Balanced Scorecard Examples

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Guide and Best Practices

The balanced scorecard is a strategic planning and management system that helps align a business’s activities with its strategy and vision. It also helps with tracking organizational performance and improving the company’s internal and external communication systems.

How to Create a Balanced Scorecard

When you are creating a balanced scorecard, it’s important to start with identifying the strategy, vision, mission, values and the partners of your organization.
Identify the customer requirements and the company’s value proposition by creating different aspects of the company strategy like strategic themes and results.
Break down the strategic themes you have identified into strategic aims. Categorize these aims based on Strategic Theme Level and sort them by Perspectives. And connect them in cause-effect linkages for each Strategic Theme.
Create an enterprise-wide strategy map that portrays how the company brings value to its customers and stakeholders.
Create performance measures for the strategic aims you identified earlier. Also decide expected targets and create benchmarking and baseline data.
Create strategic initiatives and assign tasks and responsibilities to team members. Share the strategy map you created with them with an edit/ review link or via Slack.
Implement the process. You can use performance measurement software to gather the relevant data.
The balanced scorecards used at the enterprise-level should be re-created to fit the smaller business units or departments. And then further cascade them down to individual or team scorecards.
Evaluate the completed scorecards. Make sure that you are measuring the right things, whether your strategies are working, and whether there are any changes in the environment.