Strategic Plan, Part III: Balanced Scorecard
May 7, 2012
James Sternieri – Instructor
Strategic Plan, Part III: Balanced Scorecard 2
One may ask, “What is a Balanced Scorecard?” “A Balanced Scorecard is a tool that is used in management to completely monitor the performance and access whether smaller goals are consistent with larger and long-term goals, based on the vision and strategies being used” (Kaplan & Norton, 2005). This type of tool can be beneficial for the operation of All Eyes on Me as a startup business. Having a balanced scorecard will allow the following to be identified: the mission statement, the vision statement, the ...view middle of the document...
Once all of this is achieved, All Eyes on Me will be able to ensure that it is stable financially. To ensure that success is achieved here are a few of guidelines to consider the following: “measuring the return on investment, earning per share, and the revenue growth operation costs”. By monitoring the business extensively, achieving the mission statement, the vision statement, and goals is essential.
Financial Perspective Balanced Scorecard
| | | | | |
|Balanced Scorecard |Measures |Metrics |Strategic Objectives |Targets |
|Internal Process |Product repetition |Customer number increase |Polish business processes|15% Customer satisfaction|
|Perspective |decreased | |and operations | |
| |Increased Customer |Customer satisfaction |Create new products and |30% Customer Increase |
| |Service | |services | |
| |Assess revenue from the |Customer returns decrease|Improve Marketing |15% Customer returns |
| |new initiatives | |Strategies |decreased |
Strategic Plan, Part III: Balanced Scorecard 5
Although the internal process perspective is focused on “how the business operations can please customers”, the focus of this perspective is the role of the consumer as it relates to the success of the business. “Part of the objectives that are involved with the mission statement of the business is to ensure that the satisfaction of the consumer are considered, improvement of community relations, offering new products and services that are in line with the company’s values and improving the overall company image” (Kaplan & Norton, 2005).
AEOM will utilize the performance tool to monitor and oversee the progress of the goals that are set aside. The use of consumer survey is one of the best ways to monitor the level of satisfaction for its’ consumers. The survey can result in new ideas as it relates to possible new products and new services while increasing profit. AEOM must also be mindful that negative feedback can affect the business. It is important that the customer perspective is utilized because it solely rely on the consumers judgment. AEOM can also explore the option of passing out or offering incentives to the consumers.
| | | | | |
|Balanced |Strategic Objectives |Measures |Metrics |Targets ...