Strategic Plan, Part Iii: Balanced Scorecard

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Strategic Plan, Part Iii: Balanced Scorecard
analysis. Consider the following four quadrants of the balanced scorecard when developing your strategic objectives: Shareholder Value or Financial Perspective

Submitted by to the category Business and Industry on 08/16/2010 05:50 PM

Strategic Plan, Part III: Balanced Scorecard

God’s Little Angels Daycare

Crystal Spencer

Student

August 9, 2010

A balanced scorecard is a set of measures directly linked to a business’s strategic planning. The balanced scorecard was developed by Robert Kaplan and David Norton, the balanced scorecard directs a business to link the business own long-term strategy with a tangible goals and actions. In addition, the balanced scorecard allows management of the business to evaluate the business from four perspectives: the financial perspective, the customer’s perspective, the internal business perspective, and the growth, and learning perspective (Kaplan & Norton, 2004).

Once the appropriate objectives such as the business mission and vision is identify, the balanced scorecard will guides the business to develop performance measures and to establish targets, initiatives and alternatives to meet the business goals and pursue the business longer-term visionary development. Management will uses God’s Little Angels Daycare Center to test whether a balanced scorecard method will be appropriate for the foundation of a business plan for childcare strategic business component. In the business environment, a balanced scorecard is often referred to a kind of management system and strategic planning that aims to aligning different business activities to the strategy, mission, and vision of the business. In this way, the different areas of the business and the business operations can be improved, including to the internal and external communications, and organizational, and business performance.

The balanced scorecard theory has been around since the 1900s, and through the years, the balanced scorecard theory has evolved, and viewed more than just as a means to measure performance framework. The balanced scorecard has developed into a full management system and strategic planning. Today the balanced scorecard...

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