3 customisable OKR examples for Budgeting Team
What are Budgeting Team OKRs?
The Objective and Key Results (OKR) framework is a simple goal-setting methodology that was introduced at Intel by Andy Grove in the 70s. It became popular after John Doerr introduced it to Google in the 90s, and it's now used by teams of all sizes to set and track ambitious goals at scale.
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 Team 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.
Building your own Budgeting Team OKRs with AI
While we have some examples available, it's likely that you'll have specific scenarios that aren't covered here. You can use our free AI generator below or our more complete goal-setting system to generate your own OKRs.
Our customisable Budgeting Team OKRs examples
We've added many examples of Budgeting Team Objectives and Key Results, but we did not stop there. Understanding the difference between OKRs and projects is important, so we also added examples of strategic initiatives that relate to the OKRs.
Hope you'll find this helpful!
1. OKRs to increase savings towards the 10k annual goal
Increase savings towards the 10k annual goal
Save 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
Cut 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
Add 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
2. OKRs to implement continuous monitoring and management of departmental budgets
Implement continuous monitoring and management of departmental budgets
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
Training 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
Establish 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
3. OKRs to establish funding source for essential staffing positions
Establish funding source for essential staffing positions
Increase 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
Identify 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
Secure 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
Budgeting Team OKR best practices to boost success
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
Having too many OKRs is the #1 mistake that teams make when adopting the framework. The problem with tracking too many competing goals is that it will be hard for your team to know what really matters.
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.
![Tability Insights Dashboard](https://tability-templates-v2.vercel.app/_next/static/media/tability-insights-board.e70f9466.png)
Tip #2: Commit to weekly OKR check-ins
Setting good goals can be challenging, but without regular check-ins, your team will struggle to make progress. We recommend that you track your OKRs weekly to get the full benefits from the framework.
Being able to see trends for your key results will also keep yourself honest.
![Tability Insights Dashboard](https://tability-templates-v2.vercel.app/_next/static/media/checkins-graph.b2aec458.png)
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.
How to turn your Budgeting Team OKRs in a strategy map
The rules of OKRs are simple. Quarterly OKRs should be tracked weekly, and yearly OKRs should be tracked monthly. 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
Spreadsheets are enough to get started. Then, once you need to scale you can use a proper OKR platform to make things easier.
![A strategy map in Tability](https://tability-templates-v2.vercel.app/_next/static/media/tability_strategy_map.2ad25843.png)
If you're not yet set on a tool, you can check out the 5 best OKR tracking templates guide to find the best way to monitor progress during the quarter.
More Budgeting Team OKR templates
We have more templates to help you draft your team goals and OKRs.
OKRs to enhance application design by solution architect review
OKRs to increase revenue for the SaaS premium subscription
OKRs to implement tech solutions to optimize consulting business
OKRs to increase and diversify our portfolio of local, small-scale, and minority-owned vendors
OKRs to use Content Marketing for growth
OKRs to enhance professional skills to excel in the cold chain team
OKRs resources
Here are a list of resources to help you adopt the Objectives and Key Results framework.
- To learn: What is the meaning of OKRs
- Blog posts: ODT Blog
- Success metrics: KPIs examples
What's next? Try Tability's goal-setting AI
You can create an iterate on your OKRs using Tability's unique goal-setting AI.
Watch the demo below, then hop on the platform for a free trial.