business acrobatics

by: Derrick Dutson
Acrobatics:
Business
Using a Balanced Scorecard to measure your success.
R
Robert Kaplan and David Norton, contributors business? Allow me to briefly describe the
to the Harvard Business Review, developed a various perspectives and how they affect
useful tool that many large companies use to the other perspectives, and ultimately how
measure their performance in the marketplace. understanding the scorecard can help you
Their tool, called the “Balanced Scorecard” operate a better business.
measures four business perspectives that they
have determined to be the key components -Customer Perspective
of operating a successful business. These What would we be without customers? It
perspectives lie on a synergistic continuum wouldn’t be hard to guess that none of us
where each component affects all of the other would be in business without customers.
perspectives. If one perspective performs Realistically the Customer Perspective
well, the other perspectives will likely be measures not only how important customers
performing well; however, if one perspective need to be, but also how customers see your
performs poorly, the other perspectives will business. The Customer Perspective places
likely be performing poorly. Kaplan and weight in quality customer service, managing
Norton’s four perspectives in the “Balanced product and brand image, and maintaining
Scorecard” are: The Financial Perspective, good relationships with customers. While
The Customer Perspective, the Innovation & understanding these general concepts
Learning Perspective, and the Internal Business will help you improve your business, it is
Perspective. important to understand that really being able
to measure the customer perspective requires
So what does this “Balanced Scorecard” understanding all aspects of the marketing
mean to you as somebody who manages a mix (product, price, place, promotion).
30 scrapbook business
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