Strategic Plan Part Iii: Balanced Scorecard
Strategic Plan Part III: Balanced Scorecard
A balanced scorecard is a method company’s use to measure their performance. It includes objectives, strategies, and tactics. This paper will contain two strategic objectives for each of the four balanced scorecard areas (shareholder value or financial perspective, customer value perspective, process or internal perspective, and learning and growth perspective) for H & R Block. It will also have two strategies for every objective, one tactic for each strategy, and two methods to monitor and control the overall strategic plan for H&R Block.
The shareholder value or financial perspective includes strategic objectives in areas such as market share, revenues and costs, profitability, and competitive position. The first strategic objective in this area for H & R Block is to increase revenue from new customers by 4% within the next three years by acquiring new clients aggressively through strong marketing of free second looks and by providing excellent client service and expertise. All employees will be responsible for providing excellent client service and expertise daily. The next strategic objective is to secure 60% of the tax preparation market segment by 2016 by retaining customers and by offering free simple tax returns to customers. Store managers and tax preparers will be responsible for offering free simple tax returns to customers each time a customer walks through the door.
The customer value perspective includes strategic objectives in areas such as customer retention or turnover, customer satisfaction, and customer value. The first strategic objective in this area for H & R Block is to increase customer satisfaction 2% every year for the next five years by having trained and qualified tax professionals available at all times and by serving the customers with the finest customer service ever. Store managers will be responsible for hiring qualified tax preparers and making sure they are staying updated
A balanced scorecard is a method company’s use to measure their performance. It includes objectives, strategies, and tactics. This paper will contain two strategic objectives for each of the four balanced scorecard areas (shareholder value or financial perspective, customer value perspective, process or internal perspective, and learning and growth perspective) for H & R Block. It will also have two strategies for every objective, one tactic for each strategy, and two methods to monitor and control the overall strategic plan for H&R Block.
The shareholder value or financial perspective includes strategic objectives in areas such as market share, revenues and costs, profitability, and competitive position. The first strategic objective in this area for H & R Block is to increase revenue from new customers by 4% within the next three years by acquiring new clients aggressively through strong marketing of free second looks and by providing excellent client service and expertise. All employees will be responsible for providing excellent client service and expertise daily. The next strategic objective is to secure 60% of the tax preparation market segment by 2016 by retaining customers and by offering free simple tax returns to customers. Store managers and tax preparers will be responsible for offering free simple tax returns to customers each time a customer walks through the door.
The customer value perspective includes strategic objectives in areas such as customer retention or turnover, customer satisfaction, and customer value. The first strategic objective in this area for H & R Block is to increase customer satisfaction 2% every year for the next five years by having trained and qualified tax professionals available at all times and by serving the customers with the finest customer service ever. Store managers will be responsible for hiring qualified tax preparers and making sure they are staying updated