BUS 475 Week 4 Balanced Scorecard Part III

BUS 475 Week 4 Balanced Scorecard Part III

Instructions:

Identify key trends, assumptions, and risks in the context of your final business model.

      Develop the strategic objectives for your new division of the existing business in a balanced scorecard format in the context of key trends, assumptions, and risks.The strategic objectives are measures of attaining your vision and mission. As you develop them, consider the vision, mission, and values for your business and the outcomes of your SWOTT analysis and supply chain analysis.

Consider the following four quadrants of the balanced scorecard when developing your strategic objectives:

Shareholder Value or Financial Perspective, includes strategic objectives in areas such as:

·         Market share

·         Revenues and costs

·         Profitability

·         Competitive position

Customer Value Perspective, includes strategic objectives in areas such as:

·         Customer retention or turnover

·         Customer satisfaction

·         Customer value

Process or Internal Operations Perspective, includes strategic objectives in areas such as:

·         Measure of process performance

·         Productivity or productivity improvement

·         Operations metrics

·         Impact of change on the organization

Learning and Growth (Employee) Perspective, includes strategic objectives in areas such as:

·         Employee satisfaction

·         Employee turnover or retention

·         Level of organizational capability

·         Nature of organizational culture or climate

·         Technological innovation

Develop at least three strategic objectives for each of the four balanced scorecard areas identified (Financial, Customer, Process, Learning and Growth). Your objectives should be selected, in part, based on an evaluation of a number of potential alternatives to the issues and/or opportunities identified in the SWOTT Analysis paper and table you completed in Week 3.

     Base your solutions on a ranking of alternative solutions that includes an identification of potential risks and mitigation plans, and a stakeholder analysis that includes mitigation and contingency strategies. You should also incorporate the ethical implications of your solutions into your selection.

      For each strategic objective, develop a metric and target using a balanced scorecard format. (For example, a strategic objective in the shareholder or Financial Perspective is to increase market share. A metric to actually measure this strategic objective of market share increase is, “The percentage of increase in market share.” The target is the specific number to be achieved in a particular time period. The target for the metric of “Increase market share” could be “Increase market share by 2% for each of the next 3 years” of an increase of 2% per year for 3 years.)

Outline a brief communication plan discussing how you will communicate the company’s strategic objectives that includes the following:

·         Define the purpose.

·         Define the audience.

·         Identify the channel(s) of communication and why you selected that channel.

Write a 1,050- to 1,400-word strategic objectives summary. Include your balanced scorecard and its impact on all stakeholders, and the communication plan.

Format paper consistent with APA guidelines.

PREVIEW

Strategic Plan Part III: Scorecard

To further analyze the strategic goals of Power House Gym, a balance scorecard will be utilized to provide insights to the mission, vision, and values of Power House Gym. What exactly is a balance scorecard? One could say a balance scorecard is a strategic planning management system used to align activities to the mission and statement of an organization. In other words it helps organization to collect realistic information which could be vague or pious. Power House Gym will attempt to organize strategic objectives based on utilizing the balance scorecard.

Financial

    Power House Gym would have to focus on developing its competitive edge and continuously attract new clients to grow and expand thecompany. The goal is obtain a 10% quarterly growth of new clients for the organization, and increase profits by deploying certified physical fitnessexperts, instructors, and nutritionist that could provide guidance to our clients not only about physical fitness but, an overall healthy living. In addition tohaving qualified or certified employees customers of Power House Gym will also include an optional services such personal consultation whether it isface to face or via video conferencing to increase profits. Adding this optional service to our customers will allow them customize their work out andeating habits for a small fee. Additional services should increase customers spending from 10%-25%. Taking advantage of online marketing such as socialmedia will reduce the cost of advertising and allow Power House Gym to stay connected to its current and future client without losing any value with themarketing campaign.