Balanced Scorecard (BSC)
Balanced Scorecard (BSC)
By SmartDraw.com
A balanced scorecard allows a company to translate a strategic vision into action by creating metrics for the company’s Financial, Customer, Internal Business Processes, and Growth perspectives.
Typical Uses
Managers use balanced scorecards to communicate measurable goals and vision to a team or company.
Best Practices
- Determine the vision. Decide what your vision or overall, eventual goal is. Place the name of this in the center of the page in some way that will draw attention to itself, (i.e.: In a bold font or inside a small circle.) After all, it is the whole point of the diagram.
- Determine the metrics for each perspective. For each category or perspective, add specific information about objectives, measures, initiatives, and targets.
- Connect each piece. Link each part using arrows.
- Share. Use your balanced scorecard to communicate to your company or team what their part in the overall vision is.
- Measure. Get feedback on the present status of your vision from team members, observe trends in performance over time, and reevaluate your measures and objectives over time based on such feedback and trends.
About SmartDraw.com
SmartDraw.com is the creator of SmartDraw, the world’s most popular business graphics software and the first program that makes it possible for ordinary computer users to create presentation-quality business graphics in minutes. Each year more than two million people install and use SmartDraw and the company counts more than half of the members of the Fortune 500 as loyal customers.
Founded in 1994, SmartDraw.com is privately-held and based in San Diego, CA. In addition to SmartDraw 2008 for general business and home use, the company also offers SmartDraw Healthcare and SmartDraw Legal editions which include graphics and applications unique to their respective fields. For more information on the company or to download a free trial of SmartDraw, please visit www.smartdraw.com.
