Why visualise performance?
13 November 2017
How many of us read our 40-page business plan after it has been written? I expect none of us do, unless we are the author, or we are the CE.
There are many stories I can recount where we have gone looking furiously for our plan; found it – blew off all the dust and cobwebs; and in horror realised we had completely disregarded our goals and strategies; and now find ourselves unlikely to meet our KPI’s!
So, how do we ensure we remain focused on our goals, purpose, and achieve our tasks to meet our KPI’s? And, how do we bring staff with us and show them where, and how they fit into the bigger picture?
Introducing the Balanced Scorecard
Simple! By using the Balanced Scorecard framework which is a visual illustration of your business plan and ongoing performance.
The Balanced scorecard is a powerful framework which distills the comprehensive business plans down to one A3 sheet of paper. It highlights:
- The big picture showing the vision, purpose, and value proposition,
- Cascading down to the four or five platforms of Learning and Growing, Internal Processes, Marketing Competitiveness, Customer, and Financial,
- It outlines strategies and shows what success looks like, and how to achieve success using measurements or KPI’s, and
- It identifies one key initiative to action and drive the plans forward.
Finally, the Balanced Scorecard has been around since the early 1990’s and I believe is still highly relevant, particularly in this time of disruption. We need to see our plans daily so we can adjust, ensure we have key insights and shape our decisions accordingly.