Re: Managing the balanced scorecard
Over the past decade Media General has expanded its business to every media outlet that is available to consumers. Newspaper, television broadcast and Internet are all very important aspects of the business and the balanced scorecard is what will make them all work in harmony. The current plan has seen success but with times and media rapidly changing, Media General needs to change its approach right along with it.
Current Balanced Scorecard
First of all the balanced scorecard has helped the company to set objectives for itself and has also provided a way to measure the successes. Even with the company being entirely focused on news delivery each of the media processes are very different. It is important for the company to maintain the scorecard because it allows a strong set of guidelines that can be looked at when the company is faltering or plateauing. Finally its main goal is to find and allow time for adjustments so financial shortfalls a do not happen within the company
Media General has done a great job on finding its goals and setting its objectives. They were able to be successful in creating a common language that allowed for smooth communication between the executives and core team segments. Without each segment working together the final product to the consumers would not provide them with the most value. However, there is one aspect that the company did fail to communicate with productively, its employees.
While executives and top managers are the highest paid and their understanding of the business is very important to make decisions, implementation of new processes that will cause the lower level employees more work must be communicated clearly. Media General thought that a brochure and CD-ROM script was enough...