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Balanced Scorecards

What is a balanced scorecard? A balanced scorecard represents a set of key performance indicators that drive your vision and strategy, and include financial and nonfinancial measures. If you still are only focused on only short-term financial results, you may find it very difficult to invest in areas that allow you to achieve a unique position in your market. Nonfinancial measures such as customer satisfaction or speed to market are becoming integral parts of forward-looking companies’ reporting.

BALANCED SCORECARD GURUS RELEASE NEW BOOK. Robert Kaplan and David Norton released a new book recently called “The Strategy-Focused Organization, How Balanced Scorecard Companies Thrive in the New Business Environment.” This takes to the next level the Balanced Scorecard with a close integration with strategic focus and alignment. Five principles are outlined based on their research:

1. Translate the strategy to Operational Terms
2. Align the Organization to the Strategy
3. Make Strategy Everyone’s Everyday Job
4. Make Strategy a Continual Process
5. Mobilize Change through Executive Leadership

Although iDashes does not believe the Norton and Kaplan way is the only way (it is a very rigorous process for organizations committed to a major change effort), we believe most of the concepts presented are excellent targets for all organizations to strive to achieve. They also make you think and question ways to improve your management approach, which is always good! Buy this book now through Amazon.

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