BUS 475 Week 3 (1000 words)

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Balanced Scorecard Template

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Background

Strategic objectives are a measure of attaining your vision and mission. They reflect the vision, mission, and values of the business, as well as the outcomes of the internal and external environmental analysis.

Scorecard Areas

Develop at least three strategic objectives for each of the four balanced scorecard areas.

Financial Objectives	Measures	Targets
Increase Market Share	Research ways to decrease operational costs	by 15% in 18 months and revisit the process
	Negotiate collaboration or mergers with smaller competitors	by 5% every year (recalculated)
	Partner with clients for new business	Continue to grow clientele for ad campaigns
Increase Target Market Revenue	Implement upselling techniques	Set obtainable, realistic monthly goals for sales the team
	Revamp branding image	Update brand image and gain feedback from research panelist
	Expand target market by offering trial periods	10% in the next year by offering print trials to new customers
Increase Profits	Increasing employee productivity	10% by ensuring all employees are accountable and reaching deadlines
	Expanding target market	10% by offering VIP subscriptions to new online customers
	Product development	10% by creating new segments, offering subscribers exclusivity to information

Customers Objectives	Measures	Targets
Improve Customer Service	Implement customer satisfaction survey	customer satisfaction by 5% in next quarter
	Customer service rating calls	by 5% in next quarter
	Offering exceptional service throughout client experience	will be reflected in surveys and rating calls every quarter

Customers Objectives (cont)	Measures	Targets
Increased Customer Appreciation	Address customer concerns as soon as they arise	customer satisfaction by 5% in next quarter
	Adjust policies for dissatisfied customers	customer satisfaction by 5% in next quarter
	Maintain honest reporting to keep and cultivate trust	will be reflected in surveys and rating calls every quarter
Increase our Target Market to Increase New Customers	Increase customer retention	rate of attrition by 10% in next the six months
	Offer introductory pricing to new subscribers	10% over the next quarter with new VIP subscriptions based on introductory price
	Offer discounts to customers who refer new customers	referred new customers by 20% over next year

Internal Business Process Objectives	Measures	Targets
Improve Productivity	Implement weekly touch-base with supervisors and direct reports	staff relations by 50% over next year based on employee survey results
	Quarterly staff training	employee engagement by 50% over next year by offering status calls and updates
	Writers QA assessments	writers productivity by assessing the quality of their work through workshops
Create and Maintain a Positive Culture with Employee Buy-In	Motivate staff to solidify employee buy-in	Conduct employee surveys to obtain baseline measurements for all goals
	Encourage Team collaboration for the vision and mission	Each collaborative team will be charged with meeting set goals to show follow through and an increase in productivity
	Implement an employee wellness program	Employee involvement in wellness program by 75% with offering swag, raffles, gift cards, etc.

Internal Business Process Objectives (cont)	Measures	Targets
Metrics of Operation	Conduct monthly staff conference calls with updates	departmental goals by 50% with touch-base conference calls
	Set up and follow Gantt charts to meet all timelines and goals	productivity by 50% over next year by ensuring each department follows its chart
	Pay close attention to internal and external barriers for prevention methods	internal/external barriers by 20% over next year

Learning and Growth Objectives	Measures	Targets
Increase Employee Product Knowledge	Thoroughly train employees on the products/services advertised on our website and in our papers.	Employee knowledge by 75% every quarter based on new client products/services
Increase Opportunities for Collaboration	Start mentorship program which pairs management with staff in other departments	Collaborative activities by 75% with mentorship and training programs to increase cross-training skills
Upgrade Company-wide Technology	Monthly training on software and any technology updates	Overall productivity by 75% over next year with appropriate training of all software and technology systems

Reflection

Assess, in no more than 350 words, trends, assumptions, and risks of Hoosier Media, Inc.’s business model after completing the strategic objectives for each area.

Overall Assessment of Balanced Scorecard

The Balanced Scorecard offers the firm the opportunity to grow, challenge competitors and foster employee engagement. Additionally, it targets decreasing operational costs, increasing revenue and expanding their target market.

Financial Objectives

The financial objectives allow the firm to:

· collaborating with their ad clients to acquire new customers

· create subscription levels that offer discounts at locked-in renewable rates

· upsell and offer discounted print subscriptions to online users, increasing print subscriptions

As with any innovative idea, there is a risk of competitors honing in on these ideas.

Customer Objectives

Meeting customer objectives is necessary to sustain the growth of the firm. It is important that the firm focus on:

· improving customer service

· showing customer appreciation

· gaining new customers

· obtaining feedback through customer surveys and ratings calls to measure satisfaction with our products, services, and the company overall

The assumption is that all customers will complete the surveys; however, Hoosier Media Inc. should set realistic goals and expect about a 60% feedback rate. This can be accomplished by placing a baseline survey on the payment page or subscription form to see what the anticipated expectation is. A service survey can be emailed after six months for feedback.

Internal Objectives

Internal Objectives will focus on cultivating employee buy-in. If the executive and managing teams can show the staff that everyone plays a significant role in the success of the firm, the employees may begin applying the vision, mission, and goal of the firm to their everyday goals. Additionally, the firm will invest in and implement an employee wellness program, showing they value their staff and support their health and wellbeing.

Learning and Growth Objectives

Learning and growth objectives continue to enhance and build upon the skill set of the staff. These opportunities allow knowledgeable staff members to assist customers confidently and prepares them for growth within the firm.

Conclusion

Hoosier Media Inc.’s vision, mission, and goals sharply align with the financial, customer, internal business processes and learning and growth objectives offered in the balanced scorecard in both short-term and long-term goals.