Balanced Scorecard & Strategic Planning
According to research, only 5%
of the workforce understand their company's strategy, only 25% of managers
have incentives linked to strategy, 60% of organizations don't link budgets
to strategy, and 85% of executive teams spend less than one hour per month
discussing strategy – not very good. On top of that, in today’s
organizations, financial numbers no longer
tell the full story. Other perspectives are
required to describe what’s needed to transform innovation and human
capital into real value.
Over the last decade, the Balanced Scorecard has gained prominence as the leading tool in helping thousands of organizations, large and small, translate strategy, align employee action and harness the full power of value creating intellectual assets.
Recognized as one of the seventy-five most influential business ideas of the twentieth century, the Balanced Scorecard is a proven methodology. It has been extensively and successfully applied around the world. This management “tool box” establishes the critical links that turn strategy into action at every level of the organization. And, it translates intangible assets like intellectual capital, customer relationships and innovation into real value that is measurable and manageable. This is an important concept for professional service firms whose value is largely based on its employees and clients.
Critical Questions
- Does your organization have a clearly defined, well-communicated strategy that all employees understand and buy in to?
- Once defined, is effective implementation and focused execution of your strategy a significant concern?
- Is the lion’s share of employee time and effort devoted to activities that drive value for customers or clients?
- Is the source of value in your firm derived primarily from intangible assets like technical expertise and customer relationships?
- Do you have adequate staff resources or are you unsure about staffing needs?
- Do you have an exit strategy for partners and stakeholders?
- Do you have core management processes in place, individual and team goal setting, compensation, resource allocation, budgeting and planning, feedback and learning – linked and integrated – to drive strategy implementation?
- Are you stymied in your efforts to define and measure the value of intangible assets using traditional valuation systems?
Our Services (Coordinated with your executive team)
Phase I: Perform
a Balanced Scorecard Assessment
Phase II: Devise
and implement tools to translate strategy to definable operational terms
Phase III:
Align organization goals, initiatives and measures to the strategy
Phase IV: Create
an integrated organizing framework for managing critical processes. Make
strategy a continual process
Phase V:
Implementation of and coordination of budgeting process with the Balanced
Scorecard.
Phase VI:
Review and evaluation accountability of the organization and its employees.
Make strategy everyone's job.
Phase VII: Develop
individual plans aligned with Balanced Scorecard and overall strategy.
Benefits and Outcomes
Creates
a strategic agenda for your organization - a roadmap for
success.
Builds organizational
commitment to execute the right strategy by having all employees
responsible for goals and objectives that help the organization meet its
strategic objectives.
Provides management
tools to drive strategy implementation and accountability including
budgeting, performance evaluation and compensation systems.
Makes value
creation tangible for all employees.
Brings clarity,
focus and rationality to decision-making.
Gives confidence
that resources will be invested for the greatest return.
Benefits and Outcomes
Strategic Planning Services and consulting on implementation of the Balanced Scorecard are jointly provided by Goff Backa Alfera & Company and Wetzel Consulting . For more information about Wetzel Consulting Services, please visit their web site at www.wetzelconsulting-llc.com.
