In the early 1990s, the Balanced Scorecard approach to strategic planning was developed to enable business owners to better organize and visualize their objectives. With 2021 shaping up to be a year of both daunting challenges and potentially remarkable recovery, your company should have a strategic plan that is both comprehensive and flexible. Giving this methodology a try may prove beneficial.
Areas of focus
The Balanced Scorecard approach segments strategic planning into four critical areas:
Key question to ask: To fulfill our strategic objectives, how can we attract and retain the customers that build our bottom line?
Key question to ask: To achieve our vision, how will our leadership and employees drive our company’s financial success?
Key question to ask: To meet our goals, in which business processes do we need to excel?
Key question to ask: To accomplish our strategic plan, how can we better preserve and pass along knowledge, as well as encourage learning?
A multipronged effort
Compiling data under the Balanced Scorecard approach requires a multipronged effort. You might use a survey to gather customer info. Your financial statements and industry benchmarks should provide insights into finances. Employee surveys and open forums can illuminate internal operations. And a performance management consultant could help you target learning opportunities and methods.
Cordia’s consulting and advisory services focus on future state operating models to ensure that the right resources, processes, and technology are deployed to support your current and future operational needs. Contact us today to learn how Cordia’s experienced consultants can assist you in identifying pertinent financial metrics and incorporating accurate analysis into your strategic plan to help you achieve your profitability goals in the coming year.
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