The balance scorecard: an introduction

Hello readers, today I will be writing about the balance scorecard. The balance scorecard helps measure business performances. It looks at 4 different perspective of the business, they are the financial perspective, the customer perspective, the learning and growth perspective and the internal perspective.

The financial perspective looks at financial data such as sales revenue, cost and income to understand the financial performance of the business. Customer perspective measures the degree of success in satisfying customers. The quality and price can be used to determine customer satisfaction; feedback are also gotten from customers to know if their needs are being met.

Learning and growth perspective sees how business responds to changing circumstances. It looks at how employees are being trained, and how they use the knowledge obtained to create a competitive advantage for the company. The internal perspective looks at how efficient the business systems and procedures are; if goods are being manufactured well.

The balance scorecard can be used to achieve the goals of your business. It has its root in 8 different objectives which are a balance between short range and long range objectives, employee attitude, market share, personnel development, product leadership, productivity, profitability and public responsibility.

Thank you for reading this article. Keep checking out my blog regularly. Cheers!

Comments

Eid Mubarak

Hope you have a good one

Evil: Lekki Central Mosque

Asalam alaykum There are mosques and there are evil places that call themselves mosques, Lekki central mosque is one of those places such an evil place. The so called chief imam Ridwan Jamiu is also fake. A mosque, they have two floors. I thought women where suppose to be upstairs and men downstairs. Yet, he allowed women to be entering the part where men enter, seeing women and men walking and passing through the same door. Women praying downstairs with no division between men and women. When I asked him about it, he said it is allowed. How is that allowed. Islam does not encourage the mixing of different sexes. Where ablution is done in the female part is sometimes dirty, when you are suppose to do ablution in a clean place.The toilets there were dirty and they face the qibla. Toilets are not meant to face the qibla according to Islamic law. There is one toilet there that did not face the qibla. A pit latrine, which i find odd why would there be regular toilets and one pit latri...

The world of competence

Hello readers. Today, I will be writing about competence. Competence is the ability that enables a company or an individual to deploy its resources effectively. It is neccessary for a company to have a competence target in all its business activities so as to deliver value to its customers. This will help create a competitive advantage for the company. Competencies must provide value to customers. It must be unique or able to develop greatly or be better than that of competitors. New products and services must be able to be developed as a result of the competence. It must be difficult for other competitors to obtain or imitate. Continually producing high quality products can make a company become a market leader (which is a core competence) as it provides a company with a competitive advantage. With high quality, higher prices can be demanded by the company from customers and the company will also be able to gain the loyalty of the customer. Innovative products whe...

Islam and Business Finance

Search This Blog