Getting started with Balanced Scorecards?

Everything you need to know to get rolling.

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The Balanced Scorecard is a proven strategic methodology that drives value for organizations of all types and sizes.

 

Here are some of the most common questions that people ask us about Balanced Scorecards.

What is a Balanced Scorecard?

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What is a Strategy Map?

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What is a Strategic Objective?

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What is a Strategic Initiative?

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What is a Strategy Meeting?

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What is a Strategic KPI?

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What is a Balanced Scorecard?

At the highest conceptual level, the Balanced Scorecard is a framework that helps organizations translate strategy into operational objectives that drive behavior and performance.

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Balanced-Scorecard-Perspectives-min

 

Strategy Map and Pyramid

 

What is a Strategy Map?

A strategy map translates the organizational vision into concrete, actionable objectives. The strategy map acts as the "title page" for your strategy meetings, providing a broad direction that can easily be communicated as a one-page document.

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What is a Strategic Objective?

Strategic Objectives are action statements that provide a broad strategic direction for the organization. A well-crafted Internal Process Objective might sound something like, “Execute proactive and consistent account management.”

 

strategic-objective-diagram

 

Where are you in your strategy journey?

With 25+ years working with customers to craft and execute winning strategies, ESM has a tons of valuable experience.

 Explore our workshops, training and implementation services designed to help you rapidly apply strategy principles and achieve breakthrough results!

 

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What is a Strategic Initiative?

A Strategic Initiative is an investment of resources dedicated to accomplish an organizational Objective.  They are clearly scoped change projects that close the gap between the current and desired performance levels.

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What is a Strategy Review Meeting?

How do you run a strategy review meeting? Regular reviews of your business strategy are the critical mechanism that ensures time spent formulating your strategy was not wasted.  These meetings set a recurring cadence to review performance and empower the team to take the next step of execution. 

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strategy review timeline

 

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What is a strategic KPI?

Strategic Key Performance Indicators are the quantitative illustration of an Objective’s performance. KPIs help answer the question, “Are we accomplishing our Strategic Objective?” By defining the KPIs and their respective targets, the organization:

  • Clearly defines success
  • Provides means to monitor objective progress
  • Drives behavior towards a desired target

 

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