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The balanced scorecard is used as a tool by management to measure the performance of the boutique. The aim of this balanced scorecard is to ensure that all the operations in the boutique are in line with the values, mission, and vision of the boutique. From the SWOTT analysis, we were able to identify the strengths, weaknesses, opportunities, and threats of the business. In the development of this balanced scorecard, we use all the information obtained from the SWOTT analysis to ensure success in the business. The balanced scorecard helps both employees and the management to look at organizational needs and requirements at a different perspective.

Figure 1.0 : The balanced scorecard

The strategic objectives were derived from current outcomes, research, managerial expectations, among other factors that influence the boutique’s performance. The balanced scorecard acts as a platform and catalyst for learning. The objectives were also derived from these questions; what are the common failures in the boutique’s operations? How can the boutique’s performance be measured? Does the boutique meet current demand and costumer needs? Answers to these questions and others came a long way in ensuring that the right strategic objectives were developed for the boutique. In order to link various forms of performance measurement the business is required to critically analyze the mission, values, vision, and the SWOTT analysis. The development of the strategic objective starts with one reflecting on the company’s visions, values, SWOTT analysis, and mission. In this stage, the management is required to scrutinize all factors affecting current performance before developing the new strategic objectives (Fulmer and Goldsmith, 2001). It is very vital for the management to define what is expected in future. In the development of the strategic objectives, it is advisable to consult from colleagues and top managers.

Consultation from top managers is advised, as one is able to know the business expectations in the future. Each business forms its goals and objectives based on the future, usually in term of years. With the organizational strategy in place, management now has the guide to derive its objectives and goals. The corporate strategy guides the management in deriving the strategic goals and objectives in relation to the set durations. All the strategic objectives derived need to be based on learning and growth, clients, financial growth, and processes. The main aim of developing the strategic business objectives is to ensure that the business improves its current performance and profits. The key reason for any individual or group of people to be in business is to increase profits; hence, it is essential to develop the strategic objectives. The balanced scorecard methodology associates each objective with a series of targets and measures. Through the scorecard, each of the developed Goals is achieve in time with a few or no deviations. The balanced scorecard cascades measurements and objectives down to individuals, business units, and even teams.

The goals and objectives to be developed require a clear scrutiny of the SWOTT analysis, mission, vision, and values of the boutique. Failure to match the set objectives with the business’s vision and mission would bring about immense failure. The management has two alternatives in the management of the boutique: either take charge of the boutique’s direction or respond to industrial forces beyond their management. Obviously, taking control of the business is the best alternative, and the way to control the business is by creating realistic objectives. The strategic objectives are aimed at helping the business become competitive in the market (Winslow, 1996). The process of developing the strategic objectives starts with an evaluation of its current performance followed by a prediction of what is expected in the future. The mission statement of the boutique is supposed to define the business’s core in brief. For instance, the mission of the boutique should be to become the best clothing company for the clients. This way all the goals and objectives set will be aimed at ensuring success. The balanced scorecard comes a long way in ensuring that the set objectives are specific, measurable, attainable, realistic, and time bond (SMART). Before deriving the objectives, it is important to evaluate internal factors such as staff, market share, financial resources, and intellectual property.

External factors such as emerging technology, costumer base, economic conditions, vendors, and competitors also need to be analyzed before the derivation of the business objectives. All the information gathered from the SWOTT analysis should be used in the development of the goals and objectives. This helps management to identify the factors that will assist or hinder their ability to achieve all set objectives. The strategic objectives need to have deadlines, this helps to ensure accountability and responsibility. The staff members also need to be divided into group and be in charge of certain objectives. Defining the specific needs that require to be addressed in the strategic objectives makes it easier for all to achieve their tasks. A lot of communication and consultation is required in the process of developing the strategic objectives. After all the strategic objectives are set the next step is to develop the balanced scorecard that acts as a guide to the management on how these objectives will be achieved.

The objectives set will differ based on factors such as size of the business, business vision and mission statements, business target and the industry of operation. Proper organization of the set strategic organization leads to easy and fast achievement of all the goals in time. The balanced scorecard is one of the best approaches towards achieving the strategic objectives. The boutique needs to adopt this approach if they are to succeed in achieving all the set objectives in time.

References

Winslow, W. (1996). Strategic business transformation: Achieving strategic objectives through business re-engineering. London: McGraw-Hill.

Fulmer, R. M., & Goldsmith, M. (2001). The leadership investment: How the world's best organizations gain strategic advantage through leadership development. New York: AMACOM.