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The Balanced Scorecard is a concept that is used widely, the question is how to implement the Balanced Scorecard into the business process correctly. The concept should help you to achieve your strategic goals and we’d like to provide you with simple algorithm on how you can do it.
Your knowledge about Balanced Scorecard
When you start implementing a new method, make sure that you have enough theoretical and practical experience. As for theory there are always enough articles and book, but practical knowledge really worth investing in! One approach is to hire Balanced Scorecard consultant, but when we talk about Balanced Scorecard we are talking about business performance, strategic goal and linking of the strategic goals to lower-level initiatives.
These areas are key competences of the company and normally should not be outsourced. So start with Balanced Scorecard training for your employee who will lead the process of Balanced Scorecard implementation.
- Consider our BSC training, they focus on practical aspects of BSC;
- Check our BSC Toolkit – the source of valuable information about BSC;
- Check free bonus Mini-Training: BSC Implementation;
Finally, there is an easy way to find out your current knowledge about Balanced Scorecard concept as it should work in practice. Pass our Balanced Scorecard Implementation Readiness Survey for free.
We believe that one of the key success factors of Balanced Scorecard design and implementation is involving your employees. Balanced Scorecard is not just the concept for top management, the concept actually should link your strategic goals to your KPIs and finally to low-level initiatives.
It is good idea to create the role chart of your Balanced Scorecard implementation. In this way you will understand:
- Who will be involved in BSC implementation;
- Your employees will know what they supposed to do;
- You will prevent the duplication of efforts;
- You will cut costs and facilitate effective communications;
Create a plan of Balanced Scorecard implementation
Creating plan is as important as designing Balanced Scorecard itself. Make sure that your plan includes:
- Balanced Scorecard role chart;
- Creation of Strategy Maps;
- Design of KPIs;
- Linking initiatives to KPIs;
- Creating cascade of scorecards;
- Balanced Scorecard update and testing plans;
These issues are reviewed in details in our 5 hours practical training on Balanced Scorecard.
Balanced Scorecard Software Tools
Doing Balanced Scorecard with MS Excel is good idea only if you work as a small business, but even in this case we would like to recommend you our to use freeware version of BSC Designer – BSC Designer Light.
Our customers (check what they say) word-wide use BSC Designer as easy to use and really powerful tool for BSC concept, as it supports strategy maps, cascading, reporting and standard KPI functionality. BSC Designer should definitely be in your list for possible BSC software tools.