Question

What action can I take to improve my balanced score card and use the information to ensure management make good decisions

Answer 1

Ans- Balanced scorecard - Balanced scorecard is a performance management tool used by the business entities which helps in increasing their productivity from time to time. It is one of the most influential ideas in business over the past seven decades which are being used by companies and industries. It is being used by both profits as well as a non-profit organization. The balanced scorecard is a type of strategy which is being used by the business firms and it helps the business in various ways-

1 It helps in communicating at different levels of hierarchy and in turn, improves the business performances.

2 It gives a clear picture of what a firm or business is trying to accomplish.

3 It helps in day to day operation which clear strategy.

4 Helps in measuring performance and targets achieved.

This balanced score helps in improving business performances and management goals if it is utilized effectively. There are various ways through Balanced scorecard will be improved which in turn helps improving management performances and in decision making. The ways through Balanced scorecard can be improved-

1 Stong Leadership- To achieve any goal within a firm or business company needs a strong leader to higher for the project who can get the job done everything else is secondary

2 Start with Strong content - Before implementing anything the first step is to make the right content and strategy which should be clear and concise. The balanced scorecard should be well designed which reflects the company's vision, goals and strategy clearly.

3 Prioritize your goals - Balanced score can have different goals which cannot be accomplished in the first year so first, prioritize the goals which need to be accomplished first to achieve the final goal.

4 Creating a strong Team- It is very important to select the right employees who have the proper skill set and business understanding which will help in the implementation of goals and strategy mentioned in the scorecard.

5 Proper monitoring - It is important to keep proper monitoring of the targets which are being accomplished or not within the time frame. also, the records of the day to day operations should be maintained which will help the management to make the right decisions later on.

6 Communication- A proper communication channel is necessary at different levels of hierarchy with the management to effectively solve the queries, problems don't wait till the end It will also help the management to take a wise decision.

7 Performance evaluation - It is important to evaluate the performance from time to time which gives the management a clear picture where they are heading. This can give a company a boost in its performances.

These the ways through which business entities can help in improving their Balanced score and can gather lots of information which will help them in improving their performances and make sure management makes the right decision