How Do You Implement A Balanced Scorecard?
Creating a balanced scorecard is a way to measure strategic planning efforts in business, government and non-profit organizations. Scorecards allow an organization to use a common language toward goal attainment and alignment. Targets should be measurable and actionable. Results should be communicated throughout the organization and be highly visible to executive management. Assess your organizational mission and vision statements. The purpose is to discover a common language and goal to align the scorecard with. Review organizational strategy. Study strategic results and themes. Focus the scorecard on creating a value proposition by focusing on customer needs. Define your objectives. Using Step 1 and Step 2, define the scorecard’s objectives. They should have a strategic intent, be actionable and measurable. Identify leading and lagging performance measures (indicators) with expected targets and thresholds. Use benchmarking to find a baseline. Assign ownership to each indicator and ti
