Developing a Balance Scorecard

1855 WordsApr 2, 20128 Pages
Develop a balanced scorecard for your bookshop (addressed in Assignment 1). Which of the four perspectives of the scorecard will be the most difficult for you to control? Why? 1. INTRODUCTION Any new business is likely to face the countless financial problems as a consequent of poor planning. A clear strategy is accounted as key for the business success. A good strategy planning aiming at the clear objectives finalize the decisions to avoid the actions and money failure. Balanced Score Card is used usually to review the performance of the business or organization. Like other businesses and organizations, the efforts will be made to bring the benefits of Balanced Score card in owned bookshop. This performance tool, the determinant…show more content…
The implemented plan will be monthly reviewed and assessed to find the performance. Strategy map developed. Figure 1 provided below highlights the interconnection between the strategic components and in their objectives and Table 1 provides the strategic planning designed for bookshop to run successfully and sustainably. Figure 1: Strategic Map showing the interconnectness of the strategic components Enhance the shareholder and customer value Financial Perspective- Customer perspective- Internal process- Learning and growth perspective- Revenue growth and profitability Reduce Costs Improve the quality of product and service Increase the number of customers Improve the use of technology and reliability Enhance the business performance Improve marketing strategy Well trained and qualified staff Increase the system availability New product and development Table 1: Balanced Scorecard developed for the strategy planning Objective | Measures | Targets | Initiative | FINANCIAL PROSPECTIVE | -Revenue growth and profits-Reduce the book cost-Increase direct cost efficiency-Implementation of new concepts-Establishment of new competent marketing-Achieve financial sustainability-Meet shareholders expectations | Closure analysis of: -Profit and loss statement-Income statement-Balance sheet-Budgeting process | -Increase the sales by 50% -Meet the budget targets | - Bulk
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