A walkthrough of building a balanced scorecard for your organization. The speaker covers setting objectives, choosing strategic measures, and using collaborative tools to make it work across your team.
If you are looking for a complete example of the balanced scorecard, you have certainly come to the right place. When you're really starting out to create your strategy, you're going to ask yourself, what are we trying to do? What are we trying to accomplish? Those statements are going to be your objectives. Then you're going to create your measures. Those measures, the quantitative pieces that will inform how well you're doing and achieving your goals. Finally, you'll have initiatives, and those are your projects or different things that you're taking on to help you improve your overall strategic plan and improve your results. When coming up with your objectives, you're going to look closely at your mission statement and your vision statement, and oftentimes your purpose statement. You'll be able to see those important strategic objectives and determine which ones fit correctly with your business. Now, there might be a lot that you're trying to accomplish, but with strategy, it's just as important to determine what objectives you're not going to pursue as it is to determine what objectives you are going to pursue. We often see that the objectives or the goals can come relatively easily. But sometimes organizations get caught up on the measures. You will sometimes fall into the trap of trying to track measures just because you have data available. Or you might say, oh, well, we always have tracked this. But a lot of those measures end up being more operational in nature. When really what you're looking for are strategic measures and it might take a little bit of time to get it right. You know, it's always okay to start executing your strategic plan, looking at measures and then tweaking and changing those measures as time goes on. Do keep in mind that just because you have the measure doesn't mean it's necessarily strategic and doesn't mean that it belongs to your strategic plan. When you're looking to bring your strategic plan to life, you're going to want a tool that will help you do that. First off, you need something that's really easy to use. You don't want to create any additional friction when it comes to organizational buy in. And an easy to use, simple tool will alleviate that friction. Most importantly, you're going to want to be able to produce quality reports, potentially in several different formats. So can you create a PDF report? Can you export things into PowerPoint? Could you put things into Excel that you needed to? Are you able to create a web link that could bring someone to a report? It's also critically important that it promotes cloud collaboration. Right? It's not something that just gets done by the strategy office. It's supposed to get done by the entire organization. Having a tool that allows everybody to log into it, use the tool and report on that strategic plan is absolutely critical for collaboration and buy in and ultimately for your success.
