Do Finance Companies Benefit From Utilizing OKRs?

Running a financial company can be extremely lucrative. However, if not taken care of properly, it can also leave a huge dent in your pocket. Let’s say it’s a ‘Playing with fire’ situation. Anyhow, if you’re running a financial company, you may have already known how complicated it is to run a profitable financial firm.

However, to bring down some of the difficulties, you must make use of some of the best and proven business tactics such as OKRs. Don’t know what an OKR is?!

What Exactly is an OKR? What are Some OKR Examples?

Created by Andy Grove, an OKR (Objectives and Key Results) is a goal-setting system that helps organizations plan, track, and achieve their key objectives. Nowadays, pretty much every mid-to-large scale business implements OKRs as an integral part of their business strategy. No matter what your business sector is, OKR helps you with a lot of benefits. Here are some OKR examples for you to understand the concept.

Budgeting and Fundraising OKR:

Here’s an example OKR that could be deployed for a better performance with budgeting and fundraising.

Objective #1: Develop a clear financial strategy for the next couple of years

Key Results:

• Call for a strategic meeting with the executives of all departments
• Finalize and allot budgets within a week
• Fundraise $1 million for business growth over the next three months

Objective #2: Make employee salaries competitive

Key Results:

• Discuss with industry salary experts and make necessary changes
• Bring the employee wages to market standards in 1 year
• Achieve an 80% remuneration satisfaction level in the next six months

OKR Benefits for Finance Companies

When you implement OKRs for your finance company/business, you’ll be on the right path where you can reap a multitude of benefits. Here are a few:

Simple Yet Efficient Workflow

When you deploy OKRs as a part of your business strategy, you can expect radical changes in your workflow. Since the OKR logic is simple, which is setting objectives and working towards achieving them, your business operation becomes simple and straightforward. Going through some OKR examples will help you understand how you can achieve this without any hassles.

Transparency and Accountability

When running a finance firm, you must strive to focus on maintaining transparency across all departments. With OKRs, you can share your organization’s goals, plan and update them, and ultimately track them with pinpoint accuracy. While doing so, you can also ensure that everybody in the firm gets to know how the company is moving forward and the progress being made. With focus on goals, your employees tend to be more accountable.

Better Collaboration Among Teams 

To operate a successful financial business, you’d have to ensure that all your team members collaborate with each other and strive toward a single growth, which is the company’s progress. Since OKRs make it very simple about the corporate goals and objectives, you can expect your employees to join forces and work together towards a common goal in the bigger picture.

Combine OKRs with Technology for Maximum Benefits

While you can manage your OKRs manually, it takes a lot of time and energy to do so. You’d be better off if you take help of an OKR tool which will assist you with planning and executing OKRs with ease.