A Balanced Scorecard is simply a set of business measures that cover both financial and non-financial perspectives.
These measures provide management with key information to show the speed at which their organisation is moving towards its vision, mission and objectives.
Many smaller businesses do not have a Balanced Scorecard in place. Implementing some simple measures can make a great deal of difference, because they serve to maintain focus on the 'vital few' aspects of business.
It is recommended that the Balanced Scorecard covers four dimensions:
Employee motivation and satisfaction
These dimensions may be changed to suit the specific requirements of clients, but experience has shown that these 4 are the most appropriate ones for the majority of micro, small, medium and large-sized organisations.
If you want to implement a Balanced Scorecard and benefit from the positive impact that this can have on your business, please contact us for straightforward advice.