• SMART Goals vs. KPIs vs. OKRs: What's the Difference?

  • Dec 17 2024
  • Length: 31 mins
  • Podcast

SMART Goals vs. KPIs vs. OKRs: What's the Difference?

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  • Ever feel lost in the alphabet soup of goal-setting frameworks? From KPIs to SMART goals to OKRs, it's easy to get overwhelmed. In this simple, straightforward Thinkydoers Short, strategy coach and OKR expert Sara Lobkovich breaks down these essential frameworks using relatable health and sports examples that make the distinctions crystal clear. Learn when to use each approach and how they complement each other to drive better results. Episode Highlights: Clear explanation of Key Performance Indicators (KPIs) and why they're indicators, not goalsDeep dive into SMART goals and their practical applicationsHow OKRs differ from other frameworks for handling uncertainty and innovationUnderstanding mandatory vs. stretch goalsReal-world examples using health and sports metricsIntroduction to additional frameworks like BSC (Balanced Scorecard) and ROB (Rhythm of Business) Key Concepts Covered: Activity Goals vs. Outcome GoalsKPIs as health indicators for your businessThe limitations of SMART goalsWhen and how to use mandatory goalsThe power of OKRs for uncertain territoryBuilding a holistic performance dashboardCreating effective rhythms of business Episode Chapters 00:00 Introduction to Thinkydoer Shorts 00:43 Sara's Dual Life: Business and Racing 01:12 Goal Fridays and Live Replays 02:59 Decoding Goal-Setting Acronyms 07:38 Activity Goals: The Basics 09:02 KPIs: Key Performance Indicators (and KPIs vs. OKRs) 11:32 SMART Goals: Specific and Measurable 15:52 Mandatory Goals vs. Stretch Goals 18:20 OKRs and Other Goal-Setting Frameworks Notable Quotes: "KPIs are indicators, not goals - it's right there in the name." "SMART goals are helpful because they are specific. They do give us something to aim for. The challenge with SMART goals, and we're going to talk about mandatories in just a minute, is with SMART goals, It's a little too easy to set that goal and then have our all-or-nothing thinking take over with our behavior." " And quantifying activity is great. It gives you that clarity when what's important is that you do something a certain number of times. But doing something a certain number of times won't necessarily yield the outcome you need." "The Objective is like a tiny love letter from your idealistic 'you' to your future 'you' that's going to get frustrated and challenged." "Your Rhythm of Business (ROB) is all of the things that make up the culture of performance in your work. [...]Your Rhythm of Business is really your culture. It's your meetings, yes, it's also your communication norms, your asynchronous communication norms, your habits. Your rhythms for learning and feedback, your ways of recognizing each other and what cadence that's on." Resources Mentioned: Get the No-BS OKRs Workbook ($19): https://saralobkovich.com/no-bs-okrs-workbook-pdfInfo about the upcoming print version of the No-BS OKRs Workbook & Sara's forthcoming book: "You Are a Strategist: Use No-BS Objectives and Key Results to Get Big Things Done" is available at https://youareastrategist.com Other Free No-BS OKRs Resources: Access all free resourcesThinkydoers (not-just-an OKR podcast) Home Page: https://saralobkovich.com/thinkydoers-pod Connect with Sara: Newsletter: findrc.co/newsletterContact: findrc.co/contactEmail Sara at hello@redcurrantco.comSocial Media: @saralobkovich most everywhere!
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