5 customisable OKR examples for Savings
What are Savings 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.
How you write your OKRs can make a huge difference on the impact that your team will have at the end of the quarter. But, it's not always easy to write a quarterly plan that focuses on outcomes instead of projects.
That's why we have created a list of OKRs examples for Savings to help. You can use any of the templates below as a starting point to write your own goals.
If you want to learn more about the framework, you can read our OKR guide online.
Building your own Savings 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 Savings OKRs examples
You'll find below a list of Objectives and Key Results templates for Savings. We also included strategic projects for each template to make it easier to understand the difference between key results and projects.
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 streamline vendor management for efficient cost savings and digitalized P2P process
- Streamline vendor management for efficient cost savings and digitalized P2P process
- Reduce vendor costs by 15% through negotiation and strategic sourcing
- Develop and implement strategic sourcing strategies with chosen vendors
- Identify all current vendor contracts and review cost details
- Prioritize vendors for renegotiation based on potential cost savings
- Improve P2P process turnaround time by 30%, leveraging digital tools and automation
- Train staff on efficient use of new automation tools
- Optimize P2P process workflow with AI-powered tooling
- Implement digital systems to automate invoice generation and payment
- Achieve 90% digitalization of P2P processes to enhance operational efficiency
- Implement digital software platforms for P2P interactions
- Monitor and evaluate digitalization progress regularly
- Train staff on digital P2P process management
3. 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
4. OKRs to successfully migrate on-premises infrastructure to cloud service
- Successfully migrate on-premises infrastructure to cloud service
- Train all team members on how to use the new cloud service effectively
- Schedule training sessions for all team members
- Identify suitable training course for new cloud service
- Monitor and assess team's proficiency post-training
- Complete migration of all essential data and applications using cloud service
- Begin transferring prioritized data to the cloud service
- Assess and categorize all data and applications for migration
- Conduct thorough post-migration testing and verification
- Achieve cost savings of at least 20% compared to current on-premises setup
- Establish and implement a company-wide energy saving program
- Evaluate and implement more efficient, cost-effective technologies
- Initiate negotiations with current vendors for price reductions
5. OKRs to implement cost savings/automation initiative
- Implement cost savings/automation initiative
- Develop detailed implementation plan for chosen initiative by week 8
- Identify objectives and deliverables of the chosen initiative
- Assign roles and responsibilities related to the plan
- Develop comprehensive timeline for each task by week 8
- Identify 3 potential areas for cost savings/automation by week 4
- Review current expenditures to identify key cost areas
- Analyse processes for potential automation
- Identify inefficiencies within procedures
- Achieve 10% cost reduction or time savings via the implemented initiative by week 12
- Set clear goals for the initiative focusing on cost reduction
- Adapt and improve strategies according to progress
- Regularly track and evaluate the initiative's performance
Savings 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
Focus can only be achieve by limiting the number of competing priorities. It is crucial that you take the time to identify where you need to move the needle, and avoid adding business-as-usual activities to your 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's audit dashboard will highlight opportunities to improve OKRsTip #2: Commit to weekly OKR check-ins
Having good goals is only half the effort. You'll get significant more value from your OKRs if you commit to a weekly check-in process.
Being able to see trends for your key results will also keep yourself honest.
Tability's check-ins will save you hours and increase transparencyTip #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 Savings OKRs in a strategy map
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
Spreadsheets are enough to get started. Then, once you need to scale you can use a proper OKR platform to make things easier.
Tability's Strategy Map makes it easy to see all your org's OKRsIf 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 Savings OKR templates
We have more templates to help you draft your team goals and OKRs.
- OKRs to enhance operational efficiency through optimal resource utilization
- OKRs to hit revenue milestones
- OKRs to improve ticket resolution process in DACH region
- OKRs to successfully implement and optimize Exabeam operations
- OKRs to improve customer retention rate by implementing a loyalty program
- OKRs to successfully patent a new medical device
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.