When it comes to making money in any industry, the tools that you use to set yourself up for success can play a major role in how successful you ultimately are. While people are one of the most important aspects of any business, managing them appropriately is just as important. This is why productivity tools, project management platforms, and even goal setting software solutions are becoming more widely used in industries far and wide.
While you might normally associate many of those sorts of tools with a tech company from Silicon Valley, in actuality, there are all sorts of business types and brands that can benefit from software that helps them better manage their teams. For example, think about the number of tasks that need to be completed if your company is creating nutritional supplements. While you don’t need a license to sell vitamins, the supplement business is full of different steps and tasks that need to be appropriately managed in order to route your dietary supplements on time. From designing the packaging of different powders or capsules to marketing your vitamins and dietary supplements on social media and ensuring that the packing adheres to legal standards and regulations from the FDA (Food and Drug Administration), there are tons of things to do as you work to sell health supplements.
One tool that can help you manage complex processes across multiple teams and employees is OKR software. OKR stands for objectives and key results and helps you define internal goals and align them across multiple departments in your company to achieve a greater amount of success and better track performance. Read on to learn when it makes sense to use OKRs in your business—and when your brand is better off selecting a different tool instead.
When does it make sense for your brand to use OKRs?
If you have a team that is at risk of working in silos or are struggling to measure how one individual’s performance is impacting your bottom line, OKR software is a great solution. OKR tools, like the ones offered by Profit.co, give you a great way to see where in your company’s workflow goals are being met and where things could be improved. Since each employee knows what key results they’re responsible for and how they relate to other department’s goals, it’s easy to get a snapshot of your business’s performance and which employees are at the heart of that performance.
For example, Profit.co may help you see which members of your sales team have been doing the best work attracting new vendors or distributors. This information from Profit.co can ultimately be elevated to seniors in leadership interested in offering promotions or raises to reward strong performance. At its heart, creating this sort of workplace culture can help most brands with medium or large teams strive to do better each quarter that new goals show up in Profit.co’s easy-to-read dashboard.
What sorts of brands won’t benefit from OKRs?
If your business is smaller, you may not get the most benefits from OKR software; however, that doesn’t mean that it makes sense to avoid them altogether. For example, if you only have a few employees who seem to be doing fine just using email and communication tools like Slack to get their work done, you likely don’t need to invest in an OKR platform for your company. The restaurant industry is another sector that likely wouldn’t get many benefits from OKRs. That being said, if your brand is starting to grow a bit, and you feel that you’re losing your grip of the reins as a leader of the business, it certainly might make sense to switch to an OKR platform that can help everyone get and stay on the same page.