The Balanced Scorecard is one of the best-known strategy frameworks ever created. The Balanced Scorecard essentially calls for organizations to create a set of internal metrics that will help them to assess their business performance in 4 key areas (sometimes referred to as 'perspectives'): Financial, Customer, Internal Business Process, Learning, and Growing.
A Balanced Scorecard strategy plan can be used by both small and large organizations, ideally as a means of ensuring the company’s efforts are aligned with its overall strategy and mission.
You can use this template to analyze your current strategic goals to make sure your company’s performance is actionable and successful in executing your objectives.
What do you want to achieve by creating a Balanced Scorecard strategy template? Are there particular departments or areas within your organization that you want to focus on? Thinking of answers to these questions can assist you in devising potential focus areas.
Examples of focus areas for this balanced scorecard are Financial, Customer, Internal Business Process, and Learning and Growth.
What targets can you set to clarify the expectations of others and yourself in your organization? You can set various objectives that can fall under the focus areas you came up with earlier. It’s important to consider whether you want these objectives to be tied to a specific individual and their purpose in the organization. Individuals that are in charge of these objectives can also be in charge of delegating and managing all the respective KPIs and projects that fall under this given objective.
Objectives under the focus area are Financial ould include Create a tangible road-map; Improve operational efficiency to decrease cash burn; Improve company cash flow.
How do you want to quantify the value of your given objectives? To what extent are these targets deviating or contributing to the completion and/or success of your desired objectives? Coming up with a few KPIs is extremely important when considering this, as KPIs can provide you with measurable indicators about the success, status, and progress of your goals.
Besides using KPIs to measure your goals, you can also set up various tasks or projects under each objective, which can facilitate in achieving these said objectives.
Examples of projects for the Financial focus area could include: Improve Inventory System; Streamline operations, Work with employees to unbundle features, Reassess current strategy plan, Improve booking keeping and accounting process; Implement a quarterly budgeting scheme.
Up until now, we’ve only focused on the measurable, numerical side of things; using Cascade tools such as widgets can visually depict the numerical progress of your KPIs and goals. These visualizations will help you to easily track and see your progress on a specific KPI and project.
For instance, if a project is ...and you’re only 60% complete it’ll be easily and clearly displayed and you can see how much longer you have left to complete it. You can also accordingly customize the display, for instance, you can include an Owner section to show who’s responsible for completing that KPI or Project, or time period to display how long you have left and the progress you’ve made up till now.
An industry centric Human Resource template to guide organizations with employee management and KPI deliverables.
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