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Introduction

A new approach to strategic management was developed in the early 1990's by Drs. Robert Kaplan (Harvard Business School) and David Norton. They named this system the 'balanced scorecard'. Recognizing some of the weaknesses and vagueness of previous management approaches, the balanced scorecard approach provides a clear prescription as to what companies should measure in order to 'balance' the financial perspective.

The balanced scorecard is a management system (not only a measurement system) that enables organizations to clarify their vision and strategy and translate them into action. It provides feedback around both the internal business processes and external outcomes in order to continuously improve strategic performance and results. When fully deployed, the balanced scorecard transforms strategic planning from an academic exercise into the nerve center of an enterprise.

Our BSC Services

Determining Balanced Scorecard  Leading & Lagging Indicators

Concept of Balanced Scorecard is simple. Correct determination of a small quantity of meaningful leading and lagging indicators is where the challenge is. We work with senior executives to determine meaning leading and lagging indicators for senior executives.

Changing Compensation to Support Balanced Scorecard

As long as compensation stays the same, executives and managers will act in order to maximize their compensation. Therefore, compensation must be changed to support Balanced Scorecard indicators. Simply telling your executives and managers about the new indicators will result in failure. If compensation is not flexible enough, unanticipated events will make new compensation program a disaster. Everyone must understand how they can influence Balance Scorecard indicators and thus their compensation.
 

Improving Balance Scorecard Indicators

Some consultants feel that the only thing you need to do is define Balanced Scorecard indicators and change compensation. This should be rather minor portion of consulting engagement. What organizations executives and managers need to know is how to improve their Balance Scorecard indicators. We provide tools and training for improving your Balance Scorecard indicators.

Balance Scorecard Consulting/Coaching

• Integrate Scorecard with your strategy

• Review goals you expect to achieve with Scorecard

• Develop implementation plan

• Identify corporation or divisions to implement

• Help determine targets to lowest level in organization

• Change compensation plans

• Monitor initial results

• Perform periodic check ups of your progress