How To Optimize Strategic Planning With The Balanced Scorecard Approach
Strategic planning allows you to put your best foot forward on the road to success. But, without a means of measuring performance along the way, you can only guess as to the efficiency of your travels.
While financial reports can provide insight into certain key performance indicators, they can’t tell you the whole story. You also need a means of measuring non-financial, qualitative performance to get a balanced, big-picture view of your ongoing strategies and processes. That’s where the balanced scorecard approach comes into play.
The Art of Effective Operational Planning
Traditionally, strategic and operational planning have been approached separately. But, this has proven problematic. More often than not, a strategic plan with well-defined goals, strategies and objectives can quickly become overly complex and confusing if the way it’s being operationalized and implemented isn’t clear or aligned with your strategy.