Balanced Scorecard Evolution: A Dynamic Approach to Strategy Execution

CHAPTER 7 Hold Strategy Execution Meetings So Good, People Actually Want to Attend

FROM THEORY TO PRACTICE

A client once shared an acronym I had never heard before: SPOTS. Any guesses? It stands for strategic plan on the shelf. The term is indicative of organizations that go to great and painstaking lengths to develop a strategy, only to have it sit on a shelf or be used to prop up a projector during presentations—fairly ignominious results for the much vaunted strategic plan! The last thing you want is a BSCOTS. Okay, it's not as catchy as SPOTS, but you get the picture.

Developing performance objectives on a strategy map and translating them into measures, targets, and supporting initiatives on a Scorecard, is a challenging task. However, people also find it exhilarating and thought provoking. With the frenetic pace of most organizations, there is precious little time reserved for contemplating high-level strategy and how it will be executed. Creating a Balanced Scorecard system provides that opportunity, that mental fresh air, to reveal a new perspective on your organization. Beneficial and thought provoking yes, but it's still largely an academic exercise. Not until you begin reporting your Balanced Scorecard results does the tool transform from a cognitive simulation into a real business solution.

Every organization will launch the Balanced Scorecard for individual reasons; however, improving results and enhancing accountability are frequently cited. These Scorecard traits ...