How to Create Balanced Scorecard and KPIs in Excel

We get the same question almost every day:

“How can I build a Balanced Scorecard in MS Excel?”

We thought about creating a tutorial to explain everything you’d need to know: the basics of Excel, creating formulas, formatting cells… Then we realized, we’d need to create an hour-long video manual. So instead, we decided on a simpler solution. 

KPI Scorecard in Excel

We’ll show you how to get a Balanced Scorecard set up in Excel in just two minutes—without all that effort!

Create Scorecard in Excel - Video

Here’s what you need to do:

1. Get BSC Designer

Go to the Download section and download the free trial version of BSC Designer Pro. Install and run the software.

Indicators in BSC Designer

2. Create a KPI Scorecard

Use the “Add Indicator” button on the toolbar to create the basic structure of your scorecard, and then create the indicators which will monitor your business performance in each category.

  • You can even create sub-categories, for a multi-level scorecard.  With just a few clicks, you can create a complete KPI scorecard like this.

Add new indicators and containers

3. Export KPI scorecard to Excel

Open the “Reports” menu, and click on “Export to MS Excel.”

  • BSC Designer asks if you’d like to create a performance-based report, or a progress-based report.  For now, just choose the default option.

Export KPI Scorecard to MS Excel

4.  Your KPI scorecard is ready

Click OK, and you’re done! Your scorecard is exported into MS Excel.

KPI Scorecard in Excel

Notice that this is not just a simple text export.  On the contrary, these cells include all the formulas you need.

KPI Formulas

If you change the value in one cell, all the related cells will be updated automatically.

For instance, if I change my value for one group’s performance, you can see, my company’s total performance is updated accordingly.  You can even change the relative weight of an indicator, to increase or decrease its role in your scorecard’s overall value.

Right here at the top, you’ll even see a summary of all of your top-level categories, your business’s performance in each one, and the total performance of your whole scorecard.

Update performance figures

And how long did it take to set this up?  Less than two minutes!

There is room for improvement

Using a Balanced Scorecard in Excel is handy, because most computers already have Excel or some other spreadsheet installed.

The problem is, scorecards in spreadsheets are hard to manage, hard to update, and hard to share.

  • Imagine if you need to add a new indicator, or a new sub-indicator!  You’d need to have advanced knowledge of MS Excel.
  • And what if you need to share the values of some of your indicators with your colleagues?  It’s possible, but it’s certainly not practical.

MS Excel isn’t Balanced Scorecard software; this is not what it was designed for.

Fortunately, there is an alternative that won’t cost you anything.  Just try the freeware edition, BSC Designer Light.  Its functionality is limited, but it will allow you to design, update, and share your Balanced Scorecard.  It’s an easy way to get started using the Balanced Scorecard, and it’s a perfect solution for beginners and small companies.

For a more powerful solution, consider BSC Designer PRO. 

  • Track your business performance through time.
  • Analyze the historical value of your indicators.
  • Plan for the future.
  • Specify baseline and target values, and measure your progress toward your goals.
  • Customize the performance formulas for your Key Performance Indicators.
  • Import and delegate indicators from one level of your organization to another, so your whole team can work together more effectively.
  • You can even generate strategy maps, diagrams, and reports, so you can plan your business goals and share your progress with investors and other stakeholders.

So, should you build your scorecard in Excel, or use BSC Designer software?

Here’s our recommendation:

  • Start with MS Excel, or with our freeware edition, BSC Designer Light.
  • Get used to working with the Balanced Scorecard.  See how it works, how it can help your company, and what automation tools you might need.
  • Then, once you understand your needs, upgrade to BSC Designer PRO.

Choosing software tool for the Balanced Scorecard

In our experience, once people start using the Balanced Scorecard in Excel, they upgrade to our BSC Designer software in one to two months. This article explains more about the process of the choice. So, we look forward to seeing you among our customers a month or two from now! If you need any help getting started, we’re ready to assist you.

Do you have any questions? Feel free to ask in the comments!

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What is BSC Designer?

BSC Designer is a strategy execution software available as a cloud-based service and Windows desktop application.

Getting Started with BSC Designer

Try BSC Designer for free

Before buying anything we want our users to be sure about the benefits of BSC Designer for them.

Download BSC Designer

Who uses BSC Designer

According to our users, BSC Designer is easy to install, configure and it helps a lot with Balanced Scorecard, strategy maps, and KPIs.

BSC Designer Customers

Training for the software

To make it easier for the users to get started, we have a lot of free training materials for the software.

Video manuals for BSC Designer

Customer support

Should you have any questions, we are at your disposal.

Pricing and buying

How much does BSC Designer cost? It depends on the configuration that you prefer. Use this price calculator to find out the total cost, get an official quote, and buy the software.

BSC Designer Pricing

What are your current challenges?

We help our users to get started with Balanced Scorecard, strategy maps, and KPIs. Here is a list of frequently asked questions and respective answers to them.

Q: What is the Balanced Scorecard?

Big picture about Balanced Scorecard A: Check out: Get the big picture about Balanced Scorecard article.

Q: I'm looking for a KPIs... how do I find good ones for our business?

How to find a KPI for... A: Check out our recommendations.

Q: Do you have some examples of the Balanced Scorecard?

Examples of Balanced ScorecardA: Sure, we have some here.

Q: Balanced Scorecard is about strategy execution, right? But what is a strategy?

Define strategy, create strategy mapA: Check these articles about strategy definition and creating strategy map.

Q: How do we cascade our top level scorecard throughout the company?

How to cascade a strategy mapA: Do it by business goals, read how.

More questions and answers...

BSC Lessons

Download BSC Designer and we will follow up with you with lessons about the Balanced Scorecard:

BSC Designer experts

Aleksey Savkin Performance Management and Balanced Scorecard

Kazim Ladimeji HR KPIs and Performance Expert

Levi Newman Effective KPIs and social metrics

Oana Boteanu Performance Management

Oleg Tumarkin Business Measurements

Upcoming events and talks

We organize, sponsor, and participate in various events related to the strategy execution.

  • "Building Balanced Scorecard Step by Step." 14 September - 5 October, 2015, online training. Read more...

Drop us a note if you want to meet up at these events.

Online training: Build BSC step by step

The best way to get started with the Balanced Scorecard is to join our online training.

Balanced Scorecard Training Online Strategy map, KPIs, cascading - it might be hard to put it all together. In the online training "Building BSC Step by Step" we explain all the nuances in simple words and help companies to build a prototype of their balanced scorecards.

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Whether you are looking for a professional Balanced Scorecard software, or just researching information about Balanced Scorecard and business strategies, we recommend you to download and try our BSC Designer software (no credit card is required).

We will follow up with you with lessons about the Balanced Scorecard and will keep you informed about the trending articles on bscdesigner.com

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