Balance Scorecard Training Essay
Balance Scorecard Training
Business: Online Personal Training and nutrition plans called Lose the Fat Girl The Balanced Scorecard is a strategic performance management framework that has been designed to help an organization monitor its performance and manage the execution of its strategy. In a recent world-wide study on management tool usage, the Balanced Scorecard was found to be the sixth most widely used management tool across the globe which also had one of the highest overall satisfaction ratings (Pearce & Robinson, 2009). In its simplest form the Balanced Scorecard breaks performance monitoring into four interconnected perspectives: Financial, Customer, Internal Processes and Learning & Growth.
According to Pearce and Robinson (2009), the financial perspective covers the financial objectives of an organization and allows managers to track financial success and shareholder value. The customer perspective covers the customer objectives such as customer satisfaction, market share goals as well as product and service attributes. The Internal process perspective covers internal operational goals and outlines the key processes necessary to deliver the customer objectives. The learning and growth perspective covers the intangible drivers of future success such as human capital, organizational capital and information capital including skills, training, organizational culture, leadership, systems and databases.
Deriving what the company wants to get done starts with looking at why the company was founded in the first place. Basic principles that the company was founded upon helped drive its past to bring it to a successful present, and sustain the future for years to come. Lose the Fat Girl has a great plan to finish out the 2013 fiscal year on a strong note and even going into 2014 on the right foot would be beneficial to the company as a whole. The goals that were accomplished comparing year-over-year figures reveal that we have set goals to increase overall revenue, shareholder value, and capital interest substantially and our results prove that these were realistic figures that we have set out for ourselves.
There was a 30% increase in revenue compared to this time last year. Increases in shareholder value over the past two years of 15% , a steady average gain each year. Customer retention is at 90% and employee turnover is 0% since the company first started. Lose the Fat Girl is committed to developing personalized fitness programs that will motivate, support, and get each individual to their desired fitness goals by using safe and effective training techniques, for guaranteed results.
The mission statement indicates that the company wants to touch and change people’s lives because it cares which will keep customers training for longer periods of time. The mission statement creates the foundation and is a reminder of the company’s overall purpose: To change people’s lives for the better. Working out has and always will be a problem for many people around the world. A service like this would allow us to reach people anywhere. This mission statement came about because of the need to help people that work long hours and simply need a little help, or push to get back in to shape by creating a lifestyle.
Making training and coaching available to our clients anywhere has made it easier for more people to access our services. Looking at values for the company, we came up with a simple approach that coincides with what our clients ultimately find to be solid values to find in a company they can trust. Forming a strongly rooted client base, strict certification practices being encouraged and mandatory for employees, and even offering products that are going to fit the customer the best way possible are some of the things we encourage.
Follow-ups are critical in making sure the client is happy with the services they are receiving at all times. This will continue a strong pipeline of customers for the future, instill confidence in the customer in knowing they are in the best hands possible, and customers ultimately benefit the best way possible in the end. The idea of the balanced scorecard is simple but extremely powerful if implemented well. As long as you use the key ideas to create a unique strategy and visualize it in a cause-and-effect map, align the organization and its processes to the objectives identified in the strategic map, design meaningful key performance indicators (KPI) and use them to facilitate learning and improved decision making you will end up with a powerful tool that should lead to better performance (Pearce & Robinson, 2009).
Pearce, J.A. II, & Robinson, R.B. (2009). Strategic management: Formulation, implementation, and control (11th ed.). Retrieved from The University of Phoenix eBook Collection database.