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tability.ioWhat are Profit Increase 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.
Creating impactful OKRs can be a daunting task, especially for newcomers. Shifting your focus from projects to outcomes is key to successful planning.
We've tailored a list of OKRs examples for Profit Increase 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.
Profit Increase OKRs examples
You will find in the next section many different Profit Increase 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 company profitability
ObjectiveIncrease company profitability
KRAchieve a 10% reduction in operating costs through efficiency improvements
Identify wasteful practices in the current operational process- Implement new efficiency-enhancing technologies
- Train staff on cost-saving practices and procedures
- KRIncrease net revenue by 15% via new customer acquisition strategies
- Conduct market research to identify potential customer segments
- Offer incentives for referrals to generate new clients
- Develop and implement a targeted digital marketing campaign
- KRImplement cost-saving measures to decrease overhead expenses by 8%
- Develop strategies to reduce miscellaneous office expenditures
- Review and analyze current overhead expenses in detail
- Optimize energy usage to minimize utility bills
OKRs to increase overall business profitability
- ObjectiveIncrease overall business profitability
- KREnhance product pricing to boost gross profit by 15%
- Analyze competitors' pricing strategies for comparable products
- Implement cost reduction measures to increase profit margins
- Adjust pricing based on product demand and value perception
- KRImplement process optimization strategies to cut operational costs by 7%
- Identify and analyze areas with high operational costs
- Evaluate the impacts regularly and make adjustments
- Develop and apply process optimization strategies
- KRAttain a 10% net profit margin by improving cost efficiency
- Identify unnecessary costs and eliminate them
- Implement more cost-effective processes and procedures
- Train employees on cost efficiency practices
OKRs to increase company's overall profitability
- ObjectiveIncrease company's overall profitability
- KRBoost sales by 10% to enhance revenue
- Improve after-sales service to promote customer loyalty
- Implement an upselling strategy to increase average transaction value
- Enhance digital marketing tactics to expand customer reach
- KRRaise net profit margin by an additional 2%
- Implement measures to reduce operational and production costs
- Boost sales through improved marketing strategies
- Increase pricing of products or services strategically
- KRMinimize operating costs by 5% through efficiency measures
- Decrease unnecessary material waste production
- Streamline processes to reduce labour costs
- Implement energy-saving equipment and lighting fixtures
OKRs to increase gross profit margin to 10% in MICE
- ObjectiveIncrease gross profit margin to 10% in MICE
- KRDecrease overhead expenses in MICE by 10%
- Reduce non-essential business travel
- Implement energy-saving measures for lighting, heating, and cooling
- Negotiate lower prices with suppliers
- KRImprove pricing strategies to enhance per unit profit in MICE by 15%
- Analyze and refine current discounting strategies
- Adopt value-based pricing to maximize profit margins
- Implement dynamic pricing model based on demand and competition
- KRBoost MICE sales revenue by at least 20%
- Train sales team in effective upselling techniques
- Implement aggressive marketing campaigns on digital platforms
- Design lucrative package deals for MICE clients
OKRs to enhance financial operations for continuous improvement
- ObjectiveEnhance financial operations for continuous improvement
- KRMinimize financial waste by identifying and reducing unnecessary expenses by 5%
- Implement strategies to cut identified expenses by 5%
- Identify non-essential expenses across all categories
- Analyze all financial statements for last one year
- KRImplement at least two efficiency-improving process changes in the finance department
- Research industry standards for efficient practices
- Introduce technology to automate financial processes
- Identify inefficiencies in current financial operations
- KRIncrease quarterly profits by at least 10%
- Implement cost-saving measures throughout all departments
- Develop and execute an aggressive sales strategy
- Expand product or service offerings to generate revenue
OKRs to increase sales and profitability for sellers in the next quarter
- ObjectiveIncrease sales and profitability for sellers in the next quarter
- KRIncrease the number of new customers acquired by sellers by 20%
- Enhance customer referral program to incentivize existing customers to refer new buyers
- Develop and implement targeted marketing campaigns to attract new potential customers
- Analyze and optimize online presence to increase visibility and attract new customers
- Improve sales training program to enhance sellers' prospecting and customer acquisition skills
- KRAchieve a 10% increase in average order value per customer
- Analyze customer preferences and identify potential products to upsell
- Train sales team to effectively communicate and emphasize the value of additional products
- Improve website design and layout to promote cross-selling and product bundling
- Implement targeted promotions and discounts to encourage higher order values
- KRImplement and optimize targeted marketing campaigns resulting in 15% higher conversion rates
- Continuously test and refine marketing strategies to achieve 15% higher conversion rates
- Conduct market research to identify target audience and their preferences
- Utilize data analytics to measure campaign effectiveness and make necessary adjustments
- Create personalized and tailored content for each target segment
- KRImprove seller satisfaction rating to an average of 4.5 out of 5
- Implement a feedback system to gather seller ratings and reviews regularly
- Provide comprehensive seller training programs to enhance product knowledge and customer service skills
- Analyze seller feedback data to identify recurring issues and proactively resolve them to improve satisfaction
- Assign dedicated account managers to build stronger relationships and address seller concerns promptly
OKRs to increase financial sustainability of our non-profit organisation
- ObjectiveIncrease financial sustainability of our non-profit organisation
- KRSecure funds for 2 years of operation by applying to at least 10 grants
- Prepare and finalize grant applications
- Research potential grants suitable for business operations
- Submit applications to a minimum of 10 grant bodies
- KRRaise $50,000 in fundraising campaigns by targeting corporate sponsorship and public donations
- Launch campaign to solicit public donations
- Develop compelling sponsorship packages to attract sponsors
- Identify potential corporate sponsors for targeted outreach
- KRDecrease operational expenses by 10% through cost-effective resource utilization
- Renegotiate supplier contracts for favorable terms
- Implement energy-saving practices across operations
- Identify underutilized resources and reassign for maximum efficiency
How to write your own Profit Increase 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.
Profit Increase 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 Profit Increase OKRs
Quarterly OKRs should have weekly updates to get all the 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, 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 Profit Increase OKR templates
We have more templates to help you draft your team goals and OKRs.
- OKRs to apply and secure acceptance to a preferred college
- OKRs to swiftly comprehending and mastering the company's business and workflow
- OKRs to effectively staff all prioritized tasks with qualified professionals
- OKRs to develop and launch a range of sub-products
- OKRs to improve overall flight safety through targeted educational courses
- OKRs to attain and apply advanced leadership skills through an online course