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Last updated on 2024年10月18日

How do you adapt and update your balanced scorecard in a dynamic environment?

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A balanced scorecard (BSC) is a strategic management tool that helps you align your goals, measures, and initiatives across four perspectives: financial, customer, internal processes, and learning and growth. But how do you keep your BSC relevant and effective in a dynamic environment where markets, customers, and competitors change rapidly? Here are some tips on how to adapt and update your BSC to respond to changing conditions and achieve your desired outcomes.

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Mohammed Abazer

Co-founder & CEO at Grillo | Founder & CEO at Cap10 Partners LLP | Entrepreneur
Mohamed Fadlalla

Accountant || Real Estate & Property Management Finance

1 Review your strategy map

Your strategy map is a visual representation of how you create value for your stakeholders through your BSC perspectives. It shows the cause-and-effect relationships between your objectives, measures, and initiatives. You should review your strategy map regularly to ensure that it reflects your current vision, mission, and values, as well as the external and internal factors that affect your performance. If you need to revise your strategy map, you should involve your key stakeholders and communicate the changes clearly and consistently.

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Mohammed Abazer

Co-founder & CEO at Grillo | Founder & CEO at Cap10 Partners LLP | Entrepreneur
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Regularly review your strategy to ensure alignment with market changes. Update performance metrics to reflect current objectives and use data to identify areas needing adjustment. Involve stakeholders for insights and adapt strategy map perspectives (financial, customer, internal processes, learning, and growth) to match new priorities. Treat the balanced scorecard as a living document, iteratively refining it to stay relevant. Communicate all changes to ensure everyone is aligned. This continuous, flexible approach helps the scorecard remain an effective guide in a dynamic environment.

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2 Monitor your performance indicators

Your performance indicators are the metrics that you use to track your progress and results in each BSC perspective. You should monitor your performance indicators frequently to identify any gaps, trends, or anomalies that may require your attention or action. You should also evaluate the validity and reliability of your data sources, methods, and targets. If you need to change your performance indicators, you should align them with your revised objectives and initiatives, and ensure that they are SMART: specific, measurable, achievable, relevant, and time-bound.

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3 Update your initiatives and action plans

Your initiatives and action plans are the projects and activities that you implement to achieve your objectives and improve your performance in each BSC perspective. You should update your initiatives and action plans regularly to ensure that they are aligned with your strategy map and performance indicators, and that they have adequate resources, timelines, and responsibilities assigned. You should also monitor the execution and impact of your initiatives and action plans, and adjust them as needed based on the feedback and learning from your performance indicators.

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Mohamed Fadlalla

Accountant || Real Estate & Property Management Finance
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- Updating initiatives and action plans can be a fun and energizing process! - It is about keeping your team aligned, well equipped, and moving toward shared goals. - By regularly updating based on performance, you create a positive, collaborative environment where every adjustment feels like a step closer to success. - Celebrate progress and make it a joyful part of your company’s growth.

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4 Engage your stakeholders and employees

Your stakeholders and employees are the key drivers and beneficiaries of your BSC. You should engage them in the process of adapting and updating your BSC to ensure that they understand, support, and contribute to your strategy and goals. You should also communicate your BSC updates and results to them in a transparent and timely manner, and solicit their feedback and suggestions for improvement. You should also recognize and reward their achievements and efforts, and foster a culture of learning and innovation.

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5 Seek external input and benchmarking

Your BSC is not an isolated tool that operates in a vacuum. You should seek external input and benchmarking from your customers, suppliers, partners, competitors, regulators, industry experts, and best practices to gain insights and perspectives on your performance and opportunities. You should also compare your BSC with other organizations or frameworks that share similar goals or challenges, and learn from their successes and failures. You should also be open to new ideas and trends that may affect or enhance your BSC.

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6 Conduct periodic reviews and audits

Your BSC is a dynamic and evolving tool that requires periodic reviews and audits to ensure its quality, relevance, and effectiveness. You should conduct periodic reviews and audits of your BSC at different levels and intervals, such as quarterly, annually, or whenever there is a significant change in your environment or strategy. You should use a systematic and rigorous approach to assess the strengths and weaknesses of your BSC, and identify the areas for improvement or innovation. You should also document and report your findings and recommendations, and implement them accordingly.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Carlos Roberto Kassai

Software: SBPL - Strategic Budget Plan | Plano Or?amentário | Custos | Pricing | Relatórios Gerenciais | Capacita??o em Controladoria e Finan?as
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O Sr. Kenji Nakata - úinico em vida dos criadores do famoso sistema dos 5S (cinco censos), ao levá-lo em nossos clientes buscava sempre nos indicadores: as suas famosas "bocas de jacarés". Perguntado a ele o que seria isso (aliás para sua esposa brasileira, que é sua intérprete da lingua japonesa para o portugues), dizia: busque em todos os indicadores e gráficos as bocas de jacarés, ou seja: o bom funcionamento sempre mostra uma linha de tendência sem grandes mudan?as. quando há uma grande mudan?a brusca, em forma de boca de jacaré, interceda rápido para tomas as devidfas providências. Importante: mesmo que seja uma mudan?a rápida positiva, desconfie, e cheque se houve um grande investimento para explicar isso.

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How do you adapt and update your balanced scorecard in a dynamic environment?

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1 Review your strategy map

2 Monitor your performance indicators

3 Update your initiatives and action plans

4 Engage your stakeholders and employees

5 Seek external input and benchmarking

6 Conduct periodic reviews and audits

7 Here’s what else to consider

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