Balanced Scorecard Strategy For Dummies

Balanced Scorecard Strategy For Dummies

Chuck Hannabarger, Frederick Buchman, Peter Economy

Language: English

Pages: 388

ISBN: 047013397X

Format: PDF / Kindle (mobi) / ePub


A practical, easy-to-understand guide to Balanced Scorecard for busy business leaders

The Balanced Scorecard method is an analysis technique designed to translate an organization's mission and vision statement and overall business strategies into specific, quantifiable goals, and to monitor the organization's performance in achieving these goals. Much less technology driven then other analysis approaches, it analyzes an organization's overall performance in four regards: financial analysis, customer service, productivity and internal analysis, and employee growth and satisfaction. Balanced Scorecard Strategy For Dummies breaks down the basics of Balanced Scorecard in simple language with practical, Dummies-style guidance on getting it done. This book covers all the basics of Balanced Scorecard for busy executives and managers-and does it without the high price tag of most professional level Balanced Scorecard guides.

 

 

 

 

 

 

 

 

 

 

the mind (or at least give it a good workout)! These are just a few of the common measures that can show up in financial scorecards. An operational manager must understand them all and know how they affect business. Your senior executives and financial people decide what financial measures your company chooses to focus on. The required measures differ from company to company. Heck, they can even differ between different organizations within a company. Regardless of the measures that you use, you

ensure that they’re sound and concrete. Update any missing or incomplete information based on the latest market, customer, technology, or environment findings. Make sure your strategies contain no contradictions. In other words, if you want your company to grow, make sure your predictions for growth don’t contradict your margin-achievement actions. Likewise, you can discuss cost-cutting measures, but be consistent when combining them with increasing headcount to create competencies in new areas.

Mobilizing change through your executive leadership team .........37 Developing Your Strategy Map: A Balancing Act .......................................38 Doing your mapping homework .........................................................38 Drafting the strategy map ...................................................................39 Ensuring a Balanced Scorecard (And What to Do When Yours Isn’t) .....40 Adapting to Changes in Your Markets or Business....................................43

tendency to “be nice” and answer in a positive way or to answer in the neutral or middle of the road with no feelings expressed one way or the other, thus not allowing you to measure and analyze their true feelings Remember that you will most likely get only one shot at getting your interview or survey right. Having a fast horse in a horse race is a good thing, but not if it goes off in the wrong direction and never crosses the finish line. Don’t rush through the process of developing your

a year or two, a process called amortization, so that there is less incremental impact on the business. For example, if you buy a truck for US$45,000, it could be devastating to your small business financial performance for the month in which it was purchased. To mitigate this negative impact, the truck cost is amortized so that each month only a portion of the total cost is declared. The standard financial measures, such as revenue or sales, cost of goods sold, gross profit, net profit, Earnings

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