The Balanced Scorecard
In the service business we communicate with the marketplace in a variety of methods. We deal with various systems, manually and technologically. We have a responsibility to serve and retain customers while at the same time we have to make money for the business. This is a complicated business.
To assist us in managing the business and help us implement our company strategy we use a business tool that is called the “Balanced Scorecard.” The Balanced Scorecard was developed in the 1990s, designed for use in the planning and implementation of a company’s strategy. The scorecard looks at your business from four directions; finance, internal, innovation and customer. From this vantage point the company can develop a strategy as part of their operating plan. These plans are meant to help a company achieve its goals. If a plan cannot be agreed upon and effectively executed, a business cannot effectively reach its goals.
In this class, you will learn the ins and outs of this valuable tool, and the costs we pay in our business when we fail to execute our plans for success in our market.