Objective 1: Create financial strategy for the next 3 years
Key results:
Objective 1: Establish a network of VCs to assist funding
Key results:
Objective 2: Finalize budget for Q4 FY 2017-2018
Key results:
Discussion:
The first KR does not have any measurable outcome. It could be better phrased as “X amount required by Q4 FY 2017-18 as discussed with all department heads”. In the third KR, make sure there is a specific due date instead of writing ‘immediate future’
Objective 3: Identify profitability of all products for previous financial year
Key results:
Discussion:
Identify profitability of all products is vague objective. It could either mean for the current month, quarter, year or even overally profitability since it has been introduced in the market. To make sense of this objective modify it to, “Identify which company products are in demand in current FY and the reasons behind it”
The KRs too need to be more precise. They could be as follows:
Objective 4: Increase the efficiency of bookkeeping process
Key results:
Objective 1: Create and finalize accounts payable by Q4 2017-18
Key results:
Discussion:
The objective appears to more of a KR whereas the KRs are generic and lean more towards being tasks. The objective for this individual instead could be “Submit final report to head of department for approval” and one of the KRs could be “Create and finalize accounts payable by Q4 2017-18.”
Another KR can be added that does not contribute directly to the objective but could help the individual improve his or her skills. For example, “Improve analytical and reporting skills by joining relevant online courses”
Objective 2: Reduce excess expenditure by Q4 FY 2017-18
Key results:
Discussion:
Modify the first KR to “Identify departments and process where repeated losses occurred in last 6 months of FY 2016-17.”
For the second KR, there needs to be collaboration with the Purchasing Department to discuss alternatives for overpriced goods/dealers to reduce expenditure. As it is not the responsibility of individuals of the finance department to find alternatives.
P.S. All numbers and estimates are dummy figures
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