Strategic Plan
Strategic Plan, Part III: Balanced Scorecard
Strategic Plan, Part III: Balanced Scorecard
A balanced scorecard is the comprehensive collection of ongoing activities and processes that organizations use to systematically coordinate and align resources and actions with mission, vision and strategy throughout an organization making it a strategic planning and management system. (Balanced Scorecard Institute, 1998-2010). The scorecard exposes financial, customer, employee learning and growth, and internal business process objectives crucial to attaining goals of the vision and mission statements. When establishing such objectives, an evaluation of the company’s vision statement, mission statement, and furthermore, core values is necessary.
A SWOTT analysis can illuminate further objectives a company should address for success. Once a company establishes objectives on a balanced scorecard, the company can begin moving forward with a sound strategy. Regarding Mrs. Fields Cookies Payroll & Benefits, a balanced scorecard is viewable below. A brief explanation of the critical thinking involved in each objective’s creation through an evaluation of Mrs. Fields Cookies vision statement, mission statement, core values, and SWOTT analysis will show why each objective is an ideal factor to act upon for Mrs. Fields Cookies to attain success.
Figure 1 - Adapted from Robert S. Kaplan and David P. Norton, "using the Balanced Scorecard as a Strategic Management System," Harvard Business Review (January-February 1996): 76.
Financial Objectives
Obtaining proof of at least a 10% market share is a crucial foundation in determining whether the business even has any room to compete. Mrs. Fields Cookies acknowledges competition but is confident of its vision to become the best payroll and benefit services provider. However, Mrs. Fields Cookies also knows to attain such a vision, an opportunity must exist. With at least a 10% market share at startup, the company is
Strategic Plan, Part III: Balanced Scorecard
A balanced scorecard is the comprehensive collection of ongoing activities and processes that organizations use to systematically coordinate and align resources and actions with mission, vision and strategy throughout an organization making it a strategic planning and management system. (Balanced Scorecard Institute, 1998-2010). The scorecard exposes financial, customer, employee learning and growth, and internal business process objectives crucial to attaining goals of the vision and mission statements. When establishing such objectives, an evaluation of the company’s vision statement, mission statement, and furthermore, core values is necessary.
A SWOTT analysis can illuminate further objectives a company should address for success. Once a company establishes objectives on a balanced scorecard, the company can begin moving forward with a sound strategy. Regarding Mrs. Fields Cookies Payroll & Benefits, a balanced scorecard is viewable below. A brief explanation of the critical thinking involved in each objective’s creation through an evaluation of Mrs. Fields Cookies vision statement, mission statement, core values, and SWOTT analysis will show why each objective is an ideal factor to act upon for Mrs. Fields Cookies to attain success.
Figure 1 - Adapted from Robert S. Kaplan and David P. Norton, "using the Balanced Scorecard as a Strategic Management System," Harvard Business Review (January-February 1996): 76.
Financial Objectives
Obtaining proof of at least a 10% market share is a crucial foundation in determining whether the business even has any room to compete. Mrs. Fields Cookies acknowledges competition but is confident of its vision to become the best payroll and benefit services provider. However, Mrs. Fields Cookies also knows to attain such a vision, an opportunity must exist. With at least a 10% market share at startup, the company is
References: Balanced Scorecard Institute. (1998-2010). Balanced Scorecard Basics. Retrieved June 6, from http://www.balancedscorecard.org/BSCResources/AbouttheBalancedScorecard/tabid/55/Default.aspx Pearce, J. A. II, & Robinson, R. B. (2009). Strategic management: Formulation, implementation, and control (11th ed.). New York: McGraw-Hill. The University of Tennessee. (n.d.). Performance Evaluation. Retrieved June 6, from http://hr.utk.edu/performance-evaluation/