This program will describe the balanced scorecard. The scorecard will be comprised of key success factors that will link operating metrics to financial and strategic goals.
Many organizations are talking about creating a balanced scorecard, but few have successfully used it in their organizations. The balanced scorecard helps an organization create an action plan for achieving its strategy and creating sustained value.
The program is divided into three sections:
1. Developing the Balanced Scorecard
Key success factors will be identified. The correct performance measures will consider a balance between financial and non-financial measures. A link will be established between the balance scorecard and long-term value.
2. Using the Balanced Scorecard
A link will be established between operating performance to strategic and financial goals to assist a company in achieving its strategy.
3. Making the Balanced Scorecard “Real” for the Organization
The purpose of this activity is to create consistency throughout the organization.
- Linking operating drivers to financial and strategic goals
- Balancing the short and long term
- Balancing the needs of stakeholders - customers and employees
- Understanding the tradeoffs - probability vs. growth, cost efficiency vs. value added services