Bus 475 Week 5 Strategic Plan

Strategic Plan, Part lll: Balanced Scorecard
BUS/475

Abstract
A balanced score card is a set of measures linked to a company 's strategy (Pearce & Robinson, 2009, p. 202). A balanced score card is a planning tool used to align the activities of the business to their mission, vision, and values to improve communications, and to monitor performance their goals. The balanced score card provides important information used in strategic planning, decision- making, implementation, and management. Aspects of the score card results provide information regarding the financial, customer, internal operations, and learning and growth perspectives. The results from a SWOTT analysis can define further objectives needing addressed. This paper will show the results of Dirty Dawgs score card as well as providing a brief description of the critical thinking in each perspective through an evaluation. This evaluation uses mission, vision, values, and the SWOTT analysis to provide answers regarding why each perspective is ideal for Dirty
Dawgs to use in their desire to maintain success.

Strategic Plan, Part lll: Balanced Scorecard In the competitive world of business, it is increasingly important for companies to develop consistent, integrated, and logical strategies. A balance score card is an evaluation tool companies use to determine financial performance, customer knowledge, internal businesses practices, and learning and growth. The balance score card contains a concise description of the company’s vision and strategy. Each of the four perspectives has objectives, measures, targets, and initiatives. These sets of measures are linked to the company’s strategy to link together their long-term goals with tangible goals and actions (Pearce & Robinson, 2009, p. 202). The balance score card aligns the company’s activities to the vision and strategy, improves communications, and monitors performance against strategic goals. The balance score card was originated by Drs. Robert Kaplan (Harvard Business School) and David Norton as a performance measurement framework that added strategic non-financial performance measures to traditional financial metrics to give managers and executives a more ’’balanced” view of organizational performance. This paper will detail the four perspectives, collect data, develop metrics, and analyze the information to provide valuable feedback that Dirty Dawgs can use to have successful strategic planning. Financial Objectives A financial objective for Dirty Dawgs begins with is to increase revenue and lowering costs. The target goal for this measure will be a 10% within the coming year. The results are found on the financial statements and are monitored to achieve the percentage goal. Another financial objective is to obtain profitability and to break-even within a year’s time. This can be monitored through the profit margin also found in the financial statements. With financial help available, Dirty Dawgs wants to remain ahead of the competition with fresh marketing, advertising plans, and expansion. It is Dirty Dawgs goal to have 10 successful mobile grooming vehicles fully operation and running by the end of the fiscal year. These financial goals coincide with each other their mission statement to provide the best, most affordable, and most thorough dog grooming services available in a fun and loving environment. These goals fall perfectly in-line with their vision statement to expand with more mobile salons to reach more customers who want to pamper their pooches. The SWOTT analysis showed this expansion could prove to be costly yet the funding is available, and there is much customer support. By providing a unique service with experienced groomers and quality products will give Dirty Dawgs an advantage over the competition. Customer Objectives Objectives for customers include not only retaining clients but also succeeding in gaining more. Customer satisfaction and value are key areas for Dirty Dawgs. Dirty Dawgs believes that the customer is always right and will go to numerous lengths to ensure customer satisfaction. Customer surveys are given to every client and the results are used to see where improvements need to be made. They encourage customers to make suggestions, and with every suggestion, the customer’s name is entered into a drawing. Offering quality services and affordable prices is what Dirty Dawgs pride comes from. On areas in keeping with the competition, Dirty Dawgs price matching. Dirty Dawgs uses their values, such as integrity and honesty to fill their customer objectives and goals. Internal Operations Objectives A slowing economy has an impact on many businesses and Dirty Dawgs understands the needs to meet customer demands while realizing the financial demands on the company.
With a limited number of employees, productivity is vital to the success of the business. With the growth of a new company, it is expected that productivity may start off slow. As employees and customers become comfortable, productivity is expected to increase. A learning curve is in place as well as a merit reward system for increased sales and services. Dirty Dawgs believes in values, such as integrity and innovation and incorporates them into the working environment. Innovation can assist with the increase in sales and services. It is important for any company to stay current on new trends and processes. Trends and competition are to be evaluated monthly so that Dirty Dawgs can remain competitive. Learning and Growth
Objectives With any new business, relationships between management and employees must be nurtured. Employee satisfaction is important to Dirty Dawgs with satisfied employees comes satisfied customers. Management must also consider the employee because without these employees, there is no company. Employee suggestions, comments, and input of any kind are welcomed and bonuses are offered as well as small tokens to show the employees are a valued part of the business. A satisfied employee equals less turnover and greater retention. Although Dirty Dawgs is a small operation, the level of capability needs to be expanded. Although word-of-mouth is their best promotion, more time needs to be spent on advertising and the growth of the website including spots on popular hot spots such as Facebook and Twitter. These endeavors rely on the employees and promote teamwork and creativity. With technology on the rise it is important that the technology for Dirty Dawgs and their employees be up to date. Knowing new advances, procedures, and new equipment is necessary. Employees who take the initiative to learn new skills are valuable and will be recognized. Dirty Dawgs and their employees recognize the importance of organization culture. Dirty Dawgs influences organizational culture by commending appropriate employee behaviors, discourage negative behaviors, and reward those with model behaviors that reflects Dirty Dawgs image, values, mission, and vision. Conclusion A balanced score card is an important and helpful tool that can determine objectives and incorporate them with the company’s mission, vision, and values. A properly constructed score card is balanced between short- and long-term measures, financial and nonfinancial measures, and internal and external performance perspectives (Pearce & Robinson, 2009, p. 203). Dirty Dawgs knows that with a well thought-out score card, they are one step closer to achieving their goals. Creating reasonable goals and focusing on the future along with maintaining their values and upholding their vision will make a long-standing opportunity a valuable business.

Balanced Score Card

References Pearce, J. A. II, & Robinson, R. B. (2009). Strategic management: Formulation, implementation, and control (11th ed.). New York, NY: McGraw-Hill. Thompson, A. A., Gamble, J. E., & Strickland, A. J. (2006). Strategy: Winning in the marketplace: Core concepts, analytical tools, cases (2nd ed.). New York, NY: McGraw-Hill. What is the Balanced Scorecard? (2013) 2013 Balanced Scorecard Institute. Retrieved from: https://www.balancedscorecard.org/BSCResources/AbouttheBalancedScorecard/tabid/55/Default.aspx