2 Expenditure Reduction OKR examples with initiatives

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What are Expenditure Reduction OKRs?

The OKR acronym stands for Objectives and Key Results. It's a goal-setting framework that was introduced at Intel by Andy Grove in the 70s, and it became popular after John Doerr introduced it to Google in the 90s. OKRs helps teams has a shared language to set ambitious goals and track progress towards them.

Formulating strong OKRs can be a complex endeavor, particularly for first-timers. Prioritizing outcomes over projects is crucial when developing your plans.

We've tailored a list of OKRs examples for Expenditure Reduction to help you. You can look at any of the templates below to get some inspiration for your own goals.

If you want to learn more about the framework, you can read our OKR guide online.

Expenditure Reduction OKRs examples

You will find in the next section many different Expenditure Reduction Objectives and Key Results. We've included strategic initiatives in our templates to give you a better idea of the different between the key results (how we measure progress), and the initiatives (what we do to achieve the results).

Hope you'll find this helpful!

OKRs to reduce overall IT expenditure per employee

ObjectiveReduce overall IT expenditure per employee
KRDecrease hardware renewal cost by 20%
Identify and eliminate unnecessary hardware assets
Implement preventative maintenance strategies on existing hardware
Negotiate better contracts with hardware vendors
KRImplement software use audits to identify 15% cost-saving opportunities
Identify key software used in organization operations
Analyze audit findings to identify cost-saving opportunities
Develop and implement a software auditing process
KRAchieve a 10% reduction in IT service contractor expenses
Explore cheaper alternatives or in-house solutions for IT services
Evaluate current IT service contracts for potential cost-saving opportunities
Negotify renegotiations or cancellations of costly contracts

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OKRs to increase revenue efficiency across all business units

ObjectiveIncrease revenue efficiency across all business units
KRReduce operational expenditure by 10% to maximize net revenue
Streamline processes to minimize redundant labor costs
Implement energy-saving measures to decrease utility costs
Negotiate better terms with suppliers to cut procurement expenses
KRStreamline all revenue-generating processes to increase efficiency by 20%
Train team in streamlined processes and new software
Identify current inefficiencies in revenue-generating processes
Implement technological solutions to automate manual tasks
KRIncrease average revenue per user (ARPU) by 15%
Optimize pricing based on customer buying behaviors
Improve user experience to boost customer engagement
Develop targeted upselling strategies for high-value customers

revenue-efficiency expenditure-reduction operations-manager sales-and-marketing-manager operations-team sales-and-marketing-team

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How to write your own Expenditure Reduction OKRs

1. Get tailored OKRs with an AI

You'll find some examples below, but it's likely that you have very specific needs that won't be covered.

You can use Tability's AI generator to create tailored OKRs based on your specific context. Tability can turn your objective description into a fully editable OKR template -- including tips to help you refine your goals.

1. Go to Tability's plan editor
2. Click on the "Generate goals using AI" button
3. Use natural language to describe your goals

Tability will then use your prompt to generate a fully editable OKR template.

Watch the video below to see it in action 👇

Option 2. Optimise existing OKRs with Tability Feedback tool

If you already have existing goals, and you want to improve them. You can use Tability's AI feedback to help you.

1. Go to Tability's plan editor
2. Add your existing OKRs (you can import them from a spreadsheet)
3. Click on "Generate analysis"

Tability's Strategy Map makes it easy to see all your org's OKRs

Tability will scan your OKRs and offer different suggestions to improve them. This can range from a small rewrite of a statement to make it clearer to a complete rewrite of the entire OKR.

You can then decide to accept the suggestions or dismiss them if you don't agree.

Option 3. Use the free OKR generator

If you're just looking for some quick inspiration, you can also use our free OKR generator to get a template.

Unlike with Tability, you won't be able to iterate on the templates, but this is still a great way to get started.

Expenditure Reduction OKR best practices

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

The #1 role of OKRs is to help you and your team focus on what really matters. Business-as-usual activities will still be happening, but you do not need to track your entire roadmap in the 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.

Tip #2: Commit to weekly OKR check-ins

Don't fall into the set-and-forget trap. It is important to adopt a weekly check-in process to get the full value of your OKRs and make your strategy agile – otherwise this is nothing more than a reporting exercise.

Being able to see trends for your key results will also keep yourself honest.

Tip #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 track your Expenditure Reduction OKRs

Your quarterly OKRs should be tracked weekly in order to get all the benefits of the OKRs 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.

If 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 Expenditure Reduction OKR templates

We have more templates to help you draft your team goals and OKRs.

2 OKR examples for Expenditure Reduction