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Cash is the lifeblood of any business, and finance's department role is to manage the company's cash flow, revenue, and expenses, and make sure the company has resources to achieve its strategic Objectives.
In this article, we'll help you answer these questions:
In the article, we will answer these questions and give you the relevant Finance OKR examples.
Objective 1: Achieve record revenue and profitability
Objective 2: Double the Monthly Recurring Revenue (MRR)
Objective 3: Increase the company margins
Objective 4: Improve the company cash flow
Objective 1: Improve quarterly budgeting and planning
Objective 2: Create a financial strategy for the next 3 years
Objective 3: Close the Series A round
Objective 4: Make the team salaries more competitive on the market
Objective 1: Improve operational efficiency
Objective 2: Improve tax compliance
It's a common question that relates to a popular myth about OKRs.
Indeed, if you'll achieve only 70% of your revenue plans, your company might go bankrupt or have other serious problems (such as layoffs).
Short answer - NO, no OKRs must be moonshots, including finance OKRs.
It's important to distinguish 2 types of OKRs: Moonshots and Roofshots.
Moonshots are the traditional aspirational, stretch Objectives that are the team considers successful if achieved only 70%. They are ideal for R&Ds and new product development.
Roofshots are the Objectives that the team aims to hit 100%. They are also challenging, but not that stretch as moonshots. Roofshots are ideal for financial and operational Objectives, where the costs of missing the numbers are too high.
Most likely, the majority of your finance OKRs will be roofshots. Make sure to communicate this clearly to your team. However, this doesn't mean that you cannot have moonshot Objectives in the finance department, that's also OK, just understand the risks in advance and have a plan to handle it appropriately.
Check out the article Moonshot with roofshot OKRs to learn more about the difference between these 2 types of Objectives.
Writing good, well structured, and effective OKRs is not easy. Have the patience to run several cycles of iterative improvements, and you'll see how OKRs will boost your team engagement, motivation, and performance. Use the examples above for inspiration and guidance for your own OKRs.
Here are more OKR examples for Sales, Product, Marketing, Engineering, HR/PO teams.
Need a simple and free tool for your team to track OKRs? Check a free OKR tool Plai.
Plai has 80+ templates of OKRs with metrics and you can add them to your cycle with just one click.
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