The finance team are often the custodians of a companies most important metrics (KPIs) and as such are usually aware of the targets that have been set. As a team they are also responsible for a number of key business processes like invoicing, collections, payroll, and reporting.
Priorities for improvement is the typical approach to how OKRs are planned, not finance – the business-as-usual is expressed as OKRs. Not ignoring the part finance often needs to play in helping other teams track metric (KPIs) for their own OKRs.
Here you will find some examples of typical Finance OKR goals. Remember that OKRs were NOT created for ‘Business As Usual’ Goals, projects you are going to undertake, or really long-term goals.
Before you look at these Finance OKR examples – ask yourself a couple of questions. Name your top
3 Finance priorities right now as these will make great Objectives.
If you were then forced to prioritise them with the top of the list being the priorities that would have a
material impact on the business right now, what would the sequence look like? These are candidates for your
upcoming quarter Finance department OKRs.
How would you then measure the success? Which metrics would be improved by working on these Finance OKR examples?
The answers will help you create Key Results. What would be a stretch target that would force you
to really focus and think hard about how to achieve the objectives?
Would your priorities support your company priorities?
OBJECTIVE - High margin high growth
KEY RESULT 1 – Increase our Gross Margin % from 70% to 85%
OBJECTIVE - More efficient board reporting
KEY RESULT 1 – Reduce the time it takes to create board reports from 2 days to 3 hrs
OBJECTIVE - On-time collections
You’ve read the examples above of typical OKRs for Finance departments – are you
ready to start writing your own Objectives and Key Results?
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Finance teams have to blend many aspects of business. Helping shape strategy, setting up the controls
that allow the business to track and react to change, we well as report, and of course the day-to-day operational
aspects of finance like Payroll. Finance department OKRs could focus on all or part of these. It depends on there your priorities are.
Maintaining all of your KPIs in the form of OKRs is not ‘best practice’. You are not trying to run your finance operations through OKRs.
With ZOKRI teams can measure, share and work on what matters, & improve performance quickly.
A ZOKRI account ensures everyone knows and feels that they really matter.