11 benefits using a balanced scorecard will help you reap

Simangele Mzizi, Fsp Business, 03 Jul. 2014

Tags: balanced scorecard, benefits of a balanced scorecard, what are the benefits of a balanced scorecard, benefits of using a balanced scorecard

The Balanced Scorecard Institute defines a balanced scorecard as a strategic planning and management system used to align business activities to the vision and strategy of the organisation, improve internal and external communications and monitor organisation performance against strategic goals.

There are eleven key benefits you’ll reap when using a balanced scorecard.

Let’s take a look at them…

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Using a balanced scorecard will help you reap these 11 benefits

According to thebalancedscorecard.com, among the long list of benefits of applying a balanced scorecard, these are the most significant:

#1: Strategic initiatives that follow “best practices” methodologies cascade through the entire organisation

#2: You’ll get increased creativity and unexpected ideas for your business.

#3: A balanced scorecard helps align key performance measures with strategy at all levels of the company.

#4: A balanced scorecard provides management with a comprehensive picture of business operations.

#5: The methodology facilitates communication and understanding of business goals and strategies at all levels of the company.

#6: There will be more cooperation: Team members will be more focused on helping each other to succeed.

#7: You’ll get usable results. A balanced scorecard transforms strategy into action.

#8: A balanced scorecard concept provides strategic feedback and learning.

#9: A balanced scorecard provides more open channels of communications. This means your employees will be more enthusiastic when it comes to their jobs.

#10: A balanced scorecard will help you continually measure and evaluate initiatives against industry standards.

#11: A balanced scorecard provides a unique competitive advantage when it comes to decision making, time-frames and business solutions.

There you have it. These are the key benefits of using a balanced scorecard.

PS: If you want to implement a strategic balanced scorecard approach to your performance management system, we recommend you follow these steps and be sure to check out the Practical Guide to Human Resources Management for more information on the subject.

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