Tability is a cheatcode for goal-driven teams. Set perfect OKRs with AI, stay focused on the work that matters.
What are Budgeting OKRs?
The OKR acronym stands for Objectives and Key Results. It's a goal-setting framework that was introduced at Intel by Andy Grove in the 70s, and it became popular after John Doerr introduced it to Google in the 90s. OKRs helps teams has a shared language to set ambitious goals and track progress towards them.
Formulating strong OKRs can be a complex endeavor, particularly for first-timers. Prioritizing outcomes over projects is crucial when developing your plans.
We've tailored a list of OKRs examples for Budgeting to help you. You can look at any of the templates below to get some inspiration for your own goals.
If you want to learn more about the framework, you can read our OKR guide online.
The best tools for writing perfect Budgeting OKRs
Here are 2 tools that can help you draft your OKRs in no time.
Tability AI: to generate OKRs based on a prompt
Tability AI allows you to describe your goals in a prompt, and generate a fully editable OKR template in seconds.
- 1. Create a Tability account
- 2. Click on the Generate goals using AI
- 3. Describe your goals in a prompt
- 4. Get your fully editable OKR template
- 5. Publish to start tracking progress and get automated OKR dashboards
Watch the video below to see it in action 👇
Tability Feedback: to improve existing OKRs
You can use Tability's AI feedback to improve your OKRs if you already have existing goals.
- 1. Create your Tability account
- 2. Add your existing OKRs (you can import them from a spreadsheet)
- 3. Click on Generate analysis
- 4. Review the suggestions and decide to accept or dismiss them
- 5. Publish to start tracking progress and get automated OKR dashboards
Tability will scan your OKRs and offer different suggestions to improve them. This can range from a small rewrite of a statement to make it clearer to a complete rewrite of the entire OKR.
Budgeting OKRs examples
You will find in the next section many different Budgeting Objectives and Key Results. We've included strategic initiatives in our templates to give you a better idea of the different between the key results (how we measure progress), and the initiatives (what we do to achieve the results).
Hope you'll find this helpful!
OKRs to increase savings towards the 10k annual goal
ObjectiveIncrease savings towards the 10k annual goal
KRSave 1,000 dollars from each month's salary
Set up automatic monthly transfer to savings account- Create and observe a strict budget
- Evaluate and cut unnecessary expenses
- KRCut unnecessary expenses by 20% to save additional 500 dollars monthly
- Cancel unused memberships and subscriptions
- Review monthly expenditures and identify nonessential costs
- Reduce dining out and grocery spending
- KRAdd an extra income stream bringing in 500 dollars a month at minimum
- Research and identify viable passive income ideas
- Launch a part-time online business or service
- Invest in dividend-paying stocks or mutual funds
OKRs to establish funding source for essential staffing positions
- ObjectiveEstablish funding source for essential staffing positions
- KRIncrease current budget allocation by 10% through cost-saving initiatives or adjustments
- Implement selected cost-saving strategies and budget adjustments
- Identify potential cost-saving initiatives within the organization
- Analyze current budget allocation for possible adjustments
- KRIdentify 3 potential funding sources by investigating industry benchmarks and competitors
- Research industry benchmarks for potential funding sources
- Analyze competitors' funding strategies and sources
- Compile a list of three potential funding sources
- KRSecure 1 new source of funding confirmed by signed contracts or agreements
- Get contract or agreement signed
- Identify prospective sources of funding
- Initiate contact and negotiate terms
OKRs to implement continuous monitoring and management of departmental budgets
- ObjectiveImplement continuous monitoring and management of departmental budgets
- KR Increase accuracy by reducing budget variances to less than 5%
- Set clear and precise budget guidelines for all departments
- Monitor and analyze spending consistently to identify variances
- Implement regular budget reviews and adjustments as needed
- KRTraining 80% of the management team on advanced budget management techniques
- Identify individuals needing advanced budget management training
- Execute training sessions and assess understanding
- Schedule training sessions with a qualified trainer
- KREstablish a monthly budget review process involving all department heads
- Involve all department heads in meetings
- Organize a routine budget review meeting
- Implement regular budget adjustments based on feedback
Budgeting OKR best practices
Generally speaking, your objectives should be ambitious yet achievable, and your key results should be measurable and time-bound (using the SMART framework can be helpful). It is also recommended to list strategic initiatives under your key results, as it'll help you avoid the common mistake of listing projects in your KRs.
Here are a couple of best practices extracted from our OKR implementation guide 👇
Tip #1: Limit the number of key results
The #1 role of OKRs is to help you and your team focus on what really matters. Business-as-usual activities will still be happening, but you do not need to track your entire roadmap in the OKRs.
We recommend having 3-4 objectives, and 3-4 key results per objective. A platform like Tability can run audits on your data to help you identify the plans that have too many goals.
Tip #2: Commit to weekly OKR check-ins
Don't fall into the set-and-forget trap. It is important to adopt a weekly check-in process to get the full value of your OKRs and make your strategy agile – otherwise this is nothing more than a reporting exercise.
Being able to see trends for your key results will also keep yourself honest.
Tip #3: No more than 2 yellow statuses in a row
Yes, this is another tip for goal-tracking instead of goal-setting (but you'll get plenty of OKR examples above). But, once you have your goals defined, it will be your ability to keep the right sense of urgency that will make the difference.
As a rule of thumb, it's best to avoid having more than 2 yellow/at risk statuses in a row.
Make a call on the 3rd update. You should be either back on track, or off track. This sounds harsh but it's the best way to signal risks early enough to fix things.
Save hours with automated OKR dashboards
OKRs without regular progress updates are just KPIs. You'll need to update progress on your OKRs every week to get the full benefits from the framework. Reviewing progress periodically has several advantages:
- It brings the goals back to the top of the mind
- It will highlight poorly set OKRs
- It will surface execution risks
- It improves transparency and accountability
Most teams should start with a spreadsheet if they're using OKRs for the first time. Then, you can move to Tability to save time with automated OKR dashboards, data connectors, and actionable insights.
How to get Tability dashboards:
- 1. Create a Tability account
- 2. Use the importers to add your OKRs (works with any spreadsheet or doc)
- 3. Publish your OKR plan
That's it! Tability will instantly get access to 10+ dashboards to monitor progress, visualise trends, and identify risks early.
More Budgeting OKR templates
We have more templates to help you draft your team goals and OKRs.
- OKRs to boost sales of professional basketball season tickets
- OKRs to enhance my teaching effectiveness and student engagement
- OKRs to streamline and automate IT infrastructure processes
- OKRs to boost trial and subscription activations via paid ads
- OKRs to enhance cybersecurity maturity in the organization
- OKRs to cultivate an environment fostering teamwork and high performance