How To, and NOT to Set Goals for 2024
If you’re a startup founder, you’re likely getting ready to plan out your next year. But most founders do this wrong because they either over-plan (the big company approach) or under-plan (the f#ck it approach). So here is how you can use the OKR (Objective & Key Results) framework to make this process much more efficient:
✅ Step 1: Start with one main objective. If you’re early stage and have a short runway, this is likely fundraising-related. If you do have some runway, it's likely related to getting product-market fit. If, and only if you already have a product market, then that big objective can be revenue-related, otherwise, you’re putting the cart before the horse. It's important to pick one singular objective so that everyone in your company gets behind it. Picking two objectives will split your energy and reduce the probability of success.
✅Step 2: Break it down into Key Results - Figure out a single goal for 2024. Then figure out what's ONE thing you have to do in Q1 so that getting to that 1-year goal is way easier. Then figure out what's ONE thing you have to do the first week in January so that getting to that Q1 goal is way easier. Ensure each Key Result is S.M.A.R.T. (Specific, Measurable, Achievable, Relevant, and Time-Bound).
✅Step 3: Ownership, priorities, and deadlines - a) Clarify ownership: Every task—and even every subtask—must have one single designated owner. If multiple people own a task, effectively no one does. Because no one’s directly accountable for its success or failure. b) Prioritize: If everything is considered a high priority, nothing is. Not everything is important or urgent, so get real with yourself and your team about what needs to be done in what order. c) Deadlines: Always set definitive deadlines and commit to them. Otherwise, I promise that things will linger in the background and fall through the cracks
✅Step 4: Check-ins - People love to complain about meetings, especially when they have a lot on their plates. But I’ve found that the busier everyone is, the more important it is to have brief weekly check-in calls. This practice keeps everyone in the loop about rapidly evolving or fluid situations. Most importantly, it holds everyone accountable—nobody wants to be the person who didn’t get their shit done.
