4 customisable OKR examples for Expense Management
What are Expense Management 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 Expense Management 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 Expense Management 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 Expense Management OKRs examples
You will find in the next section many different Expense Management 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!
1. OKRs to boost profitability via disciplined revenue and expense management
Boost profitability via disciplined revenue and expense management
Increase quarterly revenue by 10% through strategic sales initiatives
Develop and implement a comprehensive sales training program
Optimize pricing strategy for improved profitability
Identify and target high-revenue potential clients
Decrease operating costs by 15% via efficiency improvements
Streamline supply chain to reduce excess waste
Identify non-essential operations that can be terminated or outsourced
Implement energy efficient technology in the office
Achieve a consistent 20% profit margin throughout the upcoming quarter
Upsell and cross-sell to increase profits
Analyze previous quarters to identify profitable strategies
Streamline business operations to reduce expenses
2. OKRs to grow personal net worth to $1m through strategic investments and savings
Grow personal net worth to $1m through strategic investments and savings
Invest 30% of saved income wisely in high-yield platforms
Allocate 30% of saved income for investment
Strategically invest funds in chosen platforms
Identify high-yield investment platforms with a good reputation
Limit expenses to save 50% of each month's income
Establish a consistent habit of depositing savings first
Splurge on necessities only to cut down on extra expenses
Consider cost-effective versions of daily used items
Increase passive income by 30% through evaluation and portfolio diversification
Research diverse investment opportunities for higher returns
Analyze current portfolio to identify underperforming assets
Allocate investments strategically to profitable assets
3. OKRs to reduce delivery service expenses
Reduce delivery service expenses
Lower staff overtime costs by 15% by improving shift scheduling
Conduct periodic reviews to identify scheduling inefficiencies or issues
Train managers on workload distribution and staff utilization techniques
Implement a digital shift scheduling system for efficient workforce management
Implement an efficient parcel tracking system to reduce lost package costs by 5%
Train staff on new system usage
Research and adopt an advanced tracking solution
Identify current weaknesses in existing parcel tracking system
Decrease fuel expenditure by 10% through optimizing delivery routes
Train drivers on fuel-efficient driving techniques
Implement GPS-based routing software for efficient trip planning
Regularly maintain delivery vehicles for optimal performance
4. OKRs to drastically decrease operational expenses
Drastically decrease operational expenses
Decrease supply chain costs by 10% through vendor negotiations and solutions
Develop strategies for productive pricing discussions
Implement cost-effective vendor management solutions
Identify vital vendors for price renegotiation
Reduce energy consumption by 15% with sustainable initiatives
Implement company-wide training on energy-saving practices
Regularly audit and maintain equipment for optimal efficiency
Install energy-efficient appliances and light fixtures
Implement effective automation tools, boosting productivity by 25%
Monitor and adjust processes to achieve 25% productivity increase
Implement and integrate chosen automation tools into daily operations
Research and identify suitable automation tools for business processes
Expense Management 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
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.
![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
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.
![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 Expense Management OKRs in a strategy map
Your quarterly OKRs should be tracked weekly in order to get all the benefits of the OKRs 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
We recommend using a spreadsheet for your first OKRs cycle. You'll need to get familiar with the scoring and tracking first. Then, you can scale your OKRs process by using a proper OKR-tracking tool for it.
![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 Expense Management OKR templates
We have more templates to help you draft your team goals and OKRs.
OKRs to improve delivery efficiency using our in-house tool
OKRs to master cloud services architecture: argocd, kubernates, istio, terraform
OKRs to establish our simple AI startup using open-source tools
OKRs to expand investor network with five strategic VC firms
OKRs to strengthen in-house legal team for maritime business expansion
OKRs to ensure completion of all account schedules and bank reconciliations
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.