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tability.ioWhat 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.
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!
OKRs to boost profitability via disciplined revenue and expense management
ObjectiveBoost profitability via disciplined revenue and expense management
KRIncrease 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
- KRDecrease 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
- KRAchieve 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
OKRs to grow personal net worth to $1m through strategic investments and savings
- ObjectiveGrow personal net worth to $1m through strategic investments and savings
- KRInvest 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
- KRLimit 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
- KRIncrease 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
OKRs to reduce delivery service expenses
- ObjectiveReduce delivery service expenses
- KRLower 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
- KRImplement 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
- KRDecrease 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
OKRs to drastically decrease operational expenses
- ObjectiveDrastically decrease operational expenses
- KRDecrease 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
- KRReduce 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
- KRImplement 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
How to write your own Expense Management OKRs
1. Get tailored OKRs with an AI
You'll find some examples below, but it's likely that you have very specific needs that won't be covered.
You can use Tability's AI generator to create tailored OKRs based on your specific context. Tability can turn your objective description into a fully editable OKR template -- including tips to help you refine your goals.
- 1. Go to Tability's plan editor
- 2. Click on the "Generate goals using AI" button
- 3. Use natural language to describe your goals
Tability will then use your prompt to generate a fully editable OKR template.
Watch the video below to see it in action 👇
Option 2. Optimise existing OKRs with Tability Feedback tool
If you already have existing goals, and you want to improve them. You can use Tability's AI feedback to help you.
- 1. Go to Tability's plan editor
- 2. Add your existing OKRs (you can import them from a spreadsheet)
- 3. Click on "Generate analysis"
Tability's Strategy Map makes it easy to see all your org's OKRsTability 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.
You can then decide to accept the suggestions or dismiss them if you don't agree.
Option 3. Use the free OKR generator
If you're just looking for some quick inspiration, you can also use our free OKR generator to get a template.
Unlike with Tability, you won't be able to iterate on the templates, but this is still a great way to get started.
Expense Management 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.
How to track your Expense Management OKRs
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.
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 enhance understanding of key ERP modules: Finance and Inventory
- OKRs to produce and publish an engaging interactive book
- OKRs to increase wealth by improving income and managing spending
- OKRs to enhance customer retention rates
- OKRs to obtain As and Bs in English exam
- OKRs to deliver feature-rich product releases with minimal bugs