The Balanced Scorecard

StratNavApp.com uses the balanced scorecard as a framework for organising goals that highlights their different natures and the relationships between them.

The balanced scorecard framework divides your goals in a business strategy into four perspectives.

  1. Financial goals are about how you create value to satisfy shareholders and invest in future opportunities.

    They answer: what does success look like to the owners of the organisation?

  2. Customer goals are about what your customers want and value.

    They answer: What does success look like to the customers of the organisation?

  3. Internal Business Processes goals are about getting better at what you do.

    They answer: What processes does the organisation need to improve in order to deliver the customer and financial goals?

  4. Learning and Innovation goals are about building the capabilities you will need to improve your business.

    They answer: What capabilities does the organisation need to be able to thrive and to be able to continue to improve and adapt in the face of a changing and competitive environment? Also, what does success look like to the employees of the organisation?

There is an implied cause and effect relationship between the four perspectives.

  • Achieving your Learning and Innovation goals should enable you to achieve your Internal Business Process Goals.
  • Achieving your Business Process goals should enable you to achieve your Customer goals.
  • Achieving your Customer goals should enable you to achieve your Financial goals.

How many goals should an organisation have? An organisation should have 2 to 5 goals in each of those four perspectives. This means that an organisation should have 8 to 20 goals in total. Hint: Aim for somewhere in the middle of that range.

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