Monday, 13 December 2010

Wot! No Balanced Scorecard.

How many of you have implemented a performance management system such as a Balanced Scorecard?  Few, I expect.  They are a bit 'sophisticated' (and a bit expensive) for most small businesses.

However, it is worth reading up about how the BS works.  Essentially (and I apologise if my 'executive summary' omits some key features) it suggests you take your business strategy (and its aims and objectives), translate them into key success factors (what do you really have to do to be successful), establish goals for each of these factors, and then measure how well you actually do as you progress towards those goals - taking corrective action when you need to in order to remain on track.

Now you are probably doing all of those things in your own way ... but adding a bit of formal structure wouldn't go amiss.

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