Strategies and tactics for implementing OKRs in the Finance Department
The strategy for implementing OKRs in the finance department focuses on defining clear objectives, drafting measurable key results, and monitoring progress consistently. Initially, the strategy involves meeting with the finance team to set three to five measurable objectives that align with company goals. For example, an objective could be to reduce operational costs by 10%. Ensuring objectives are challenging yet achievable involves analyzing past performance and revising goals based on team feedback.
Next, measurable key results are defined to track progress toward objectives. These key results must include specific metrics or timelines for assessment. For instance, a key result might be increasing quarterly revenue by a certain percentage. Team leaders coordinate with team members to ensure these results are attainable and relevant.
Monitoring progress involves regular meetings to review OKRs, using dashboards for visualization, and celebrating small achievements. Assigning responsibility to team members for specific key results ensures accountability. Progress reports and check-ins help adapt strategies, ensuring obstacles are addressed timely and additional support is provided where necessary.
The strategies
⛳️ Strategy 1: Define clear objectives
- Conduct a meeting with finance team members to identify priorities for the upcoming quarter
- Analyse past financial performance to determine areas needing improvement
- Set three to five clear and measurable objectives for the finance department
- Align finance objectives with overall company goals
- Ensure that each objective is challenging yet achievable
- Draft a document listing proposed objectives for review
- Gather feedback from finance team on proposed objectives
- Revise objectives based on team feedback
- Present finalised objectives to leadership for approval
- Communicate approved objectives to the finance team
⛳️ Strategy 2: Draft measurable key results
- Identify quantifiable metrics that align with each objective
- Consult with team leaders to ensure key results are challenging yet realistic
- Ensure key results include specific numbers or dates for assessment
- Draft initial key results and share them with the finance team for input
- Rework key results based on team feedback
- Align key results to support achieving finance department objectives
- Establish methods of tracking each key result consistently
- Set up a shared digital workspace for OKR tracking
- Publish finalised key results in the team’s communication platform
- Tell the team about the importance of tracking and achieving key results
⛳️ Strategy 3: Monitor progress regularly
- Schedule weekly meetings to review progress on OKRs
- Assign responsibility for each key result to specific team members
- Create a dashboard to visualise progress towards key results
- Set up reminders and updates for milestone deadlines
- Recognise and celebrate small wins as they occur
- Conduct monthly check-ins on OKR progress to adjust strategies as needed
- Address obstacles hindering progress during meetings
- Provide additional resources or support for key results lagging behind
- Document learnings from ongoing OKR implementation
- Prepare a quarterly review report to present to leadership on OKR outcomes
Bringing accountability to your strategy
It's one thing to have a plan, it's another to stick to it. We hope that the examples above will help you get started with your own strategy, but we also know that it's easy to get lost in the day-to-day effort.
That's why we built Tability: to help you track your progress, keep your team aligned, and make sure you're always moving in the right direction.
Give it a try and see how it can help you bring accountability to your strategy.
