Module 6 Discussions - Accounting In 200 words or more...

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Accounting In 200 words or more, explain how the balanced scorecard can be used at your employer or a previous position you've held. I was lucky enough to be at the beginning stages of a start-up biomedical company a few years back. Although the company did not make it, my time with the company was very beneficial as I learned an extreme amount about business in general and start-ups in particular. Regarding the balanced scorecard of that start-up biomedical company, I was somewhat involved in the creation of the mission and value statements of the company and how they related to the scorecard objectives. Relating to financial (investors), our organization’s vision was to be the number one provider of peripheral nerve repair options. To reach this perspective, our objective was to sustain its competitive market advantage by capitalizing on its experienced and successful management team, its superior technologies, and the large potential for expansion and development in this market. Relating to Learning and Growth (employees), we made it one of our goals to hire only the best and brightest scientific and management team. To reach this goal, we looked across the country for employees to fit into each position and we paid our employees as well as the largest corporations. This, in addition to a very good benefits package and company-paid medical and dental made our company very desirable to work for. Relating to Internal Business Practices, we were able to provide the first distributed peripheral nerve repair option which preserves the nerve extracellular matrix from donated allograft tissue. This may mean nothing to many of you but this process is really a marvel of modern technology. In the future, this technology could very well be used to help a person with a crushed spine walk again. And lastly, relating to Customers, who were the Surgeons of the country, our vision was to provide surgeons with solutions to repair and protect peripheral nerves. We were to do this by competing with the only other currently available option which were plastic conduits. Unfortunately, even though the product was fantastic, the company was not very well run and did not make it. I still believe in the product and the technology and I believe that they both will live on through other
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companies. Through it all, I learned a lot about start-ups and the need for a balanced scorecard.
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