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Many managers are wondering why balanced scorecard system failed to link operational management with strategic goals. One of the most common myths about balanced scorecard is that this system can do magic and turn an ordinary company into a successful business giant. Well, this is not so, to put it mildly. Balanced scorecard can be extremely effective for the company only in case it is properly implemented and maintained. If the company management or its personnel is not ready to use balanced scorecard all the efforts to implement this system will be futile. Please remember that balanced scorecard implementation is a very complex and rather expensive process.

It is also important to know when your company needs implementation of balanced scorecard and if it needs balanced scorecard at all. There are a number of signs indicating that a company should get balanced scorecard implemented. Of course of these a general signs and the situation should be analyzed individually in every case. But they work for all companies in general, more or less. What are these signs?

• Personnel has no clear understanding of the company strategic goals
• Company management devotes little time to strategic planning or does not participate in strategic planning and all
• Companies in the holding or corporation do not have effective feedback and communication system
• There is no operational control in the company, so no one really checks how tasks are performed.

But what is more important is awareness that the company (as well as its personnel, midlevel and top management) is really ready to use balanced scorecard. It goes without saying that the company should have personnel to deal with BSC and the time to devote to balanced scorecard. BSC is run by people, so these people should be well educated on this system.

AKS-LABS offers free questionnaire on balanced scorecard for employees and managers to test their knowledge. The questionnaire covers most important issues on balanced scorecard. Questions mostly concern general issues on BSC, key performance indicators, strategy maps and strategic goals. This is core knowledge of balanced scorecard so if the company personnel has weak understanding of BSC this system is unlikely to work effectively.

Are you ready to use Balanaced Scorecard in your company?

It would be good to mention that questionnaire on balanced scorecard will be helpful for employees at all levels, from auditory office clerks to top managers.

Check out free questionnaire from AKS-LABS

Find more on BSC questionnaire here

Check you knowledge on BSC

Many top managers mistakenly think that implementation of balanced scorecard is a simple process and expect fast results from this system. Balanced scorecard is often viewed as kind of an magic tool that solve all problems in the company and turns a mediocre business into an international corporation. Well, this is not so. Balanced Scorecard requires serious investments of time, money and efforts. The company, its management and personnel should be ready to implement and use this system to reach strategic goals. That’s why, it is very important that those who are in charge of implementing balanced scorecard are well educated on this issue you and ready to use it.

Templates on Balanced Scorecard is a great learning tool

First and foremost, the company has to clarify its strategic goals. This is the most important stage as without clear strategy balance scorecard will turn into a useless pile of documents, tables and charts.

Developers of BSC designer offer their customers free and bait products that provide users with additional information on balanced scorecard. We have already talked about training course on BSC from AKS-LABS. This time you can enjoy the free product which is that collection of templates on balanced scorecard.

These templates can be used to draw a strategy maps for the company, clarifies strategic goals, measures, response actions etc. The templates are offered in power point and pdf extension, so users of free to choose the suitable one.

The strategy map in templates covers four perspectives: financial, customers, internal processes, learning and growth. It is possible to fill in own KPI, measures, objectives, targets and initiatives. As a result the full and comprehensive company strategy map will be made.

Templates also include screenshots of BSC designer, in particular excel with BSC designer. This will give users and those interested in balanced scorecard a general idea on how the system works.

Check out free templates

Download free BSC templates

Much has been said about Balanced scorecard system, and of course much will be said about this great tool to evaluate business performance and approach company to its strategic goals. At the same time balanced scorecard is quite a complex tool, although it uses seemingly simple evaluation methods. One of the greatest advantages of balanced scorecard is that this system started evaluating non-financial indicators, also called KPI. Creators of the system claim that in order to achieve financial success one should do much on the operational level. That’s why it is important to evaluate operational KPIs. Ideally, every employee in the company should understand his contribution to fulfillment of tasks and reaching of the strategic goals.

It is not easy to implement balanced scorecard. Moreover this is quite a lengthy and expensive process, especially for big companies. Before implementing balanced scorecard one needs to take into account me humorous factors and accomplish many things.

It is highly recommended that your company or people who are in charge of balanced scorecard implementation undergo special training or a scuff or professional assistance. Education and training is always good and the business world, and balanced scorecard is not an exception here.

Buy BSC training course

It is very important to get support and advice from experts in balance scorecard and people who have designed the relevant software. You have a good chance of learning many new things and having me humorous questions about balanced scorecard answered by purchasing training course from AKS-LABS. The course is available at this page.

So, what will you learn from the corps? First of all it needs mentioning that the course is divided according to implementation stages of balanced scorecard. This means that you won’t hear some complex things before you have got simple things explained. The course covers such issues as designing scorecard and learning basic things about the system, implementing scorecard and starting points, selecting a set of winning KPIs and determining the right number of them, designing strategy maps and cascading balanced scorecard.

Sure, the course will not give answer to the question “how to make a business successful.” At the same time you’ll certainly learn many useful tips on the use of balanced scorecard. The course is very easy to comprehend as the speaker uses at very clear and simple language even when talking about complex things concerning business management and strategic planning.

Stages of BSC implementation