A balanced scorecard is a tool that allows your company to translate its vision and strategy into a strategy map with measurable objectives.
According to AKS-Labs, a software development and consulting company that specialises on strategy management and business intelligence solutions, your company is in dire need of a balanced scorecard if it shows any of these three signs...
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Do you have a paper-shuffler working for you?
You know that person…
Always busy but never meets deadlines…
Always making excuses for why he doesn't meet company targets…
He doesn't meet his KPI's…
And he's constantly making costly mistakes…
The next logical step is to get rid of him and get someone who can do the job. But watch out, that could cost you BIG at the CCMA!
So what can you LEGALLY do?
If your company is showing any of these three signs, you need a balanced scorecard
Your company has both strategy and mission, but for some reason top management isn't involved in strategic planning.
According to AKS-Labs
, if 85% of your managers spend less than an hour a week for strategic planning or have a very vague idea of strategic management, you need a balanced scorecard.
Your employees don't understand strategic goals in your company and, thus, fail to participate in the implementation of these goals.
It's crucial that every employee understands his contribution to the implementation of strategic goals. In fact, you must aim everything your employees do at reaching strategic goals.
If there are discrepancies between operational and strategic management, it'll have negative consequences when it comes to your company's performance.
There isn't operational control on the implementation of strategic goals.
'Strategic management is a continuous process which includes setting goals, implementation of the goals, control and response actions. If your company is unable to control implementation of the set goals, it would be fair to think that it'll never reach them,' says AKS-Labs.
If your company ticks these boxes, you need a balanced scorecard to help you manage or measure performance.
There you have it: If you need more information regarding a balanced scorecard, or on how to implement it in your company, check out the Labour Law for Managers Loose Leaf Service.