Strategic Planning

Strategic Plan, Part III: Balanced Scorecard

BUS 475

March 25, 2013

Mark

Strategic Plan, Part III: Balanced Scorecard

The Relaxation Hut needs to design and implement a balanced scorecard to be able to assist in being able to define the organizations values, mission, vision and SWOTT analysis. The balanced scorecard is “A set of four measures directly linked to a company’s strategy: financial performance, customer knowledge, internal business processes, and learning and growth” (Pearce & Robinson, 2009). I will cover the four perspectives in this paper, financial performance, internal business processes, financial performance and growth will all be discussed as they directly relate to the Relaxation Hut’s mission, values, vision and finally the SWOTT analysis.

Shareholder Value/Financial Perspective

According to "What Is The Balanced Scorecard?" (2013),”The balanced scorecard retains traditional financial measures. But financial measures tell the story of past events, an adequate story for industrial age companies for which investments in long-term capabilities and customer relationships were not critical for success. These financial measures are inadequate, however, for guiding and evaluating the journey that information age companies must make to create future value through investment in customers, suppliers, employees, processes, technology, and innovation." The Relaxation Hut will first look at the asset utilization, increased net revenues, customer satisfaction, minimizing store production along with reaching financial stability.

One good way to measure the listed items is to monitor the earnings per share, revenue growth, operating costs, return on capital and the return on interest. Using the objectives and performance measuring, The Relaxation Hut can achieve the overall goals that were defined in the original vision and mission statement.

Customer Value Perspective

The Relaxation Hut is a new establishment in the downtown area and...