How AngelBroking grew its client base to 6.93M with OKRs
AngelOne( formerly known as the Angel Broking Limited) is a one of the largest full-service retail broking houses in India offering broking and advisory services, margin funding and financial products distribution, with a vision to provide best value for money to investors through great investment strategies and advanced technology.
Gap between strategic planning and execution
Whilst providing best investment strategies was our mission towards our customers, as a company we wanted to standout as a broking company with the largest client base. We have been strategising for this goal starting financial year 2021. All the teams were working on their respective tasks but there was no specific process as such and the things that were happening were all over the place. We noticed that though teams were knocking off their tasks, the end goal progress hasn’t increased much. A great strategy when poorly executed fails its purpose. So we immediately started looking for solutions that help bridge the gap between our planning and execution . We identified that the OKR methodology solves this issue with an added benefit of transparency and accountability.
Bridging gap between strategic planning and execution
Breaking down the strategy into smaller executable and measurable goals with OKRs.
Measurable goals to monitor performance
We came across culture.easy through Scalefactor, a consulting agency and saw that it fit our requirements. As a company we committed to our strategy, broke it down into executable goals for each team and set metrics using OKRs. This led us to finding gaps between strategy and execution and course correct the processes before it was too late. OKRs, being visible to the entire company created a shared understanding of the larger plan among the employees and enabled them to work with accountability.
Transparent and Performance driven culture
We had one major goal i.e to skyrocket our clientbase. We started an OKR pilot with the top level management teams across marketing, sales, customer support. Defining OKRs for respective teams and making sure the tasks are adding up to the the end goal set a base process for our strategy execution.
We were seeing the clientele numbers rise each week as we stick to the plan and it became a cakewalk to execute our goals. culture.easy pushed us to find the resistance points for goal progress by showing comparison between the expected and actual metric progress. This brought the teams together to work on just whats necessary and avoid any work that doesn’t contribute to the end goal. With the newly acquired clarity and also with the OKRs being shared and visible among cross-functional teams , there was major boost in team and individual performance.
Srinigam says “Once we saw the OKRs working at management level, we rolled out the methodology to the teams in further levels. We were able to align all the team goals to our bigger organisational goal. This OKR hierarchy and its real time progress was visible to everyone in the company, leading the teams to take effective and informed decisions while working on goals. combined with regular feedback sessions , our process became much more efficient leading Angel reach a massive clientele of 6.93 million months after using culture.easy”