The Balanced Scorecard Management System was created by Robert S. Kaplan and David P. Norton in 1996. With a Balanced Scorecard you have the ability to take a holistic snapshot of your business based on the performance of key indicators or areas of importance.
It is very easy to implement a Balanced Scorecard and it can be used to great effect during your employee assessments and motivational meetings. This tool can be used in any type of business and can be refined for each level of the business (from ground level up to executive level).
In this guide we will be looking at the creation, implementation and effective use of a Balanced Scorecard System in a business environment.
Before you start creating a Balanced Scorecard you need to list the main targets or goals that you want to achieve in your business. The scorecard should be aligned to these targets for maximum effect. If you do not know what it is that you want to achieve in your business you can not measure your performance!