Finance leaders and strategists are at the helm of managing the cash flow, revenue streams, and expenses of the organization. With such responsibilities at their shoulders, it is important for them manage their goals and activities effectively to achieve organizational objectives.
Enter, Finance OKRs, a methodology to help finance leaders operationalize and streamline their tasks to focus on key areas and harbinger results.
Finance OKRs have become an important part of performance management in today’s changing business environment. Many thoughtful leaders are adopting them to accomplish their organizations’ most important financial goals. The Objectives and Key Results (OKRs) methodology is one of the most simple and effective ways for goal setting and monitoring.
In this article, we will discuss Finance OKRs and provide pragmatic examples that you can use in your organization.
Writing OKRs for the finance department can be a daunting task, especially when you are doing it for the first time. You must be aware of the critical areas that require your attention, as well as what you must track and monitor. Well-written OKRs can help increase the productivity of the team by aligning team members’ objectives with the organization’s goals. And it requires several improvement cycles to come up with the winning OKRs.
You can refer to the below guide to understand the process of writing effective and successful business OKRs and recreate them for your finance team.
Create a 3 step verification process including maker, checker, and verifier
Reduce payroll errors to vendors and consultants by 30%
Reduce error resolution time from 48 hours to 36 hours
Final Thoughts On Finance OKRs
Goal setting is critically important to reaching organizational objectives. With the help of methodologies like OKRs, organizations can create and analyze the progress of their most important goals. The finance team OKRs discussed in this article will help your team gain greater visibility into their goals, making them more accountable for their performance.
Chandler Barr is the VP of Sales at Engagedly and is focused on driving a culture of progress over perfection in a no-fault environment where employees are secure and encouraged to think creatively to solve problems. Chandler is a seasoned leader that has scaled sales teams for SaaS startups and multibillion-dollar publicly traded tech companies, as well as, led Marines to accomplish the mission during hardships overseas.