When it comes to startup investment, understanding the difference between OKRs (Objectives and Key Results) and KPIs (Key Performance Indicators) is crucial.
OKRs are a goal-setting framework that combines business goals with measurable ways to achieve them. They are future-focused, change and results-oriented, and often set and reviewed on a quarterly or annual basis. For example, an objective could be “Improve our customer retention”, with key results like “Implement a loyalty rewards program”.
On the other hand, KPIs are quantitative success metrics that track business goals or projects. They tell you how your business is performing at present and in the past. KPIs measure outputs from specific services, products, or processes.
While OKRs define a startup’s vision and its overall growth strategy, KPIs act as metrics that show your startup is on the right path to reach your OKRs. As you focus on improving your KPIs, you get closer to accomplishing your OKRs.
Remember, both OKRs and KPIs are essential tools for your startup’s success. Use them wisely to drive your growth and investment strategy!
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