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Objectives and Key Results: FAQs Newcomers Have About the Goal Setting Framework

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Objectives and Key Results

As a business owner, you probably know how important setting the right goals for your business is. Goals act as a guideline for employees, aligning them with the company’s mission and vision.

But defining goals and measuring progress towards those goals is not that easy. The good thing is that there are frameworks that help businesses with goal setting and accomplishment. And among the oldest and most recognized is the OKR system.

But what is it, and can it help you? Here are the most common OKR questions answered for you:

1. What is OKR?

OKR stands for Objectives and Key Results. As you can tell, it is made up of two sections, the objectives, which in this case are the goals you set for your company, and the key results, which are what you expect at the end of a given timeline for each goal.

So, to put it simply, OKR is a goal-setting framework that people, teams, and even organizations use to set ambitious, challenging goals and measure their outcomes.

The OKR system has been around for a while since it was first created and introduced to Intel by Andrew Grove in the 70s. This has not stopped it from being implemented to this day across various stages by businesses of all sizes, from small and medium-sized enterprises to large corporations such as the likes of Google, Adobe, Netflix, Amazon, and Asana, to name a few.

2. How Can OKRs Benefit My Company?

Peak performance is the holy grail for any business. That’s why organizations around the world are implementing the OKR system in their companies. To give you more insight into what you can expect from the system, here’s a list of detailed benefits you can expect from implementing OKRs in your organization:

  • Helping you and your employees focus on what really matters.
  • Aligning everyone in the company to a joint mission.
  • Building commitment and accountability among everyone involved.
  • Increasing engagement and motivation in team members.
  • Improving communication between team members and management.
  • Making performance and result tracking easy.
  • Helping you make better decisions for your company.

3. Who is OKR Suited for?

OKR is a flexible goal-setting formula that you can adjust to any scenario. Even though you see big companies like Google and Amazon use it, it is still very much applicable to SMEs, startups, and even individuals. The best thing is when you implement Profit.co OKR software, you can adjust easily as your business or needs grow.

4. How Can I Use OKR to Set Goals for My Business?

As a business, you likely have a long-term vision you want to achieve in three, five, or ten years. You can use OKR to break down your bigger goal into smaller objectives that your team can work towards and achieve in three months, half a year, or a year at most.

Here are some tips to help you create good OKRs:

  • Ensure the objectives are short, ambitious, and motivating so that they are easy to remember
  • Use energizing words that work with your company culture
  • Make sure your key results are quantifiable, with specific figures or percentages and timeframes
  • Don’t create too many OKRs at a time

5. How Many Key Results Should I Have for My Objectives?

The different results you should expect will depend on the sort of goals you have set. Stick to practical results and be careful not to overestimate your expectations. Be patient and keep in mind that adopting OKRs strategically will help you drive better performance and results, resulting in new opportunities to leverage company data, track activities and measure results.

Want to Make Your Company Successful? Get Started with Profit.co OKR Software

OKR is one of the surest ways to scale your business and achieve success. The framework helps you define and communicate what you want for your business. Most importantly, it assists you in measuring results so that you can adjust where needed and transform your organization.

However, this adoption has brought with it several challenges for businesses operating on a limited budget. So, try and look for an affordable software solution with the right features that will help you manage your company’s growth and operational performance.

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4 Components of Interior Design

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The job of an interior designer is to figure out how to fill a space positively. To create an environment in a room that makes you want to spend time in that room. It is more than deciding which pillows to put where and what color of curtains to put up. It can be overwhelming so you may want to hire someone for Idaho Falls interior design to help you navigate what to put into your home. Below are the main components that are well thought out and help determine how a space is filled. 

Space

When it comes to the space within your home there is negative and positive space. Negative space makes your home feel open, so it is the space that is not necessarily used. Positive spaces are the pieces in your home used, such as your couch or dining table. The key is to find a balance of positive and negative space. You don’t want your home to feel too crowded but you also don’t want it to feel empty. 

Lines and Shapes

There are lines all throughout your home that you may not have even noticed. The three types of lines are vertical, horizontal, and dynamic. These 3 lines give off different feelings within the home and guide your eyes in different directions. Lines that are collected together create a form. This is how you get shapes into your home. Depending on the style that is wanted to be achieved will determine what kind of lines you should use and what forms are used in your home.

Lighting

The amount and type of lighting in a home can make all the difference in the mood within the home. There are two types of lighting, natural and artificial. Natural lighting is obviously what comes in through your windows. It can be manipulated with shade sand curtains if needed. Artificial lighting is made up of task, accent, and ambient lighting. Task lighting is what is needed for day-to-day tasks such as the lights in the kitchen. Accent lighting is to create a focal point in the room such as a chandelier. Ambient lighting is for the sole purpose of creating the mood that you want within the room. 

Color

Particular colors can create different feelings within an individual. It has been shown that colors can have an effect on our moods. For example blue typically brings feelings of calmness to individuals. Color is a detail that is usually picked because of what it looks like but an interior designer is able to think more deeply about what the color means. This allows your home to give off the mood you are looking for. 

What Mood Do You Want to Create?

Decorating your home can be overwhelming due to all the different pieces that make your home come together. You have to think about the space you have, the lines that you have within your home, the shapes that are created, the lighting, and the colors that are within your home. All of these pieces are put together to create a mood within your home and an interior designer helps you achieve that specific mood. 

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Remote Work VS. Digital Nomadism

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Remote Work VS. Digital Nomadism

Remote work may be tempting to an ever-increasing number of people, but not everyone understands the difference between freelancers and digital nomads.

What type of work model should you choose if you want to shift to remote work?

Let’s take a look at the basics.

Digital Nomads

Digital nomads work while traveling. Many of them choose to establish a stable client and found a business in one country before they even start traveling. Traveling is expensive, after all, and there are also local taxes to consider, in addition to the state taxes.

However, it is important to note that digital nomads do not necessarily rely on gigs for a living. In fact, many of these people are entrepreneurs or are looking for long-term contracts with established businesses.

The chief difference between a freelancer and a digital nomad is that the first doesn’t necessarily make a different country their base.

Freelancers

Freelancers are remote workers who like to retain the freedom to live a lifestyle where they can bring their work with them. Unlike digital nomads, these people usually rely on outsourcing or casual gigs, and are more likely to work from their favorite café or park than a different country.

Many freelancers looking for gig work pick projects on specialized platforms. Usually, they aim to establish a steady client base and sometimes even run their own business.

What Does Hiring Digital Nomads and Freelancers Mean for a Business?

First of all, these people are tech-savvy. Unlike employees scared of giving up office work, digital nomads and freelancers are used to virtual communication and are always on top of new tech developments.

The biggest challenge is incorporating them with traditional workers, which is to say that you must train team managers to learn to do things differently.

So, rather than asking yourself what remote workers can offer you, ask yourself what you can offer them.

Here are some ideas.

1. Flexibility

Both digital nomadism and freelancing offer independence but remote workers may have set hours, and may not be able to travel as readily as digital nomads. Some companies are even offering in-house gigs to remote workers, which are operated through the actual company.

Flexible work schedules will be appreciated by both categories, so plan your projects ahead so that you can accommodate different time zones.

2. Taxes

One of the biggest differences is how taxes must be filed when you’re working abroad. Some remote workers may have their taxes taken out, as they’re actual employees, while others may file a 1099 and are responsible for paying their own taxes.

Some digital nomads consider renouncing U.S. citizenship to stay on top of unnecessary costs, but this is not a rule of the thumb.

However, it is highly likely that digital nomads will have considered how to prevent double taxation, which usually means picking one of the following options:

  • The Foreign Tax Credit (FTC)
  • The Foreign Earned Income Exclusion (FEIE)
  • Tax Treaties

3. Roles

Many remote workers and digital nomads go after the same kind of roles. The keyword here is flexibility but also consider the fact that some roles simply cannot be performed remotely. Think in terms of frontline work, for example.

However, you can safely conclude that if a role can be performed remotely, remote workers won’t even consider office work for a second. That’s why these people look for good remote startups to work for, as startups are synonymous with new tech.

Some of the typical roles freelancers and digital nomads perform include (but are not limited to):

  • Blogging and Vlogging
  • Online Tutoring Services
  • Writing and Copywriting
  • Designing
  • SEO and Social Media Services

4. Continued Learning

Both have great opportunities for continuing their education. It can be done part-time as you go, or digital nomads may take entire courses between gigs. For remote workers, some companies may provide eLearning options, while with others, it may be the responsibility of the workers. These courses can range from obtaining degrees to simply brushing up on some soft skills, depending on what a business looks for in their employees.

5. Offer Appropriate Contract Types

As mentioned above, some remote workers and digital nomads run their own businesses, others rely on gigs, and some look for a steady client base regardless of the type of work.

However, what all these people have in common is their expectations of the contractor.

Simply put, a contract you offer must include the following information:

  • Project scope
  • Deliverables
  • Pricing and rates
  • Payment schedule
  • Project timeline
  • Project deadlines
  • Legal terms
  • Cancellation terms
  • Contact details of both parties
  • Ownership and/or copyright
  • Signature of both parties

Think in terms of projects and how to best define the responsibilities of both parties to avoid misunderstanding.

Key Takeaways

Remote workers and digital nomads are a great addition to any team, but there are definitely some things you simply have to offer them if you want them to remain loyal to your business.

Continues learning will always be appreciated, and the same goes for a flexible schedule and appropriate contract.

Whenever in doubt, ask them what they are looking for. Neither remote workers nor digital nomads are shy when voi8cing their expectations!

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Business

How To Start a Digital Portrait Solutions Business in 2022?

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How To Start a Digital Portrait Solutions Business in 2022

P1 – portrait solutions

P2 – Photo Editing Services

In this modern era, youth like to follow their passion because you cannot be happy if you are not doing what you love. Photography is one of the most trending hobbies, thanks to social media platforms like Snapchat, Instagram, etc. If you believe you are good at taking portraits, and it’s high time you turned your passion into a business, read this blog to get crucial tips to get a head start.

❖   Understand the market

Putting your best foot forward is paramount, no matter which industry you’re operating in. Understanding the market is crucial because it will help you comprehend what’s in demand, how much competitors charge for each service, etc. As a positive outcome, you’ll be able to develop better business strategies and set ideal pricing for your digital portrait solutions.
Here’s what you should be doing:

  • Check the websites of other photographers. It will help you understand how efficiently they provide the services you wish to offer and at what rate.
  • Read negative reviews about other photographers to understand where they fail and how you can excel in the same area.
  • Set your pricing below the competition to catch the eyes of potential customers. You can go one step further by offering additional benefits if a customer chooses a mid-premium or premium plan.

❖   Bring portrait photography equipment at your disposal

To ensure that you never fall behind while working, ensure that you have all the necessary equipment like cameras, lenses, lights, batteries, calibration devices, photo editing software, etc. However, there’s no need to go bankrupt to buy high-quality gear.

Initially, invest only in the must-haves. Once your business starts growing, it will be easier to upgrade your gear and diversify your collection.

If you find yourself in a situation where you must use expensive equipment to maintain your work quality, rent the necessary gear rather than spending all your money at once. This wise move will help you offer the finest photo editing services without breaking the bank.

❖   Get a photography portfolio website ready

To increase the reach of your business, it is important to make it available online. When the organic traffic to your website starts growing, your business is heading in the right direction.
Since you are in a creative field, make sure that your website speaks volumes about your digital portrait solutions. Never take this lightly because if your online visitors are not attracted to the look and feel of your website, it is highly unlikely that they will choose your photo editing services. The only way to win their trust is to leave a lasting impression on them through your website.

Here’s what you should keep in mind while getting your photography portfolio website ready:

  • Display your best work in the form of banners on your website. There is no need to put all your work on your website. Simply highlight your USPs.
  • Make sure your website looks professional and has a modern touch.
  • Make your website mobile-friendly so that it can be accessed easily.
  • Reduce the loading time of your website as much as possible to give a better experience to your visitors.
  • Put your contact information on your website to let potential clients easily share their queries with you.
  • Select the best domain name because clients will be able to check your website effortlessly if it is easy to recall.
  • Create sections like about us, contact us, blog, pricing, etc., to make your website look legit and information-rich.

Wrapping up:

Stepping into the business world is not easy because you must deal with various risks initially and give your best all the time to stand out in the crowd. Plus, you must stay patient while working hard, as the desired results won’t come overnight.

Becoming a business owner is not easy because the probability of failing is high if making money is your only goal. However, your chances of success increase when you decide to offer creative services like digital portrait solutions. If you are confident that you have a creative eye and technical skills to take any portrait to the next level, your decision to start a business is correct.

With the help of this blog, we have tried to share crucial insights into what you should be doing to get off to an ideal start. All the tips mentioned here are essential because if you don’t do your market research, you will be crushed by your competitors sooner or later. Similarly, having the right tools and an attention-grabbing website plays a vital role in boosting the sales of your photo editing services. We hope you’ll use these tips and implement them for a dream start.

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