Strategic Plan, Part III: Balanced Scorecard
BUS/475 – Integrated Business Topics
December 9, 2012
A Balanced Scorecard is, “A set of four measures directly linked to a company’s strategy: financial performance, customer knowledge, internal business processes, and learning and growth” (Pearce & Robinson, 2009, p. 202). Healthy Place needs to develop a balanced scorecard in order to assist in defining the company’s mission, values, vision, and SWOTT analysis. Herein, the four perspectives, financial performance, customer knowledge, internal business processes, and learning and growth will be discussed as they relate to the Healthy Place mission, values, vision, and SWOTT analysis. Shareholder Value/Financial Perspective
“If we succeed how we will look to our stakeholders” (BSI 2009, ¶5). Body by Design Health and Fitness will need to look at its asset utilization, customer satisfaction, increased net revenues, minimizing supply production, and achieving financial stability. One way to measure these items is to monitor Earnings per share, Operating cost, revenue growth, Return on interest, and Return on capital. Implementing the objectives and performance measuring tools into the company’s daily routing, Body by Design Health and Fitness will be able to achieve the company’s goals that were defined in the mission and vision statement. Customer Value Perspective
“To achieve our mission, how must we appear to our customers?” (BSI 2009, ¶5). Body by Design Health and Fitness is a new company to the Dallas downtown area and the customers will be the ones determining the success of the company. Customer satisfaction, increase in market share, the delivery of products and services that are consistent with value and quality to everybody including special populations, increase in public awareness and visibility in the community in a way that will engage and expand community support and improve the fitness centers brand image are the strategic objective involved with customers.
The best way for Body by Design Health and Fitness to achieve these objectives is to develop a set of performance tools that will measure the success in achieving these goals. Body by Design Health and Fitness will need to monitor customer satisfaction at all times by continuous surveys, promotions, increase in market share, store brand awareness, and competitive strategies to offer reasonable membership fees to contend against our competitors. Poor company and employee performance reviews from customers can lead Body by Design Health and Fitness being unsuccessful. This is why it is important for Body by Design Health and Fitness to know how customers view the facility and if that view is the same one that is defined in the mission and vision statement. A way to initiate more customers is to expand into other cities and offer the customer a rewards program. These activities are designed to achieve customer satisfaction. Process/Internal Operations Perspective
“To satisfy our customers, at which processes must we excel” (BSI 2009, ¶5). Body by Design Health and Fitness strategic goals should be developed in a way that will internally meet the customer’s needs and satisfaction. All strategic goals should be defined with the purpose of keeping the company running smoothly and in a way that will help to achieve the promises being made in the mission and vision statement. The strategic goals for Body by Design Health and Fitness are to improve business processes and efficiencies, acquire additional services and business options, and improve marketing of facility and the marketing of the products and services.
These strategic objectives should be monitored on a daily basis to ensure an overall satisfactory outcome for Body by Design Health and Fitness. The best way for Body by Design Health and Fitness to ensure this is to create a set of performance tools that will measure the objective to ensure that they...
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