo will help your teams create OKRs that will drive the implementation of those strategies.