Balanced Scorecard Success: The Kaplan-Norton Collection (4 Books)

CHAPTER THREE

PLAN THE STRATEGY

THE STRATEGY DEVELOPMENT STEPS described in Chapter 2 are the starting point for strategy execution. Managers performing these steps reaffirm the mission, values, and vision of the organization, assess current strengths, weaknesses, opportunities, and threats, and select a specific course of action to achieve the vision’s targets. But these steps end in word statements that are generally too vague to be implemented successfully. The process to plan the strategy—stage 2 in Figure 3-1—converts statements of strategic direction into specific objectives, measures, targets, initiatives, and budgets that guide actions and align the organization for effective strategy execution.

In this chapter, we address the translation ...