A balanced scorecard is a strategic management tool which you can use to manage and measure your business performance in areas that are crucial to its success.
A balanced scorecard is a framework for an organisational appraisal that allows you to look at your business from four perspectives:
For each of these areas, the balanced scorecard allows you to develop metrics, set performance targets, and collect and analyse data.
Balanced scorecard helps managers keep track of progress towards organisational and strategic targets. It provides a structured report that allows you to:
Balanced scorecard combines financial measures with other key performance indicators (KPIs) to give you a snapshot of how well your business is doing now and how it may perform in the future. See how to decide which KPIs to measure [1].
The scorecard can also help you to review your strategy implementation, or implementation of a new quality management system, based on measured and verified data. See how to implement a quality management system [2].
Links
[1] https://www.nibusinessinfo.co.uk/content/deciding-which-key-performance-indicators-measure
[2] https://www.nibusinessinfo.co.uk/content/how-implement-quality-management-system
[3] http://www.balancedscorecard.org/Resources/About-the-Balanced-Scorecard
[4] http://balancedscorecard.org/Resources/FAQs
[5] https://www.nibusinessinfo.co.uk/content-category/grow-your-business