Question

For each of the following businesses, what are four nonfinancial measures that might be useful for helping management evaluate the success of its strategies?

__ Grocery store

__ Hospital

__   Auto manufacturer

Law office

_   Coffee shop

__   Movie theater

YOUR TASKS

1.       YOU HAVE TO PICK UP ANY ONE BUSINESS FROM ABOVE AND DRAW UP A BALANCE SCORE CARD AS SHOWN BELOW.ANY EFFORT TO COPY FROM OTHER WORK WOULD RESULT IN CHEATING OUR OWN SELVES AND LIMITING GROWTH OF MIND. (5)

2.       YOU HAVE TO MAKE ATLEAST TWO COMMENTS ON BALANCE SCORE CARD MADE BY OTHERS IN THE DISCUSSION TRAIL.DO NOT CRITICISE BUT RATHER SUGGEST WAYS TO IMPROVE. (5)

Answer 1

The four Non-Financial measures of Balance Score Card by Kaplan & Nortan are:

1. Financial Perspective - How do we appear to shareholders?
2. Customer Perspective - How do our customers view us ?
3. Learning & Growth Perspective - How do we continue to improve & create value?
4. Internal Business Perspective - At what process should we excel ?

This is how Balance Scorecard can be applied to a Movie Theatre:

1. Financial Perspective - In this the theatre should aim at increaing it's sales by offering extra facilities like booking tickets online etc. Also, it should aim at reducing cost which in return would increase the profitability of the Theatre.
2. Customer Perspective - This can be acheived by enhancing the customer experience at the theatre which could be done by investing in high quality surround speakers, comfortable seats etc. Also, the premises should be kept cleaned.
3. Learning & Growth Perspective - Best employees should be hired or employees should be given on the job training. The perfomance of employees should be monitored on regular basis. Also, Bottom UP Approach should be implemented in planning which means employees should be made part of the planning and Budgets as they are aware of the targets which can be achieved.
4. Internal Business Perspective - Customer feedback should be taken and work on those negative feedbacks. Customer help lines should be started for online ticket facilities.