Balanced Scorecard and Strategy Map Essay

equilibrate Scorecard Part of a system that translates strategy into action. Also, gives a balance view in four perspectives of how well an organization is driving capital punishment and how successful the results be. The four perspectives in the balanced scorecard and strategy present give executives a more balanced view of their organization.Strategy social function Represents how an organization go away follow up its strategy. The Strategy Map shows the objectives needinessed to execute the strategy and casual links between objectives. It can also be a tool for clear communication and help identify the diminutive few metrics to monitor strategic execution.ExamplesThe first of the four aspects contained in the Balanced Scorecard is the Customers. Finding ways to appeal to your customers can be a tough task, but it is one that has to be assessed. For my confederacy, we will take on to differentiate between trying to be the broad differentiator or trying to be the low-cost leader. Customer complaints and concerns can also be an issue, so we will want to monitor and record all of those statements to run into customer satisfaction.In order for us to succeed financially, we tolerate to dress sure that we are presenting ourselves well to our shareholders. Do we want to achieve a certain earnings per share or a certain income human body? Our goal this year may be to break fifty-fifty or reach a certain revenue level. Whichever the case may be, we will gather in to be firm in what we are trying to accomplish. The financial section of the scorecard looks at the companys financial goals and how they are meeting the goals both currently and in the in store(predicate). For my company, it will be the closely important metric because we want to show ourshareholders the exact progress and emersion of the company accurately.Our company will want to continue to grow and have the ability to adapt and improve. In order to do so, we will have to provide deta il metrics to track our growth and expansion if on that point is any. Metrics may include employee retention rates or even the number of training hours for full-time employees. As an organization, it is necessary to adapt to a changing landscape through employee training, learning, and development. With these metrics we can look into the future of the organization, instead of taking a snapshot of how the organization is performing chasten now.To satisfy our shareholders and customers, we can either sell a large quantity of items at a low price or focus all told on a high quality product that comes at a premium price. Both strategies could be effective, but we will only be able to choose one to fulfill the vision of what we want the company to be in the future.The Strategy Map and Balanced Scorecard go hand in hand and are vital platforms that all companies need to be successful. I like to compare it to the checks and balances system that our government has had in place since its birth. The balanced scorecard monitors finances, performance, growth, and vision while the strategy comprise makes sure that all of these metrics are organized and focused towards achieving our companies goals.ReferencesPerson, R. (2013). Accelerating strategic Performace. In Balanced Scorecards & Operational Dashboards With Microsoft Excel (2.nd ed., p. 6, 7, 8). Hoboken, N.J. Wiley .