The Balanced Scorecard is a workshop technique for establishing the most useful high level measures by which to monitor your company’s / unit’s progress and performance against its strategic goals.
It’s a great team building activity, process management tool and, when you do it properly, you end up with an action plan that’s fully aligned the company’s strategic plan.
Download free slides... enter your email address at the bottom to get this team building activity in your inbox
Download free slides... enter your email address at the bottom to get this team building activity in your inbox
Objectives
Why is it useful?
Resources Required
Before the Workshop
To give yourself a high chance of success your participants should come with the following information:
Process
- 1Define the context within which the unit operates – e.g. children’s services, how it has developed, and the purpose/mission of the unit. Consider this in the timeframe – yesterday, today and tomorrow (using SWOT, PEST etc.)
- 2Establish or confirm the unit’s vision.
- 3Identify the perspectives for measurement that are clear and understandable for your unit. The original model uses four: financial, internal, learning/growth and the ‘customer’/stakeholder. Others may be added, for strategic reasons.
- 4Break the vision down according to each perspective and formulate overall strategic aims. Use the template as a guide.
- 5Identify the critical success factors (the CSFs). What are the critical success factors for achieving our strategic goals?
- 6Develop realizable measures with which to evaluate those factors. Consider carefully the interactions between the measures. Also try to identify any potential knock-on effects of the measures.
- 7Analyze the measures as a whole to ensure they provide a ‘balanced’ picture.
- 8Establish a comprehensive, top-level scorecard and gain approval from your sponsors (you may be required to provide background to the scorecard’s development). Even better would be have them in the room (observing the process, not participating).
- 9Take the top-level scorecard and create more detailed cards translating strategy down to day-to-day tasks.
- 10Formulate goals for every measure used. Ensure there are both short-and long term goals.
- 11Develop an action plan to achieve the goals and strategy that have been set. Prioritization will be key.
- 12Continuously review; use as a dynamic functioning part of people’s daily jobs.
Balanced Scorecard Template
TIP: You can download this Balanced Scorecard Template for free below
Balanced Scorecard Example
An example of a completed Balanced Scorecard for a SCUBA diving center
Thank you Nick
My pleasure Greg … glad you like it!
Thanks Nick – some good stuff here! Much appreciated!
Glad you like Tony.
One of the best resources for my Strategic Management class. The template and example are both beautiful. Thank you for sharing it with us.
deck pls
I think its one of the best tools that company should have and understood.. thank you for make it easi(er) to understand..
Excellent Read
Absolutely great stuff, so lucidly explained that people could remember it like muscle memory..
I find this quite useful for practical action.
Can I get the slides/materials?