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Topics: Management, Balanced scorecard, Strategic management Pages: 1 (282 words) Published: October 23, 2014

Instructions
1
Set your strategy. A sound, well-researched and tested strategy is the foundation of a successful roll-out of the Balanced Scorecard. Examples of common strategies for the private sector include: building the business, improving operational efficiency and developing new products. Organizations in the public sector might pursue strategies such as growing the tax base, improving education and meeting citizen requirements. 2

Prepare your team for implementing the Balanced Scorecard. Pull together managers to make sure they understand how to apply the Balanced Scorecard to their particular area. Critical to this step is making sure that all of the people and processes are in place to measure performance. Sponsored LinksManagement Of Performance Improve workforce productivity and customer sat. Free Whitepaper www.cornerstoneondemand.com 3

Review your organization in terms of the Balanced Scorecard's four performance "perspectives": financial indicators for measuring performance; the customer's overall satisfaction with the organization; the productivity and efficiency of the organization's internal systems and functions; and the organization's success in using its employees---or people resources---to the best advantage. 4

Determine critical success factors in each performance area, set goals and define how you will measure results. 5
Put in place processes for rolling out the system throughout the organization. Develop scorecards that are "tweaked" to reflect the unique goals and performance measures in each department or functional group. Also, establish systems for collecting performance information in each of these groups. 6

Plan the initiatives and actions needed to achieve your goals. 7
Monitor and correct performance issues as the system yields results. Make sure to identify problems with the scorecard and measurement processes---and correct these as needed. Read more :...
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