Balanced Scorecard Bus475

Strategic Plan, Part III: Balanced Scorecard

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BUS/475

January 12, 2012

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Strategic Plan, Part III: Balanced Scorecard

A set of measures that correlates directly to the company’s strategy is called a balanced scorecard. In order to link Land Form’s values with their long-term strategies, goals, and actions; the balanced scorecard is an excellent tool to help formulate this plan. The purpose of the balanced scorecard is to include a succinct definition of the company’s vision and strategy. Bordering the vision and strategy are three additional boxes; each box contains the objectives, measures, and targets for one of the four perspectives: financial, internal business processes, learning and growth, and customer perspectives (Pearce & Robinson, 2009). The term ‘balanced’ scorecard is misleading. The interpretation to add something up and balance something is not the purpose of this management tool; rather it is about translating the vision and strategy into objectives across a balanced set of operating goals for Land Forms Construction. The following illustrates where each key seven areas fall within the balanced scorecard:

Balanced Scorecard Seven Areas

Quadrant 1 “Customer Value Perspective” Competitive Position

Quadrant 2 “Financial” Profitability

Quadrant 3 “Internal Business Process” Quality, efficiency, & safety

Quadrant 4 “Learning and Growth” Employee development

Employee Relations

The balanced scorecard approach helps balance long and short term objectives. Specific measures are identified in this analysis, as well.

Strategic Objectives for Land Forms Construction

Quadrant 1 “Customer Value Perspective”

Quadrant 1 of the balanced scorecard is to identify strategic objectives concerning customer perspective. Strategic objectives for Land Forms Construction in this quadrant (see Appendix A) are:

* Achieve highest level of customer satisfaction

* Maintain customer base

* Provide highest...