Balanced Scorecards
“You’re a player in the game, whether you realize it or not”
What is a Balanced Scorecard?
Have you ever considered your “business” as one big game?
What are the Rules, Goals, Objectives and Prizes, of each area and overall?
Who are the players? The Owners, Employees, Customers, Suppliers, etc?
Is it setup, so everyone wins at the game? Is that possible? Who loses?
How do you keep score? … answer: The Balanced Scorecard.
The Scorecard can be as simple or as complicated as you make it. Either way it needs to be considered, understood, dynamic and will always be a work in pro-gress because your business should be a continual work in progress.
From the basic understanding of the Balance Sheet & Income Statement, to continually deeper analysis of just about anything that recurs in your business - The Scorecard makes you think.
Click here for expanded information.
The Balanced Scorecard - Is a strategic performance management tool that is used to measure how objectives, tasks, and/or projects, are executed by individuals in a small business.
The Balanced Scorecard - Typically organized around the Small Business Primary Aim. Why they are in business? It then branches into specific areas of the business:
- Financial Strategy
- Customer Strategy
- Processes Strategy
- Employees Strategy
The Balanced Scorecard - Reasons for implementing...
- To measure financial and non-financial performance.
- To evaluate if strategy is working.
- Are employees marching to same strategy.
- A continued focus on company Primary Aim.
- A consistent tool to measure employee performance.
- To balance long-term and short-term goals.
The Balanced Scorecard - Benefits:
- Make company Primary Aim possible by holding all strategies accountable.
- Help focus entire business on Primary Aim
- Connects all processes to Primary Aim.
- Ties all performance of individuals to Primary Aim of business.