Business Analysis Toolkit

You can find several preformatted balanced scorecards or BSCs just about everywhere. By making such a search on the Internet, any search engine would give you numerous results for this. Usually, these preformatted BSCs would present to you an approximation of how you should systematize your operations. However, getting one of these preformatted balanced scorecards and then hoping what you get will work for your company all boils down to blind faith. Chances are, that preformatted scorecard will not do your company much good at all. It would definitely be much better to work your way into developing a scorecard all on your own, and this means you should do some balanced scorecard research first before you jump the gun and put up a BSC that is worth using.

Ever since we made our first steps into school, we have learned that doing research will do us a lot of good. The same goes when you are in the arena of developing balanced scorecards. The first thing to do here is to have a goal, something to aim for. Being an enterprise, you cannot just say that your main goal, as a company, is to earn a lot of money. Let us face it: everyone on this planet would very much like to earn a lot of money so this goal does not really set your company apart form the rest.

A more realistic goal would be that you aim for your company to expand in five years’ time, by putting up two more branches for your coffee shop, for instance. To accomplish this goal, you would need to do a lot of research. You need to study marketing aspects, such as competition and consumer response, for instance. You also need a lot of technical know-how because you may have your fair fill of espresso machines and the like. But what about construction? Are you confident enough that you can tackle the construction of these two additional outlets competently? To do this confidently, extensive research is entailed. Plus, there is the hiring aspect, in terms of employee skills, staffing, the works.

As you can see, there really is an imminent need to do some research before you put up a balanced scorecard that outlines that goal you want to achieve in five years’ time. You need to study both internal and external conditions so that you can make the right decisions when plotting out your scorecard. Determining the strategies to implement, the resources that are needed, as well as the assigning of different identified tasks, all these would have to be tackled as well. Not only that, for you still need to do extensive research about your products. Opening new outlets should entail new and exciting changes, right? The better way to do this would be to develop new products to welcome the new outlets! To do that, you need to study your market, determine what kind of new product would be a hit with them. This should be plotted onto your BSC as well, as part of your long-term goals.

Balanced scorecard research is definitely a must – that you cannot deny. Be sure to conduct research before releasing your BSC for your company.

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