Quarterly Objective Setting Meetings
Objective Setting Meetings are a collaborative activity involving members of the Ecosystem Team and the Product Team. The purpose of this meeting is to align on the current strategy and set specific, achievable objectives for the upcoming period.
Goal
The outcome of the Objective Setting Meeting is that the Product Team have both clear direction and goals for the coming quarter as well as buy-in to achieve the goals.
Context
An ecosystem requires multiple products working together to achieve a common goal. The Objective Setting Meeting ensures that the Product Team is aligned with the broader business strategy and that their objectives are in line with the ecosystem's vision and strategy. This alignment is crucial for ensuring that the Product Team's efforts are contributing to the overall success of the ecosystem.
Inputs
| Artifact | Description |
|---|---|
| OKRs | Previous objectives and key results set by the Product Team and the Ecosystem Team. |
| Ecosystem Vision | A high-level and inspirational description of where the ecosystem will be in 5 - 10 years. |
| Ecosystem Strategy | A high-level plan for achieving the ecosystem vision within the next 1-3 years. |
| Customer Insights | Insights from user research, customer feedback, and support tickets. |
| Product Performance Data | Data on the performance of the product, including usage, engagement, and customer satisfaction. |
| Business Objectives | High-level strategic goals that the Ecosystem Team aims to achieve in the coming year. |
Outputs
| Format | Description | Benefits |
|---|---|---|
| OKRs (Objectives and Key Results) | Objectives define the desired outcomes, and key results are the measurable steps to achieve them. |
|
Rationale
OKRs are a widely known and used framework for setting and tracking objectives which makes them easier to adopt. The structure aligns with the ZeroBlockers approach of setting outcomes instead of outputs. Finally, given the quarterly timeline, there is a deadline that provides motivation for achieving the objectives without reverting to strict time and cost measurements.
Other Output Formats
| Format | Description | ZeroBlockers Opinion |
|---|---|---|
| Balanced Scorecard | A strategic planning and management system used for aligning business activities to the vision and strategy. | Simplistic balanced scorecards can be very effective but there is a tendency for companies to overcomplicate them and try to link all of the objectives together. This overhead can be a waste of time and effort. |
| Strategy Maps | Visual tools to communicate strategic objectives and the relationships between them. | Strategy maps can be very effective at simplifying complex strategies but they can still be too high level to provide the necessary direction for Stream Teams. |
Anti-patterns
- Targets based on Forecasts: When objectives are directly linked to forecasts, it can lead to lowballed forecasts so that the targets are easier to achieve.
- Targets linked to Funding: When objectives are directly linked to funding, it can lead to inflated targets to secure the funding. People are always ready with excuses when they don't achieve the targets.
- Absolute targets: Setting fixed targets invites excuses because when external factors change it is easy to blame them for not achieving the target. Relative targets encourage teams to focus on improving against the competition and removes market conditions as an excuse.
- Setting vague objectives: Goals that are not specific or measurable lead to confusion and lack of direction.
- Setting easy objectives: Objectives should be stretching but achievable. Setting easy objectives can lead to complacency and lack of innovation. Given that objectives are difficult to obtain the expectation should not be that they will all be achieved. The important thing is that the effort is made to achieve them.
- Overcommitment: Setting too many objectives or targets that are unachievable within the timeframe can demotivate the team.
- One-way communication: Failing to involve the team in the objective-setting process can lead to lower quality objectives as well as a lack of buy-in and commitment.