Balanced Scorecard (BSC)
A balanced scorecard allows a company to translate a strategic vision into action by creating metrics for the company’s Financial, Customer, Internal Business Processes, and Growth perspectives.
Managers use balanced scorecards to communicate measurable goals and vision to a team or company.
- Determine the vision. Decide what your vision or overall, eventual goal is. Place the name of this in the center of the page in some way that will draw attention to itself, (i.e.: In a bold font or inside a small circle.) After all, it is the whole point of the diagram.
- Determine the metrics for each perspective. For each category or perspective, add specific information about objectives, measures, initiatives, and targets.
- Connect each piece. Link each part using arrows.
- Share. Use your balanced scorecard to communicate to your company or team what their part in the overall vision is.
- Measure. Get feedback on the present status of your vision from team members, observe trends in performance over time, and reevaluate your measures and objectives over time based on such feedback and trends.
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