Balanced Scorecard

The balanced scorecard offers a holistic and detailed view of the performance of any organization by framing strategic objectives within specific dimensions, which should be aligned with the business vision of the organization. Consequently, the card ?emphasizes vision, strategy, competitive demands, and the need to keep the organizations both looking and moving forwards "rather than the more traditional focus on control". 1
The following steps will help you to develop a balanced scorecard:

  • Ask yourself, what your visions and strategies are.
  • Consider the success factors that can be identified and realized by using this strategy.
  • Based on the success factors goals are formulated.
  • These goals need to be measurable. For this purpose indicators (key figures) are identified. E.g. your profit.
  • The last step is the most important one. You have to implement measures to achieve the target value of the key figure.

1 Brander Brown, Jackie; McDonell, Brenda. (1995). The Balance Scorecard: Short-term guest or long-term resident?. In: International Journal of Contemporary Hospitality Management, Vol 7, N° 2/3 1995.