A Balanced Scorecard is used to regularly monitor a business’ success on a number of fronts: Sales Pipeline, Marketing Spending, Client Effectiveness, Process Improvements and Financial Results. With such balanced reporting an organization is really forced to own up to its weak points and take actions. But because a Balanced Scorecard covers so many functional areas, it requires a multi-functional effort, plus high-level sponsorship, to successfully launch the report. One word of advice: resist the temptation to load up a Balanced Scorecard with too many metrics, it is best to keep it to 15 or fewer.
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Resources
- Center for Networking Excellence
- Forbes best small business blogs
- Knowledge at Wharton
- Small Business Blog Directory
- Small business resources at the New York Public Library
- The Crisis of Credit Visualized
- The Tiger Next Door – new documentary
- Ventureneer
News and Views
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