Set Goals & Check Progress. Purpose, objectives, and targets
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Discover in this slide deck a new goal framework thinking tool, how goal setting frameworks compare and a goal setting exercise for your team. Want to attend our next webinar? Become a Shiftup Explorer: https://shiftup.work/product/explorer-agility-innovation-qualification-program/
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Set Goals & Check Progress. Purpose, objectives, and targets
- 1. Set Goals & Check Progress Jurgen Appelo @jurgenappelo Purpose, objectives, and targets Thursday 25 June 2020, 9:00 CEST
- 2. At the end of this session, you will… Know a new goal framework thinking tool Know how goal setting frameworks compare Get a goal setting exercise for your team
- 3. The Goal Cube Review of Goal Setting Frameworks Goal Setting Framework Exercise Wrapping up Set Goals & Check Progress
- 4. The Goal Cube – a goal framework thinking tool Why, What, and How Hierarchy of goals Different time scales Many dependencies
- 5. This presentation is about goal setting frameworks, not goal setting examples. I’m sure you know how to Google “framework X examples”
- 6. The Goal Cube Review of Goal Setting Frameworks Goal Setting Framework Exercise Wrapping up Set Goals & Check Progress
- 8. Products with a Purpose Outperform traditional products
- 9. Big Hairy Audacious Goal (BHAG) Massive Transformative Purpose (MTP) Vision Mission Each purpose requires a Story Moonshot 10x Goals
- 10. BHAGs, Moonshots, 10x Goals, and MTPs only cover the Why Note: time horizons are shrinking! What is Your Purpose?
- 11. Exploration Execution Kent Beck’s 3X Discovery goals Growth goals Delivery goals
- 12. Have a mix of discovery goals, growth goals, and delivery goals If you do well, this balance will shift over time Discovery, Growth, Delivery
- 13. Management by Objectives (MBO) https://www.youtube.com/watch?v=p43jRhJLsRQ
- 14. Main focus on What, not How Usually annual timeframes Top-down implementations Usually tied to compensation Management by Objectives (MBO)
- 15. Key Performance Indicators (KPIs) Make objectives measurable Performance monitoring Usually focused on growth and delivery, not on discovery
- 16. MBO + KPIs A popular match
- 17. https://bizzdesign.com/blog/business-performance-management-balanced-scorecards-and-the-decision-model/ Balanced Scorecard The first model that covers the entire goal cube
- 18. Balanced Scorecard (BSC) Starts with Why Combines MBO with KPIs Uses 4 different perspectives But still annual and top-down
- 19. Objectives and Key Results (OKRs) https://www.youtube.com/watch?v=yHpMuY59Pbs
- 20. Objectives & Key Results Committed objectives Quarterly performance To be achieved in full Aspirational objectives Bigger picture, riskier High failure rate is OK Objective Objective Objective Key Result Key Result Key Result Key Result Key Result Key Result
- 21. Quarterly cycles Mainly focused on discovery and growth, not delivery Dependencies in all directions NOT tied to compensation! Objectives & Key Results
- 22. Objectives & Key Results Easy to combine with BHAGs, 10x Goals, Moonshots Difficult (or impossible) to mix with MBO and BSC Takes a long time to get used to and to get good at
- 23. North Star Metric (NSM) (One Metric That Matters) https://www.youtube.com/watch?v=tfpTCFNoa6w
- 24. North Star Metric (One Metric That Matters) Proxies for shareholder value Total Users Acquired, Daily Active Users Monthly Recurring Revenue Proxies for customer value Minutes of Player Activity per Month per User Total Order Size per Customer Transfers or Rides per Customer per Month The North Star Metric is the single metric that best captures the core value that your product delivers to customers.
- 25. North Star Metric (One Metric That Matters) Laser focus on one metric Usually focused on growth, sometimes on discovery Compounding goals (“the bar keeps raising”)
- 26. What about SMART goals? What do you think? Specific (Strategic) Measurable (Motivating) Attainable (Achievable) Relevant (Realistic) Time-bound (Trackable)
- 27. Lean Value Tree (LVT) Goal Bet Bet Initiative Initiative Initiative Strategic outcomes to realize the vision Portfolio of alternatives Results to achieve Goal setting for an unknowable future. Keeping your options open.
- 28. One team goal per iteration Combines easily with OKRs Sprint Goal
- 29. The Goal Cube Review of Goal Setting Frameworks Goal Setting Framework Exercise Wrapping up Set Goals & Check Progress
- 30. Team Team TeamPerson Person Unit Unit Unit Unit Unit Team Team Team Team Team Team Team Team Team Team Team Team Team Team Team Team I am the CEO of a mid-sized company (500 people) that consists of a small number of internal startups and scaleups. I want to get rid of traditional MBO. I heard you have ideas about modern goal setting, inspired by BSC, OKRs, LVTs, and the North Star Metric. What would you advise me to do? And what would you suggest to the unit managers and product team managers? Prepare a 5-minute pitch. DRAW IT ON FLIP CHART OR WHITEBOARD Goal Setting Framework Exercise 20 minutes
- 31. Goal Setting Mash Up BHAG / Moonshot OKRs (some are bets) maybe a North Star Sprint Goals
- 32. The Goal Cube Review of Goal Setting Frameworks Goal Setting Framework Exercise Wrapping up Set Goals & Check Progress
- 33. The Balancing Act of Goal Setting Balance vision (long-term) with objectives (short-term) Balance focus (primary goal) with unfocus (other goals) Balance hierarchy (top-down) with network (bottom-up) Balance execution (commitments) with exploration (options)
- 34. The Goal Cube – a goal framework thinking tool