Balanced Scorecard Strategy For Dummies®

Chapter 17. Ten Tips for Balanced Scorecard Success

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• Keeping your focus where it counts

• Zeroing in on leadership and accountability

• Planning and implementing strategies to meet your goals

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Even as you get your Balanced Scorecards going, and everyone starts to see the benefits, your job isn’t over. You’re going to need to continuously sell the Balanced Scorecard idea and help your co-workers pull together to get the most benefit from this powerful tool. If you stick with it, your Balanced Scorecards can help you succeed in adapting quickly to changes in performance, market demands, and new product or service introductions. Not bad, if we say so ourselves! In this chapter, you can find ten of our favorite tips to help you ensure Balanced Scorecard success.

Establish (and Remember) Where Your Company is Headed

Fundamental to the success of any endeavor (big or small) is to first know the direction in which you want to go. Balancing the scoring of a business is no different than arranging a vacation: You have to decide what you want to do, how you will finance it, how you will get there, and how much fun and exciting the process will be.

Like planning a vacation, a business also has to have an idea of what it wants to do, how it will finance and accomplish what it wants to do, and what it will look like in the end. From these key elements, the Balanced Scorecard is formed. In order to keep your company going in the right direction, you need ...