Balanced Scorecard is a comprehensive approach that analyzes an organization’s overall performance in four ways, so that future performance can be predicted and proper actions taken to create the desired future.
Avoiding performance issues ultimately decreases morale, decreases credibility of management, decreases the organization’s overall effectiveness, and wastes more of management’s time to do what isn’t being done properly.
four processes to bind short-term activities to long-term objectives:
MBO involves (1) setting company-wide goals derived from corporate strategy, (2) determining team- and department-level goals, (3) collaboratively setting individual-level goals that are aligned with corporate strategy, (4) developing an action plan, and (5) periodically reviewing performance and revising goals
align company goals with employee goals and give employees real power to make things happen.
Progress on goals and objectives should tell you if you and the organization are on the right track
Employees are encouraged to fix the things they see as wrong and have real power on their jobs.
Management listens to lower level employees and routinely implements their new ideas.
As consultants Robert Heller and Tim Hindle explain, “The principle behind this is to ensure that people know what the organization is trying to achieve, what their part of the organization must do to meet those aims, and how, as individuals, they are expected to help. This presupposes that organization’s programs and methods have been fully considered. If they have not, start by constructing team objectives and ask team members to share in the process.”
“A manager’s job should be based on a task to be performed in order to attain the company’s goals…the manager should be directed and controlled by the objectives of performance rather than by his boss.”
subareas of customers, learning and growth, internal processes, and financial performance
domains such as ‘financial,’ ‘customer,’ ‘internal business processes,’ and ‘innovation and learning’
Translating the vision.
Communicating and linking
ensuring that financial budgets indeed support strategic goals
Feedback and learning
requires that the organization invest in information and in information-gathering capabilities
eadership is tasked with accomplishing things through the efforts of others, an important part of your principles of management tool kit is the development and performance evaluation of people.
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