FINALwk3_Balanced_Scorecard_Template.docx

BUS/475 v11

Balanced Scorecard Template

BUS/475 v11

Page 2 of 2

Helena Peist,

University of Phoenix

Measures

Targets: Timeline/ Metrics

Increase market share

Total Revenue

Increase 5% in first year

To increase the total yearly revenue

Increase the market shares

by 5% in the next one year

Introduce products to one of the two identified new markets

Conduct research analysis to find best fit

Third Quarter

Reach new audiences in the two identified market.

Market brand awareness and effective products

Reduce the marketing budget by 1% using preexisting campaigns

Customer Objectives	Measures	Targets: Timeline/ Metrics
Increase customer value	Increase profit contribution per customer	Increase 5% in first year
To increase customer value to increase the profit	contribution per customer	by 5% in the first year
To Introduce online retail shops	To reduce the cost of operations and transport	Consolidation and review after 6 months
Go through customer feedbacks	Monthly basis to address issues the customers are facing	Rollup of quarterly findings to address concerns

Internal Business Process Objectives	Measures	Targets: Timeline/ Metrics
Decrease lead times for new contract implementation	Project implementation time frames	Decrease time by 3% in first year
To decrease the project implementation time frame	Review and revise SOP and workflows to adjust the process and fill the gaps	reducing the lead time of new contract by 3% in the first year
Outsource some of the services to subcontractors	Reduce the workloads and costs involved with implementing a project	6-month contracts for revision and implementation
Increase the number of projects handled	Reduction in workloads and revised process implementation creates room for more meaningful work	Increase by 1% during the current financial period

Learning and Growth Objectives	Measures	Targets: Timeline/ Metrics
Decrease employee turnover	Facilitate regular training and opportunities for development	Reduce by 4% in first year
Reward and recognize results achieved by employees at all levels	Create a rewards program with monetary incentives	3 Months
Career development opportunities through promotional advancements	Work with human resources to establish career ladder development and career track checkpoints for promotional opportunities	6 months
Promote internally instead of outsource labor	Increase employee retention by 10%.	Within the next 3 years to evaluate success.

Below, explain in 350-525 words:

Why are the above objectives appropriate for the project?

Financial objective: A strategic financial management approach prioritizes business objectives over short-term gains to drive decision making. In addition to assisting a company with setting and meeting its targets, strategic financial management creates a platform by which it can plan and govern plans to address challenges as they arise (Bright, Cortes, Hartmann, Parboteeah, P., Pierce, Reece, & Shah, 2018). Moreover, it lays out the company's steps to achieve its targets.

Nike's strategic financial manager seeks to identify the most effective strategies to maximize the organization's market value. Additionally, it makes sure the organization's plans are accomplished efficiently so it can achieve short-term and long-term goals and maximize shareholder value. It aims to achieve the business goals of the organization by managing financial resources.

Customer objective: Customer service's primary goal is to answer customers' questions, resolve support issues, earn their trust, and maintain relationships. Companies recognize the importance of customer service, but not all do so. A company must boost its reputation and maintain customer loyalty to improve customer retention and increase sales.

Learning grown objective: Among the primary purposes of the Learning and Growth Perspective is to understand how the company's intangible assets generate value (Niven, 2018). These intangible assets consist of human capital, information capital, and organizational capital

Human capital: For the business strategy to succeed, employees need to have the necessary knowledge and skills. Positions that are critical for strategy execution should be filled with the best people. In other words, these positions should have no skills gap. It may be necessary to employ training, valid selection procedures, and effective succession planning to achieve this goal.

Information capital: The strategy is carried out using information systems, networks, and infrastructure. To achieve the strategy's objectives, IT should be aligned properly with technology.

Organizational capital: Managing change effectively across the organization is essential for delivering the strategy. Leadership teams need to assess their company culture regularly to make sure it aligns with the company's strategy (Bright, Cortes, Hartmann, Parboteeah, P., Pierce, Reece, & Shah, 2018). Otherwise, you might need to adjust how employees are rewarded and supported to align their actions with the company's mission, values, vision, and strategy. Also, the company may need to change the type of candidates it recruits and selects and alter its training program.

Why are the metrics and timeline appropriate?

As of the timeline, the companies usually have financial periods that end after one year, which are subdivided into quarters. Therefore, it is only appropriate to measure progress after one year when the financial period comes to an end (Niven, 2018). The other reason why one year is an appropriate timeline is that the budget is allocated for various company activities each year. So, if the resources were not enough for a given goal, more can be reallocated to that activity. The measures are appropriate for one reason. They are realistic and not very ambitious. The maximum measure has been 5%. This is a very good move.

References

Niven, P. R. (2018). Balanced scorecard step-by-step for government and nonprofit agencies. Hoboken, N.J: J. Wiley & Sons.

Bright, D. S., Cortes, A. H., Hartmann, E., Parboteeah, P., Pierce, J. L., Reece, M., Shah, A., … OpenStax (Nonprofit organization),. (2019). Principles of management.

FINALwk3_Balanced_Scorecard_Template.docx

FINALwk3_Balanced_Scorecard_Template.docx

Helena Peist,

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