The balanced scorecard (BSC).
A balanced scorecard is an instrument that businesses focus for their strategic management as well as planning, with the balanced scorecard, businesses can attain; an effective communication of the goals to be achieved, proper planning and delegation duties, prioritizing the important things in move to attain the business goals and evaluate the progress in terms of goals attainment. (Kaplan, & Norton, 1995). Below is our complete balanced scorecard that will help us put pieces together for the final presentation.
The Learning & Growth Perspective.
The focal aspect of the business will heavily lie on the integration of different resources offered by the various employees that the company will hire. Their contributions as well as their different skills and abilities will bring immense merits to the taskforce of the business. We seek to integrate both financial and human resource to be goal oriented business. To brand the employees to meet the needs of the business management will inculcate their different skills to the direction of the business needs through intensive training and motivation basing on the business financial abilities. The management of the business will be maintained at the high-end, for any business to sail towards goal attainment, a proper and functional management should be in operational.
Business Process Perspective.
In this perspective the choice of our products which is delivery of goods will help the managers to oversee the performance of the business in respect to the choice of products chosen. This perspective shapes the internal view of the business the business. The product chosen can easily change depending on the needs of the customers. As the kind of product chosen will highly depend on the value addition to the customers as well as profitability.
Customer Perspectives
Valuing our customers is one of our core concepts. The satisfaction of our customers is greatest concern. To ensure their queries are addressed, we will appreciate their feedback and act to our level best to let their concerns have a way. We understand a customer who is not satisfied will always seek a better place to buy products this has a negative implication on the business offering dissatisfactory products. We therefore aim at giving the customers the optimum satisfaction regarding costs.
Financial Perspective.
The business will be operating for a profit margin of 60%. This will enable it to survive during the times of shaky economic spells. However, this margin does not make the services offered by the business to be expensive; instead, the business will operate in cost leadership hence maximizing the profit. Periodic analysis of the business financial progress will be carried out. Management is entitled to formulate strategies that will lead to increased sales and reduction of expenses.
1. What are the considerations that you need to be aware of to remain competitive?
To remain competitive in the market the following are considerations.
The business must operate in cost effective practices to sell its products at attractive prices to lure customers.
Another consideration will be the quality of products and services offered. Consumer always seeks to acquire value for amount of money they pay. For any business to remain competitive in the market, is by offering quality products
2. Based on the research and analysis that you have done; can you compete in the market that you have chosen? Why or why not?
Yes. Based on the opportunities in the markets, the inefficiencies of the potential competitors give us an upper hand to operate in costs efficiency as well as offering quality products. Have done market analysis i.e.
3. What primary factors led you to this decision?
The primary factor that motivated this idea was the overwhelming growth in the number of consumer who buy products but are faced with a problem of transportation of the products to their homes especially with growth of online shopping.
4. What would you say to someone who would dispute your position?
I would face the person with facts about my decision as well as its viability.
SWOT analysis can help me to answer a person as it explains the strengths, weaknesses, opportunities and threats of the business.
5. How do you plan on evaluating the global marketplace in the future?
After analyzing the trends at the local market and the business performance, in 7 years’ time, the business will tap into foreign market. The business will have gone global and it can enjoy the global markets.
References
Kaplan, R. S., & Norton, D. P. (1995). Putting the balanced scorecard to work. Performance measurement, management, and appraisal sourcebook, 66(17511), 68.
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