Small firms can benefit from using the Balanced Scorecard (BSC) in several ways. Firstly, it provides a clear framework for strategic planning and management, helping small firms to align their business activities with their vision and strategy. Secondly, it allows small firms to monitor their performance against strategic goals, enabling them to identify areas for improvement and take corrective action. Thirdly, using BSC can be cost-saving, as it can be created and managed in Excel, which is a commonly used and affordable software.
Strategic planning is a crucial aspect of a business’ success. That is why Apple, Volkswagen, UPS, C...
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