Balanced Scorecard

What Is a Balanced Scorecard Framework?

A balanced scorecard is a strategic performance management framework that helps organizations define and measure progress toward their long-term goals and objectives. The framework is based upon a set of 4 perspectives:

Financial: To succeed financially, how should we appear to our shareholders?
Customer: To achieve our vision, how should we appear to our customers?
Internal Business Processes: To satisfy our shareholders & customers, what processes must we excel at?
Learning & Growth: To achieve our vision, how will we sustain our ability to change & improve?

The focus of the balanced approach is to connect the organization's strategy to the execution of that strategy, enabling organizations to better understand their performance and adjust course when necessary.

1. Determine the Vision

The company's main vision belongs in the center of a balanced scorecard. Whichever part of your company you look at, you should always keep this goal or vision in mind.

🌅 Vision: Write vision here

2. Add Objectives

Objectives are broad goals that the organization seeks to achieve.

	Objectives
Financial 💸	Objective
Customer 🙍	Objective
Internal Processes 🖇️	Objective
Learning & Growth 🌱	Objective

3. Add Measures

Measures are ways to evaluate the success of an objective’s implementation.

	Measures
💸 Financial	Measure
🙍 Customer	Measure
🖇️ Internal Processes	Measure
🌱 Learning & Growth	Measure

4. Add Targets

Targets are specific levels of performance that need to be achieved in order to meet an objective.

	Targets
💸 Financial	Target
🙍 Customer	Target
🖇️ Internal Processes	Target
🌱 Learning & Growth	Target

5. Add Initiatives

Initiatives refer to specific actions that need to be taken in order to reach an objective or target.

	Initiatives
💸 Financial	Initiative
🙍 Customer	Initiative
🖇️ Internal Processes	Initiative
🌱 Learning & Growth	Initiative