5 points to your balance scorecard
April 21, 2014 The NonProfit Times
Grantland Rice wrote that the big scorecard would show not who won or lost but how everyone played the game.
During the Integrated Marketing Virtual Conference for Non-Profits, sponsored by the Integrated Marketing Advisory Board (IMAB), Mark Lukowski of the Christian Children’s Fund of Canada and Heather McLean, a strategic consultant with hjc, emphasized the concept of using a balanced scorecard to show everyone how to play the game.
The balanced scorecard, which Lukowski and McLean said is used by 50 percent of Fortune 500 companies and the armies of the United States and the United Kingdom, is a strategic planning and management system to align business activities to the vision and strategy of the organization, improve internal and external communications and monitor organization performance against strategic goals. In other words, making sure everyone in the organization, including stakeholders, knows about the mission and operations of the organization.
How does an organization go about implementing a balanced scorecard? By keeping these steps and strategies in mind:
- Clearly communicate the mission and vision of the organization;
- Translate the vision into achievable goals;
- Link the vision to individual performance by establishing specific tasks for each person involved;
- Identify the objectives and performance indicators to measure success; and,
- Provide a way to interpret the metrics and to adjust the organization’s strategy based on the feedback.