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tability.ioWhat are Financial Planning 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.
Crafting effective OKRs can be challenging, particularly for beginners. Emphasizing outcomes rather than projects should be the core of your planning.
We've tailored a list of OKRs examples for Financial Planning 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.
Financial Planning OKRs examples
You will find in the next section many different Financial Planning 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 formulate a robust 7-year financial plan
ObjectiveFormulate a robust 7-year financial plan
KRFinalize full 7-year financial plan after conducting 3 rounds of reviews by Week 12
Make necessary revisions based on the review feedback- Finalize and approve the 7-year financial plan by Week 12
- Conduct 3 rounds of reviews for the 7-year financial plan
- KRIdentify and document all major revenue and expense sources by Week 6
- Document all major revenue sources
- Identify all major revenue sources by Week 6
- Record all major expense sources by Week 6
- KRCreate projection models and validate accuracy for the first 2 years by Week 9
- Validate accuracy of models by Week 9
- Develop projection models based on gathered data
- Gather data relevant to creating projection models
OKRs to implement new Financial Planning and Analysis Software
- ObjectiveImplement new Financial Planning and Analysis Software
- KRSuccessfully negotiate procurement contract and secure software installation by week 8
- Schedule software installation for week 8
- Negotiate procurement contract by week 6
- Identify and research potential software suppliers
- KREvaluate and select software from 3 different vendor options by week 6
- Research functionalities, cost, and usability of each software option
- Develop criteria for software evaluation and selection
- Compare and choose the suitable software by week 6
- KRTrain 90% of financial team on the new software and ensure usability by week 12
- Schedule software training for the financial team
- Monitor training progress and completion rates
- Conduct usability tests by week 12
OKRs to establish a robust, efficient new financial structure
- ObjectiveEstablish a robust, efficient new financial structure
- KRAchieve 20% cost reduction through optimization of financial processes
- KRIntegrate advanced digital platforms for efficient monetary transactions by end of quarter
- Implement chosen platforms into current systems
- Identify advanced digital platforms suitable for monetary transactions
- Develop integration strategy for chosen platforms
- KRTrain 90% of finance employees on the new financial structure for seamless integration
- Monitor training progress to ensure 90% completion rate
- Schedule and coordinate with finance employees for their training
- Identify suitable training seminars or courses on the new financial structure
OKRs to enhance organization skills for efficient billing management
- ObjectiveEnhance organization skills for efficient billing management
- KRComplete an advanced course in financial software systems for improved proficiency
- Research suitable advanced courses in financial software systems
- Enroll in the selected advanced financial software course
- Regularly study and complete coursework to enhance proficiency
- KROrganize weekly review meetings to monitor progress and identify areas of improvement
- Schedule weekly meetings with team for progress evaluation
- Design frameworks to monitor project advancements
- Establish metrics to identify improvement areas
- KRImplement a digital billing system to reduce processing errors by 30%
- Research and select appropriate digital billing system software
- Closely monitor error rates and make adjustments accordingly
- Train accounting staff on new billing system
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 enhance project profitability and delivery efficiency
- ObjectiveEnhance project profitability and delivery efficiency
- KRReduce project overruns by at least 30%
- Enhance project management training for staff
- Establish a strong pre-project planning protocol
- Implement stringent project timeline tracking
- KREnsure 90% of projects are delivered within budget allotment
- Provide regular budget training for project managers
- Conduct regular financial reviews of ongoing projects
- Implement stringent budget monitoring and control measures
- KRBoost on-time project completion rate to 95%
- Offer incentives for meeting project deadlines timely
- Implement project management software for tracking deadlines
- Conduct regular progress report meetings with team
OKRs to implement Solar Energy Solutions to Cut Fuel Costs
- ObjectiveImplement Solar Energy Solutions to Cut Fuel Costs
- KRAchieve 25% reduction in fuel costs through solar energy utilization by Week 12
- Install solar panels and link to energy grid
- Monitor and adjust power utilization to optimize savings
- Research and invest in high-performing solar panel systems
- KRSecure funding for preferred solution and begin installation by Week 8
- Draft and submit funding proposal for approval
- Schedule and start installation once funds are secured
- Identify potential fund providers for preferred solution
- KRIdentify and analyse 3 potential solar energy solutions by end of Week 4
- Research various types of solar energy solutions
- Prepare and finalize an analysis report by Week 4
- Select 3 potential solar solutions for detailed analysis
OKRs to implement regulatory changes efficiently and economically
- ObjectiveImplement regulatory changes efficiently and economically
- KRForm a dedicated team to manage and expedite the changes by end of week 2
- Identify individuals with the needed skills and availability
- Assign roles based on competencies and workload
- Establish a clear timeline and objectives for the team
- KRDesign and release a detailed projected estimate of costs within week 4
- Release the projected cost estimate by week 4
- Design a detailed cost estimate
- Collect all necessary data for projection creation
- KRSuccessfully complete regulatory adjustment without surpassing the allocated budget and time
- Analyze regulatory changes for potential financial impacts
- Develop a comprehensive, budget-friendly adjustment plan
- Monitor adherence to plan and deadlines
OKRs to gain comprehensive knowledge of the cash flow process
- ObjectiveGain comprehensive knowledge of the cash flow process
- KRAnalyze and document cash flow models of three successful companies in different industries
- Document findings of the cash flow analyses
- Choose three successful companies from different industries
- Analyze each company's cash flow models
- KRApply learned concepts in real-life transactions, improving cash flow efficiency by 20%
- Analyze and optimize financial procedures for improved cash flow
- Implement learned concepts in daily business transactions
- Monitor and adjust strategies to ensure a 20% efficiency increase
- KRComplete an advanced course on cash flow management within a month
- Enroll in an advanced cash flow management course
- Dedicate daily study time to understand the course materials
- Finish all required coursework and assessments promptly
OKRs to enhance leadership skills to drive financial growth
- ObjectiveEnhance leadership skills to drive financial growth
- KRImprove financial planning efficiency by 15 percent
- Reduce unnecessary expenses by optimizing budgets
- Improve data accuracy to streamline financial forecasting
- Implement automated financial planning software
- KRInstitute weekly training to increase leadership skillset by 25%
- Schedule weekly training sessions for staff
- Measure improvement in leadership skills post-training
- Identify relevant leadership training programs or workshops
- KRDecrease operational costs by 10%, increasing margins
- Consolidate functions where possible for high productivity
- Streamline supply chain to reduce inefficiencies
- Implement energy-saving measures throughout the organization
How to write your own Financial Planning 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.
Financial Planning 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 Financial Planning OKRs
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
Most teams should start with a spreadsheet if they're using OKRs for the first time. Then, once you get comfortable you can graduate to a proper OKRs-tracking tool.
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 Financial Planning OKR templates
We have more templates to help you draft your team goals and OKRs.
- OKRs to secure FDA approval for the capital equipment medical device
- OKRs to develop innovative, engaging team-building activities
- OKRs to enhancement of CSR initiatives' financial efficiency and impact
- OKRs to achieve quicker releases of the real estate application through automation
- OKRs to implement automation in analytic reporting process
- OKRs to strengthen operational self-sufficiency and resiliency within the business