10 okr-startups

Category: OKR Examples.

Introduction:

Startups have been a buzzword that has been doing the rounds for quite a while. In their initial development stage, companies offering a product or service are typically classified as startups. They are bootstrapped, not yet ready to be bought over, and in the process of developing into a sustainable business model.

It is a well-known fact that 90% of startups fail. Why is this so high? What could be the reasons for this? How best to overcome this?

Integrate the time-tested OKR methodology to align your objectives with measurable key results to keep your startup from derailing. Consistent monitoring of key metrics will allow the founders to course correct in time. Profit.co’s OKR software, our strategy, and task management modules, including employee engagement and development, is a power-packed SaaS platform to leverage your Startup.

Objective 1: Build a Minimum Viable Product Prototype

The cornerstone of any business is a great product, and founders must ensure it addresses a key problem and is profitable and scalable.

KR 1: Create a prototype with a minimum of 10 Key Features

KR 2: Identify five customer pain points for problem-solving

KR 3: Analyze and review the design plan every week

objective-circle-icon2Objective

David Griffin

Build a Minimum Viable Product Prototype

52%

Target Date: Q3-2022

Visibility: All Employees

key-icon2Key Results

Create a prototype with a minimum of 10 Key Features

Q3-2022roger-smith-assignee2 increase-icon3 # of features
1 5 4

75%

Identify five customer pain points for problem-solving

Q3-2022 roger-smith-assignee2 increase-icon4 # of pain points
1 5 4

75%

Analyze and review the design plan every week

Q3-2022 alice-assignee2 increase-icon5 Percentage Tracked
0 100% 80%

80%

Objective 2: Scale Up Marketing Functions & Metrics to a new level

However great a product, it must be backed by sound marketing. Having an objective tailored around it and tracking it with key metrics can be vital to the success of a startup.

KR 1: Generate at least 800 product signups per week

KR 2: Increase the # of landing pages from 25 to 125

KR 3: Increase the website traffic through the organic channels from 10K to 70K

objective-circle-icon2Objective

David Griffin

Scale Up Marketing Functions & Metrics to a new level

88%

Target Date: Q3-2022

Visibility: All Employees

key-icon2Key Results

Generate at least 800 product signups per week

Q3-2022roger-smith-assignee2 increase-icon3 # of Signups
0 800 626

78%

Increase the # of landing pages from 25 to 125

Q3-2022 roger-smith-assignee2 increase-icon4 # of Landing Pages
25 125 118

93%

Increase the website traffic through the organic channels from 10K to 70K

Q3-2022 alice-assignee2 increase-icon4 Organic Web Traffic
10K 70K 66.31K

94%

Objective 3: Improve User Adoption

Customer is king and more so in a SasS business, and user-friendliness is a primary requirement in adoption. A startup should formulate an objective around it and diligently track progress using metric-driven key results.

KR 1: Ensure Net retention rate (NRR) is maintained above 110%

KR 2: Reduce the churn rate from 15% to 5%

KR 3: Increase the NPS from 70% to 90%

objective-circle-icon2Objective

David Griffin

Improve User Adoption

80%

Target Date: Q3-2022

Visibility: All Employees

key-icon2Key Results

Ensure Net retention rate (NRR) is maintained above 110%

Q3-2022roger-smith-assignee2 control-kpi-icon1 NRR
0 200 120%

91%

Reduce the churn rate from 15% to 5%

Q3-2022 roger-smith-assignee2 decrease-icon2 Churn Rate
15 5 7%

80%

Increase the NPS from 70% to 90%

Q3-2022 alice-assignee2 increase-icon4 Net Promotion Score
70 90 84%

70%

Objective 4: Accelerate Revenue Growth

All startups want to make tons of money, and only those with a clear objective or strategy around it with measurable key results can track the revenue growth and address pain points promptly.

KR 1: Generate $500k in New ARR.

KR 2: Generate $500K revenue through implementation and training

KR 3: Onboard 10 new logos

objective-circle-icon3Objective

David Griffin

Accelerate Revenue Growth

50%

Target Date: Q3-2022

Visibility: All Employees

key-icon3Key Results

Generate $500k in New ARR.

Q3-2022roger-smith-assignee2 increase-icon2 ARR
$0.00 $500K $423.21K

85%

Generate $500K revenue through implementation and training

Q3-2022 roger-smith-assignee4 increase-icon2 Revenue from Implementation
$0.00 $500K $328.88K

66%

Onboard 10 new logos

Q3-2022alice-assignee3 increase-icon2 New Logos
0 10 8

88%

Objective 5: Improve Finance Metrics

Finance is the backbone of any company, and it has become one of the primary focus areas in a startup. A sound objective to improve the startup’s financial future is critical for success.

KR 1: Decrease the monthly Burn rate from 2x to 1x

KR 2: Increase Monthly Recurring Revenue from $500K to $1M

KR 3: Decrease the CAC payback period from 36 to 24 months

objective-circle-icon3Objective

David Griffin

Improve Finance Metrics

60%

Target Date: Q3-2022

Visibility: All Employees

key-icon3Key Results

Decrease the monthly Burn rate from 2x to 1x

Q3-2022roger-smith-assignee2decrease-icon2 Burn Rate
$2.00 $1.00 $1.57

43%

Increase Monthly Recurring Revenue from $500K to $1M

Q3-2022 roger-smith-assignee4 increase-icon1 MRR
$500K $1M $893.3K

79%

Decrease the CAC payback period from 36 to 24 months

Q3-2022 alice-assignee3 decrease-icon2 Payback Period
36 Month(s) 24 Month(s) 29 Month(s)

58%

Objective 6: Improve Cashflow

Adequate Cashflow is vital to cover the incidental expenses, and it is also essential to implement the projects according to the startup road map. Making sure to track the cash flow by measurable key results can provide information on availability or lack thereof.

KR 1: Raise $4M seed funding from VCs and Investors

KR 2: Bring down the accounts receivables from $600K to $200K

KR 3: Ensure 40% of revenue growth rate

objective-circle-icon3Objective

David Griffin

Improve Cashflow

51%

Target Date: Q3-2022

Visibility: All Employees

key-icon3Key Results

Raise $4M seed funding from VCs and Investors

Q3-2022roger-smith-assignee2 increase-icon1 Seed funding
$0.00 $4M $3.2M

80%

Bring down the accounts receivables from $600K to $200K

Q3-2022 roger-smith-assignee4 decrease-icon2 Accounts receivable
$600K $200K $307.45K

73%

Ensure 40% of revenue growth rate

Q3-2022 alice-assignee3 control-kpi-icon1 Net Revenue
20 60 41%

50%

Objective 7: Implement Market Research Process

Market research is an essential component in understanding the customer. Much depends on the research data and how we can leverage that towards product improvement. Having an exclusive Objective with measurable metrics to track this aspect will help in a successful startup.

KR 1: Achieve a 25% increase in product testing.

KR 2: Achieve a CSAT score of above 80% every quarter

KR 3: Ensure 80% of the customer’s feedback is implemented

objective-circle-icon2Objective

David Griffin

Implement Market Research Process

25%

Target Date: Q3-2022

Visibility: All Employees

key-icon2Key Results

Achieve a 25% increase in product testing.

Q3-2022roger-smith-assignee2 increase-icon4 Product Testing
0 25 17%

0.68

Achieve a CSAT score of above 80% every quarter

Q3-2022 roger-smith-assignee2 control-kpi-icon1 Customer Satisfaction
40 120 94%

0.08

Ensure 80% of the customer’s feedback is implemented

Q3-2022 alice-assignee2 control-kpi-icon1 Feedback Implementation
40 120 94%

0.08

Objective 8: Improve Customer Delight

Customers are the drivers of a product and are very important for the success of a startup. Improving customer delight objectives and tracking them to be successful is essential for a startup.

KR 1: Decrease the customer’s average onboarding time from 20 mins to 5 mins

KR 2: Decrease average response time for customers contacting via phone from 10 minutes to 5 mins

KR 3: Decrease the Average response time for customers contacting via chat from 60 secs to 20 secs

objective-circle-icon2Objective

David Griffin

Improve Customer Delight

42%

Target Date: Q3-2022

Visibility: All Employees

key-icon2Key Results

Decrease the customer’s average onboarding time from 20 mins to 5 mins

Q3-2022roger-smith-assignee2 decrease-icon3 Onboarding Time
6 Min(s) 25 Min(s) 10 Min(s)

67%

Decrease average response time for customers contacting via phone from 10 minutes to 5 mins

Q3-2022 roger-smith-assignee2 decrease-icon3 Support Response Time
5 Sec(s) 10 Sec(s) 0%

0%

Decrease the Average response time for customers contacting via chat from 60 secs to 20 secs

Q3-2022 alice-assignee3 decrease-icon3 Support Response Time
20 Sec(s) 40 Sec(s) 26 Sec(s)

60%

Objective 9: Build a Strong Management Leadership

Leaders are the drivers of any organization. Developing and empowering a team to fit managerial positions is critical in a startup. All startups should have an objective dedicated to this goal aligned with measurable key results.

KR 1: Hire a CRO to manage the Revenue Engine.

KR 2: Facilitate a leadership development program for 25 employees(Director and above).

KR 3: Achieve 100% completion rate for the LDPs.

objective-circle-icon2Objective

David Griffin

Build a Strong Management Leadership

89%

Target Date: Q3-2022

Visibility: All Employees

key-icon2Key Results

Hire a CRO to manage the Revenue Engine.

Q3-2022roger-smith-assignee2 task-icon Task Tracked
0 100 100%

100%

Facilitate a leadership development program for 25 employees(Director and above).

Q3-2022 roger-smith-assignee2 task-icon Task Tracked
0 100 89%

89%

Achieve 100% completion rate for the LDPs.

Q3-2022 alice-assignee2 Percentage Tracked
0 100 79%

79%

Objective 10: Improve the recruitment process

Recruiting and retaining talent is a crucial activity of an organization. In a startup, due to a limited number of employees, the recruitment process must be tailor-made to suit the organization.

KR 1: Maintain cost per hire rate between $4000 to $5000

KR 2: Curtail the new hire turnover rate from 8% to 1%.

KR 3: Conduct three employee Referral program

KR 4: Fill in 20 job openings.

objective-circle-icon2Objective

David Griffin

Improve the recruitment process

40%

Target Date: Q3-2022

Visibility: All Employees

key-icon2Key Results

Maintain cost per hire rate between $4000 to $5000

Q3-2022roger-smith-assignee2 control-kpi-icon1 (CPH)Cost Per Hire
$3500 $5500 $4500

50%

Curtail the new hire turnover rate from 8% to 1%.

Q3-2022 roger-smith-assignee2 decrease-icon2 Turnover Rate
8 1 2%

86%

Conduct three employee Referral program

Q3-2022 alice-assignee2 increase-icon4 # of employee reffere..
0 3 2

67%

Fill in 20 job openings.

Q3-2022 roger-smith-assignee2 control-kpi-icon1 # of openings
0 20 15

75%

Conclusion:

Successful startups that end up as unicorns have different stories to back their success. The narrative in these success stories is how they periodically measured their strategy. OKR methodology has been an anchor for the tech titans of our generation like Google and Intel. These startup OKRs by Profit.co can guide you on your path to becoming unicorns of the future. The objectives are linked to suitable metric-driven key results so that the progress can be tracked. Book a free demo with our team to catapult your startup into the Fortune 500 company of the future.

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