The is a popular strategic framework for businesses that want to take a more holistic approach rather than just focus on their financial performance. It was designed by David Norton and Robert Kaplan in the 1990s, it’s used by companies around the globe to: Align their team’s daily work with their company’s strategy Prioritize products, services, and projects Monitor their progress toward their strategic goals Your balanced scorecard will outline four main business perspectives:
Customers or clients, meaning their value, satisfaction, and/or retention Financial, meaning your effectiveness in using resources and your financial performance Internal process, meaning your business’s quality and efficiency Organizational capacity, meaning your organizational culture, infrastructure and technology, and human resources With the help of a strategy map, you can visualize and communicate how your company is creating value. A strategy map is a simple graphic that shows cause-and-effect connections between strategic objectives.
The balanced scorecard framework is an amazing tool to use from outlining your mission, vision, and values all the way to . You can use an integration like Lucidchart to create strategy maps for your business.
