By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Training Industry IndiaTraining Industry India
  • Training
    • Individual Development
    • Leadership
    • Sales
    • E-Learning
  • Coaching
  • Tools
    • Content Development
    • Analytics
    • Measurement
    • Strategy and alignment
    • Performance Management
Search
© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.
Reading: The Balanced Scorecard – Measures to Drive Business Performance
Share
Sign In
Notification Show More
Latest News
"What Really Makes You Tick?" 10 Questions You Must Ask to Yourself: Preparation for Self-Improvement
“What Really Makes You Tick?” 10 Questions You Must Ask to Yourself: Preparation for Self-Improvement
Human Psychology Individual Development
7 Days Plan to Self-Improvement That Really Works
7 Days Plan to Self-Improvement That Really Works
Individual Development
Job Search: Learn How and Where to Look For Your Dream Job
Job Search: Learn How and Where to Look For Your Dream Job
Career Development
Conflict Resolution: How to Resolve a Conflict Elegantly
Conflict Resolution: How to Resolve a Conflict Elegantly
Human Psychology Individual Development Leadership
Johari Window Model – Tool to Build Self Awareness, Trust and Communication
Johari Window Model – Tool to Build Self Awareness, Trust and Communication
Content Development Individual Development
Aa
Training Industry IndiaTraining Industry India
Aa
  • Human Psychology
  • Analytics
  • Leadership
  • Performance Management
  • Strategy and alignment
  • Measurement
  • Content Development
  • Individual Development
  • Sales
Search
  • Training
    • Individual Development
    • Leadership
    • Sales
    • E-Learning
  • Coaching
  • Tools
    • Content Development
    • Analytics
    • Measurement
    • Strategy and alignment
    • Performance Management
Have an existing account? Sign In
Follow US
© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.
Training Industry India > Blog > Training > Leadership > The Balanced Scorecard – Measures to Drive Business Performance
LeadershipMeasurementPerformance ManagementStrategy and alignment

The Balanced Scorecard – Measures to Drive Business Performance

Training Industry
Last updated: 2020/05/17 at 4:47 PM
Training Industry
Share
The Balanced Scorecard - Measures to Drive Business Performance
The Balanced Scorecard - Measures to Drive Business Performance
SHARE

Developed by Robert Kaplan and David Norton, the Balanced Scorecard is a valuable adjunct to traditional business measures that are limited by their focus on past performance. The Balanced Scorecard overcomes this limitation by providing a means of assessing future performance to better inform and guide strategic development.

Contents
Understanding The Balanced ScorecardThere are five broad stages:1. Prepare, define and communicate the strategy2. Decide what to measure Financial Customers Internal processes Internal processes 3. Finalize and implement the plan 4. Publicize and use the results5. Review and amend the system

Understanding The Balanced Scorecard

Understanding The Balanced Scorecard
Understanding The Balanced Scorecard

The reason for its success is its ability to integrate measures of performance to present a balanced view of a company’s overall performance and to pinpoint areas that need completion or further innovation and learning – and puts in place action plans and continuous assessment. It has been criticized for being too prescriptive and quantitative, but its use can be broadened to include qualitative aspects. How to use the Balanced Scorecard approach The approach taken will depend on the company’s type, size, and structure.

There are five broad stages:

1. Prepare, define and communicate the strategy

people need to understand the objectives and how to achieve them.

2. Decide what to measure

Typical measures are shown below:

Financial

To increase:

• profitability
• share price performance
• return on assets
• Cash flows
• Cost reduction
• Gross margins
• Return on capital / equity / investments / sales
• Revenue growth
• Payment terms Customers To improve:
• customer acquisition
• customer retention
• customer satisfaction
• cross-sales volumes
• Market share • Customer service and satisfaction
• Number of complaints
• Customer profitability
• Delivery times
• Units sold
• Number of customers delivery
• Employee morale and satisfaction, and staff turnover
• Internal audit standards
• Sales per employee

Advertisement

Customers

To improve:

• customer acquisition
• customer retention
• customer satisfaction
• cross-sales volumes
• Market share
• Customer service and satisfaction
• Number of complaints
• Customer profitability
• Delivery times
• Units sold
• Number of customers

More Read

Conflict Resolution: How to Resolve a Conflict Elegantly
Conflict Resolution: How to Resolve a Conflict Elegantly
How to Receive Feedback: Deal with People's Complement and Criticism
How to Receive Feedback: Deal with People’s Complement and Criticism
How to Make Better Decisions in Life
How to Make Better Decisions in Every Situation?
Essential Elements of Coaching at the Workplace
10 Essential Elements of Coaching at the Workplace for People Development

Internal processes

To improve:

• core competencies
• critical technologies
• employee morale… and to:
• streamline processes
• Efficiency
• Lead times
• Unit costs
• Waste
• Sourcing and supplier delivery
• Employee morale and satisfaction, and staff turnover
• Internal audit standards • Sales per employee

Advertisement

Internal processes

To improve:

• core competencies
• critical technologies
• employee morale… and to:
• streamline processes
• Efficiency
• Lead times
• Unit costs
• Waste
• Sourcing and supplier delivery
• Employee morale and satisfaction, and staff turnover
• Internal audit standards • Sales per employee

3. Finalize and implement the plan

this stage ensures that measures are workable, tailored and adopted. Essentially, this is managing by setting objectives.

4. Publicize and use the results

being seen to act is important. Also, while ensuring that everyone understands overall objectives, decide who should receive specific information, why and how frequently.

5. Review and amend the system

to solve any problems and to set challenges.

Advertisement

You Might Also Like

Conflict Resolution: How to Resolve a Conflict Elegantly

How to Receive Feedback: Deal with People’s Complement and Criticism

How to Make Better Decisions in Every Situation?

10 Essential Elements of Coaching at the Workplace for People Development

What is PEST Analysis? How to Perform PEST Analysis

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.

I have read and agree to the terms & conditions
By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
Training Industry December 6, 2019
Share this Article
Facebook Twitter Copy Link Print
Share
Previous Article Who, What, How: Succeeding with Your Business Strategy Who, What, How: Succeeding with Your Business Strategy
Next Article Difference Between Coaching and Mentoring-When and how to use them Difference Between Coaching and Mentoring-When and how to use them
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Stay Connected

248.1k Like
69.1k Follow
134k Pin
54.3k Follow
- Advertisement -

Latest Posts

"What Really Makes You Tick?" 10 Questions You Must Ask to Yourself: Preparation for Self-Improvement
“What Really Makes You Tick?” 10 Questions You Must Ask to Yourself: Preparation for Self-Improvement
Human Psychology Individual Development
7 Days Plan to Self-Improvement That Really Works
7 Days Plan to Self-Improvement That Really Works
Individual Development
Job Search: Learn How and Where to Look For Your Dream Job
Job Search: Learn How and Where to Look For Your Dream Job
Career Development
Conflict Resolution: How to Resolve a Conflict Elegantly
Conflict Resolution: How to Resolve a Conflict Elegantly
Human Psychology Individual Development Leadership

You Might also Like

Conflict Resolution: How to Resolve a Conflict Elegantly
Human PsychologyIndividual DevelopmentLeadership

Conflict Resolution: How to Resolve a Conflict Elegantly

6 Min Read
How to Receive Feedback: Deal with People's Complement and Criticism
Individual DevelopmentPerformance Management

How to Receive Feedback: Deal with People’s Complement and Criticism

6 Min Read
How to Make Better Decisions in Life
Individual DevelopmentLeadership

How to Make Better Decisions in Every Situation?

5 Min Read
Essential Elements of Coaching at the Workplace
CoachingIndividual DevelopmentLeadershipPerformance Management

10 Essential Elements of Coaching at the Workplace for People Development

12 Min Read
//

We are the leading Training and Learning & Development portal in India

Quick Link

  • Privacy Policy
  • Terms of Service
  • About
  • Contact

Key Sections

  • Tools
  • Performance Management
  • Strategy and alignment
  • Measurement
  • Analytics
  • Content Development
  • Individual Development
  • Leadership
  • Sales

Sign Up for Our Newsletter

Subscribe to our newsletter to get our newest articles instantly!

I have read and agree to the terms & conditions
Training Industry IndiaTraining Industry India
Follow US

© 2022 Training Industry India. All Rights Reserved.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

I have read and agree to the terms & conditions
Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Register Lost your password?