Balanced Scorecard Institute
About the Balanced Scorecard
The balanced scorecard is a strategic planning and management system used by organizations to communicate and align around strategy, prioritize, and measure performance. The name “balanced scorecard” comes from the idea of looking at strategic measures in addition to traditional financial measures to get a more “balanced” view of performance. Business, government, and non-profit organizations worldwide use the balanced scorecard system to:
- Break down intangible strategic vision into specific, actionable steps
- Get everyone focused on strategy
- Choose measures that help you achieve tangible results
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Strategic Planning and Management Solutions
Strategic planning is used by organizations to set priorities, focus energy and resources toward agreed upon goals, and assess and adjust the organization’s direction in response to a changing environment. Effective strategic planning articulates not only where an organization is going, and the actions needed to make progress, but also how it will know if it is successful.
We offer consulting and facilitation services that are tailored to each client’s unique needs to help you:
- Organize and assess your current situation by reviewing the trends impacting your organization, and assessing stakeholder expectations
- Establish strategic direction by articulating your organization’s vision, mission, core values and overarching goals
- Examine the important drivers of success and formulate strategies to improve your organizational performance
- Identify and articulate strategic objectives to best reach your vision
- Identify and analyse key performance indicators to measure what matters most
- Improve organizational alignment and strategy communications using the framework that is most appropriate for your situation
- Ensure strategic initiatives and projects are aligned to strategy and designed to drive the right outcomes
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Key Performance Indicators (KPIs)
Key Performance Indicators (KPIs) are the critical (key) indicators of progress toward and intended result. They are performance measures that help you understand if you are achieving your goals. KPIs create an analytical basis for decision-making and help focus attention on what matters most.
Managing with the use of KPIs includes setting targets (the desired level of performance) and tracking progress against that target. Managing with KPIs often means working to improve leading indicators that will later drive lagging benefits. Leading indicators are precursors of future success; lagging indicators show how successful the organization was at achieving results in the past.
Our consulting services are tailored to each client’s unique needs to help you:
- Develop meaningful KPIs
- Evaluate and improve existing KPIs
- Ensure objectives and KPIs are aligned with strategy or operational goals
- Design reports for data-driven decision-making
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Objectives and Key Results (OKRs)
The Objectives and Key Results (OKRs) goal-setting framework is used by organizations that want to engage employees to achieving results. Often associated with technology companies in Silicon Valley (such as Google, Twitter, Spotify, Airbnb, and LinkedIn) or those that focus on Agile methodologies, the OKR model can be used by any sized organization in any sector. OKRs create an analytical basis for decision-making and help focus attention on what matters most.
In the OKR model:
- Objectives capture what you want to accomplish (a broad goal) in a qualitative sense
- Example: Improve the Customer Experience
- Key Results capture/measure how you will accomplish the objective in a quantifiable manner
- Example: 10% increase in our Net Promoter Score by the end of the quarter
- Everyone in the organization sets their own OKRs, from leadership down
- OKRs are set individually but should be aligned with strategy
- All OKRs are shared transparently and reported on a regular cadence, typically quarterly
Our consulting services are tailored to each client’s unique needs to help you:
- Coach employees on developing meaningful OKRs
- Evaluate and improve existing OKR system implementation
- Ensure OKRs are aligned with strategy or operational goals
- Facilitate quarterly performance report meetings
- Design reports for data-driven decision-making
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Strategy Execution
Strategy Execution is the process of implementing the organization’s strategy. It involves activities and processes designed to systematically coordinate and align resources and actions with mission, vision and strategy, enabling organizations to lead and communicate effectively in a climate of teamwork, continuous improvement, innovation, and change. In most organizations, there are gaps between the development of strategy, release of the strategic plan, and its successful implementation. BSI has worked with over 200 organizations worldwide on strategy development and implementation to close those gaps by focusing on five imperatives that are critical to successful strategy execution:
- Strategy Imperatives
- Leadership and Governance
- Aligning and Operationalizing Strategy
- Project/Portfolio Management
- Performance Analysis, Reporting and Informing
- Creating a Performance Culture
Every client’s strategy execution maturity level is different. For this reason, Strategy Execution consulting services are designed to support each client’s unique needs – those who are just getting started to understand their strategy execution capabilities to strategically mature organizations trying to adopt best practices and make continuous improvements to their processes. The end goal is to leave the client with observations, specific recommendations, and tools and techniques that can be applied to improve organization excellence, and to ensure that performance management becomes and remains a formal enterprise capability.
