Ep 35 - SMART Goals vs. KPIs vs. OKRs: What's the Difference?

Ever feel lost in the alphabet soup of goal-setting frameworks?

Whether you're a leader, a coach, or a goal-setting enthusiast, navigating between SMART goals, KPIs, OKRs, and other frameworks can feel overwhelming.

In this episode, Sara Lobkovich – strategist, OKR coach, and nationally board-certified health and wellness coach (with “another life” in professional motorcycle road racing) – gives you the inside scoop on the most popular frameworks. Through easy-to-understand examples from the worlds of health and sports, Sara breaks down when and how to use each framework to drive success.

You'll leave with a clear understanding of what each framework truly means, how they differ, and which one to use to turbocharge your personal or professional goals.

Want to watch the full-length replay of the Live this episode is drawn from? It’s on YouTube!

Episode Highlights:

• Clear explanation of Key Performance Indicators (KPIs) and why they're indicators, not goals
• Deep dive into SMART goals and their practical applications
• How OKRs differ from other frameworks for handling uncertainty and innovation
• Understanding mandatory vs. stretch goals
• Real-world examples using health and sports metrics
• Introduction to additional frameworks like BSC (Balanced Scorecard) and ROB (Rhythm of Business)

Key Concepts Covered:

• Activity Goals vs. Outcome Goals
• KPIs as health indicators for your business
• The limitations of SMART goals
• When and how to use mandatory goals
• The power of OKRs for uncertain territory
• Building a holistic performance dashboard
• Creating effective rhythms of business

Episode Chapters

00:00 Introduction to Thinkydoer Shorts

00:43 Sara's Dual Life: Business and Racing

01:12 Goal Fridays and Live Replays 

02:59 Decoding Goal-Setting Acronyms

07:38 Activity Goals: The Basics

09:02 KPIs: Key Performance Indicators (and KPIs vs. OKRs)

11:32 SMART Goals: Specific and Measurable

15:52 Mandatory Goals vs. Stretch Goals

18:20 OKRs and Other Goal-Setting Frameworks

Notable Quotes:

"KPIs are indicators, not goals - it's right there in the name." 

"SMART goals are helpful because they are specific. They do give us something to aim for.   The challenge with SMART goals, and we're going to talk about mandatories in just a minute, is with SMART goals, It's a little too easy to set that goal and then have our all-or-nothing thinking take over with our behavior."

" And quantifying activity is great. It gives you that clarity when what's important is that you do something a certain number of times. But doing something a certain number of times won't necessarily yield the outcome you need."

"The Objective is like a tiny love letter from your idealistic 'you' to your future 'you' that's going to get frustrated and challenged."

"Your Rhythm of Business (ROB) is all of the things that make up the culture of performance in your work. [...]Your Rhythm of Business is really your culture. It's your meetings, yes, it's also your communication norms, your asynchronous communication norms, your habits. Your rhythms for learning and feedback, your ways of recognizing each other and what cadence that's on."

Resources Mentioned:

• Get the No-BS OKRs Workbook ($19): https://saralobkovich.com/no-bs-okrs-workbook-pdf
• Info about the upcoming print version of the No-BS OKRs Workbook & Sara's forthcoming book: "You Are a Strategist: Use No-BS Objectives and Key Results to Get Big Things Done" is available at https://youareastrategist.com 
• Other Free No-BS OKRs Resources: Access all free resources
• Thinkydoers (not-just-an OKR podcast) Home Page: https://saralobkovich.com/thinkydoers-pod

Connect with Sara:

• Newsletter: findrc.co/newsletter
• Contact: findrc.co/contact
• Email Sara at [email protected]
• Social Media: @saralobkovich most everywhere!