Do you want a high-growth business?
The answer would be undoubtedly yes. But in order to achieve growth, you need to inspire change and set the tone for strategies to push your goals towards new heights.
There’s only one way to accomplish this lofty goal; your whole organization needs to be moving in the same direction with complete alignment and clarity. This is easier said than done. That’s where OKRs come in.
OKRs are goal-setting frameworks that are considered to be the most effective method for organizations that wish to strategically align their goals with transparency at all levels. OKRs are simple and agile and are more user-friendly than complicated ones with the determination to provide clear and transparent direction towards productivity.
Why Profit.co? Profit.co is an automated OKR software that helps to achieve goals 10x faster by encouraging team and department collaboration, tracking progress, and helping to identify the root cause of issues that have to be eradicated. With the predefined framework, you can start using Profit.co right away to frame objectives and key results to focus on the growth of your company.
We have been recently working on an OKR example series to help users frame specific OKRs for their teams, departments, and organization. To our list of OKR example series like healthcare, insurance, engineering, IT, IT services, customer success, we are now adding some of the top 10 Growth OKR examples that would help your company become a market leader. Let’s see some examples that would ignite your thought process for more such OKRs.
Revenue
Focusing on a company’s growth generates positive cash flows or multifold earnings that grow faster than the overall economy.
Improve Annual Revenue
Target Date: Q4-2021
Visibility: All Employees
Increase Average gross profit margin from 30% to 40%
Increase the company average deal size by 40% (with upsells)
Increase sales conversion rate from 60% to 80%
Sales
Using OKRs, a sales team can set overarching and aspirational objectives. And the individuals can then determine key results that can contribute to the team’s collective goals.
Improve the effectiveness of the sales process
Target Date: Q4-2021
Visibility: All Employees
Increase Pipeline Conversion (Win rate) from 25% to 40%
Hire a dedicated sales partner for every account with >$1M ACV
Increase NN (Net-New) Sales revenue by $150M
Grow monthly revenue
Target Date: Q4-2021
Visibility: All Employees
Increase the MRR from $380k to $760k
Increase average monthly subscription size from $250 to $600
Increase the percentage of monthly subscription renewals from 54% to 85%
Digital Marketing
Growth in digital marketing can be easy to assess by the numbers, but it’s essential to set appropriate OKRs that are as ambitious as they are achievable in the desired time frame. Keep your objectives aspirational and your key results attainable.
Grow digital presence
Target Date: Q4-2021
Visibility: All Employees
Increase the LinkedIn followers from 160000 to 180000
Manage the website to have a google SERP ranking within 10
Increase New visitor conversion rate from 60% to 80%
Operations
With OKRs you can harvest value from the assets that are owned by your company. Find practical ways and determine progress calculations to reach your operational goals.
Enhance lead focused marketing operations
Target Date: Q4-2021
Visibility: All Employees
Increase the return on advertising spent from 60% to 80%
Increase Marketing-Originated Customer Percentage from 50% to 80%
Boost lead conversion ratio from 7% to 10%
Optimize manufacturing operations
Target Date: Q4-2021
Visibility: All Employees
Increase First Pass Yield effectiveness from 80% to 90%
Increase throughput rate from 70% to 80%
Decrease change over time for the production lines from 60 mins to 30 mins
Customer success
Ensure that your customers reach desired outcomes when they use your products or services. With OKRs you can multiply and maximize customer satisfaction.
Delight customers with our service
Target Date: Q4-2021
Visibility: All Employees
Reduce customer wait time on support calls from 3 mins to 1 min
Increase customer ratings on Trustpilot from 3.9 to 4.3
Increase CSAT from 4.2 to 4.5
HR
Setting growth OKRs for HR ensures that your company stays at the front of the field. Set OKRs that establish a positive work culture so that you continue to attract high-caliber applicants and keep employees from leaving your company.
Make my organization a great place to work
Target Date: Q4-2021
Visibility: All Employees
Decrease Talent turnover rate from 30% to 10%
Launch “Care for Employees and their families” program by Q4
Increase employee productivity index from 60% to 70%
Finance
While focusing on the company’s Finance, you get to know how the corporations address funding sources, investment decisions, and capital structuring.
Build a stable financial system
Target Date: Q4-2021
Visibility: All Employees
Improve quick ratio from 1.9 to 2.5
Decrease Accounts receivable turnover period from 60 days to 45 days
Increase cash reserve days from 60 days to 90 days
Improve financial reporting process
Target Date: Q4-2021
Visibility: All Employees
Reduce financial reporting inaccuracy error rate from 5% to 2%
Increase the conversion of books to the cloud-based version of QuickBooks from 85% to 95%
Complete 100% of our financial process within 2 weeks of the end of the quarter
No OKRs can help you achieve your goals if they’re left on a notepad without continuous engagement. Manage your OKRs by introducing a method or cycle such as Profit.co’s PEEL Cycle, which designates time within a quarter to plan, execute, engage, and learn with OKRs. Try setting up a specific time each week or month to review your OKRs so that you can monitor trends and know when you’re headed off track. Make sure to keep your team focused on ambitious OKRs with automatic reminders.
As you focus on your company’s growth, your teams should be a catalyst for growth within your organization. OKRs give you the right framework to build on your collective ambition and keep striving towards the next big thing.