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The Balanced Scorecard is a strategic planning and management system that is used extensively in business and industry, government, and nonprofit organizations worldwide to align business activities to the vision and strategy of the organization, improve internal and external communications, and monitor organization performance against strategic goals. It translates a company's vision and strategy into a coherent set of performance measures. The scorecard measures organizational performance across four balanced perspectives: Financial, Customer, Internal Process, and Learning and Growth. These perspectives provide relevant feedback as to how well the strategic plan is executing so that adjustments can be made as necessary.
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Chapter Three covers in detail how the Financial Perspective should operate. The reader is encouraged to link their financial objectives to the strategic planning of the business. The scorecard should tell the story of the strategy, starting with the long-term financial objectives, and linking them to the sequence of actions that must be taken with financial processes, customers, internal processes, and finally, employees and systems to deliver the desired long-run economic performance.
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The Balanced Scorecard believes that business leaders often times fail to connect the necessary strategy with the appropriate action or tactic. The b...
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