A Balanced Scorecard Is A Method Of Analyzing And Assessing Internal And External Factors That Affect The Business Strategy

919 Words4 Pages
A balanced scorecard is a method of analyzing and assessing internal and external factors that affect the business strategy as a whole (Niven 2010). These four aspects that should be assessed provide a big impact for company operations and strategies. The need to know of internal capabilities and the external forces which affect how the company will innovate its’ ways, create new products or shift its’ ways into more competitive actions that are important in knowing what to do next and providing what will be best for Kasey Translate Inc. Establishing a business nowadays is difficult as there are many considerations to be met to attain the expectations of customers and become profitable. The means of applying BSC as a strategy is to assure…show more content…
Industry and academic papers have seen the significance of total quality management in terms of its positive relationship on increased organizational competitiveness specifically in the areas of product, quality, reputation and business result competitiveness as this management principle is aimed at the creation of a competitive business environment (Rampersad 2006). Meanwhile, the learning organization principle attempts to reinforce the concepts within total quality management to be able to sustain competitive advantages in the end. The four quadrants of the balanced scorecard which will be discussed within this paper are as follows: Financial The shareholders are the suppliers who will coordinate with the company properly in terms of providing supplies and materials. The customer is another stakeholder who will determine the results of the new strategy implemented by the company. The employees will also be affected as the processes they apply will also change because of the alterations in the strategy. Revenue is projected to increase because of the good service as a result of a Balanced Scorecard strategy. Better use of company assets because of the increased efficiency of the workers. And higher costs for the company because adjustments need to be made for the new BSC strategy. Customer The customers come from different markets. The customers want affordable and quality services

More about A Balanced Scorecard Is A Method Of Analyzing And Assessing Internal And External Factors That Affect The Business Strategy

Open Document