Building the - 05/27/11 Matt H. Evans, CPA, CMA, CFM 1...

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Unformatted text preview: 05/27/11 Matt H. Evans, CPA, CMA, CFM 1 Building the Building the Balanced Scorecard Balanced Scorecard 05/27/11 Matt H. Evans, CPA, CMA, CFM 2 Introduction Introduction Balanced Scorecards provide a framework for communicating strategy in operating terms (measurements and targets). You must communicate strategy in operating terms if you expect people to execute on your strategy. When people are asked about strategy, they reach for their balanced scorecard. 05/27/11 Matt H. Evans, CPA, CMA, CFM 3 Agenda Agenda This slide presentation will outline the major steps for building a balanced scorecard. How you execute these steps will depend upon many factors: Company culture, tolerance for change, leadership, etc. However, please try to follow the same sequence, focusing on the strategic maps. 05/27/11 Matt H. Evans, CPA, CMA, CFM 4 Overview Overview Balanced Scorecards are constructed from strategic maps Throughout the process, we will refer back to these maps, making sure everything is linked. This is very important since we want to capture a cause and effect relationship in building the scorecard. 05/27/11 Matt H. Evans, CPA, CMA, CFM 5 Why the Balanced Scorecard Why the Balanced Scorecard Improves how you communicate strategy Superimposes a discipline whereby you capture cause-effect; otherwise you create pockets of under-performance. Also forces you to think about strategic measurement as opposed to tactical or operating type measurements 05/27/11 Matt H. Evans, CPA, CMA, CFM 6 Start with Strategy Start with Strategy Begin with your strategic plan what things are critical to future success? Focus on customers what values will we add to our customers Define the processes how will we deliver these services to our customers Build the organization what capabilities must we put in place 05/27/11 Matt H. Evans, CPA, CMA, CFM 7 Strategic Goals Strategic Goals The first components of your strategy are goals. Strategic goals establish direction in concrete terms. Strategic goals anchor the rest of the process. Strategic goals should fit with the vision and mission of the organization. 05/27/11 Matt H. Evans, CPA, CMA, CFM 8 Goal Attributes Goal Attributes Very short statement Directly relates to the mission Broad in scope Covers long time period (such as 3 years) Examples:- Improve Customer Service- Leverage Core Competencies- Develop more innovative products 05/27/11 Matt H. Evans, CPA, CMA, CFMMatt H....
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Building the - 05/27/11 Matt H. Evans, CPA, CMA, CFM 1...

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