Strategic Plan Part III Balanced Scorecard
Strategic Plan Part III Balanced Scorecard Before opening its doors, a company must employ researchers and marketers to create new ideas or products that will make his or her company stand out above competitors and get the attention of consumers. Management will come up with a strategic plan on the direction of the company, which will include a balanced scorecard. According to Pearce and Robinson, (2009) "The balanced scorecard is a set of measures that are directly linked to the company 's strategy and was developed by Robert S. Kaplan and David P. Norton in order to direct a company within its long-term strategies with tangible goals and actions " (p. 202). A balanced scorecard includes detailed information regarding the strategic goals of an organization for shareholders and investors. An organization is required to evaluate their performance in four key categories. The four key categories are financial perspective, customer value perspective, internal operations perspective, and growth perspective. These sets of measures are linked to the company’s strategy to link their long-term goals with tangible goals and actions (Pearce & Robinson, 2009, p. 202).
Financial Perspective “Shareholder value or financial perspective includes strategic objectives in area such as market share, revenues and costs, profitability, and competitive position.” The financial objective of Divine Pride Residential Home’s is remain committed to cost efficiency while improving the company’s competitive position. Divine Pride’s mission to provide competent, innovative, and quality healthy living for the elderly. To achieve the company’s mission and strategic financial objective, Divine Pride must remain focus on revenue growth by expanding revenue opportunity. With expansion plans in the next five years the company; ensure that fundamental training and development for new employees are in place.
Customer Value Perspective “Customer value perspective includes strategic objectives
Financial Perspective “Shareholder value or financial perspective includes strategic objectives in area such as market share, revenues and costs, profitability, and competitive position.” The financial objective of Divine Pride Residential Home’s is remain committed to cost efficiency while improving the company’s competitive position. Divine Pride’s mission to provide competent, innovative, and quality healthy living for the elderly. To achieve the company’s mission and strategic financial objective, Divine Pride must remain focus on revenue growth by expanding revenue opportunity. With expansion plans in the next five years the company; ensure that fundamental training and development for new employees are in place.
Customer Value Perspective “Customer value perspective includes strategic objectives
References: Olsen, E. (2008, December 8). Balance Scorecard. Retrieved October 2, 2013, from My Strategic Plan: http://mystrategicplan.com/resources/balanced-scorecard-2/ Pearce, J. A., & Robinson, R. B. (2009). Strategic Management: Formulation, Implementation and Control (11th ed.). New York, NY: McGraw-Hill.