Tag Archives: balanced scorecard

Become A True Leader And Guide Your Team Towards Their Goals

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One of people’s most common career goals is to reach the top management. And to achieve this, people undergo leadership trainings to help develop their leadership skills. The common initial thought would be that these seminars and courses are similar to typical classroom discussions, but that is the common misconception. These leadership programs may range from executive retreats to courses similar to MBA programs in business schools. Regardless of your choice, you will be able to learn strategies and trainings that will help you paddle your way towards your goal.

Why is there a need for you to develop your skills as a leader? Every group needs a leader, a mentor and a guide. Although being one is not the easiest task, the fulfillment and satisfaction one can gain from successfully leading a group towards the top matches no other feeling. But before one may effectively perform this role, he must hone his skills and potentials, and learn the different leadership strategies and styles. A motivational strategy may wok work differently for different people, and it is important that one learns the different styles appropriate for a given situation, or a given group of people.

Most companies and organizations offer leadership development program scholarships. These programs may be held on-site, or online, and focus on issues that leaders must not only know about, but must learn to implement as well. Many brilliant minds learn from textbooks quite well, but fail a great deal in the real world due to their lack of skills in implementation. Topics such as results based leadership, strategic thinking and balanced scorecard are some of the top priorities to be learned, and to be applied. Skills such as listening and critical thinking are some of the top targets to be understood and developed. Only when one fully understands the concept of leadership can he steer his entire team towards the correct path.

The path to leadership has been commonly misunderstood to mean a competition, but it is not a race to reach the top. Only a true leader understands that leadership is not all about “I” being on the top. As a matter of fact, it is not a self-serving principle, and is quite the opposite. Leadership is about becoming part of a team, sharing their goals and achievements, listening to their ideas, helping them become a better worker and a better person, and leading them towards success.

The Balanced Scorecard Concept In The Modern Business Setting

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The balanced scorecard concept is one of the most popular strategic planning and management systems these days. And there are good reasons for its popularity. Not only does it seek a balanced between and among the different facets of the business, it is also a good reminder for business owners and executives to not overlook certain parts of the business operations. But what does this concept really mean? And where did it start? Its roots can be traced back to the early part of the mid-20th century although the most intensive study on it did not come into play until the early 1990s.

Drs. Robert Kaplan and David Norton are recognized to be the fathers of the balanced scorecard concept. It was them who were the first to give serious efforts in designing a strategic planning and management system that does not only focus on one part of the business to achieve strategic success. And since then, the concept evolved from being a simple performance management tool into a fully-developed strategic planning and management system that can transform the strategic plan of the organization from being a mere attractive yet passive piece of document into marching orders for the entire organization on a daily basis.

Simply put, the balanced scorecard concept does not only place emphasis on financial measures. It also takes into account the different targets set for the other aspects of the business or organization, namely: customer relationship or satisfaction, internal business processes, and learning and growth. This focus on both the financial and non-financial sides of the business paved the way for organizations to develop more effective plans for improvement.

For example, some organizations view team building courses as mere ways to waste precious time, effort and money. However, this strategic planning and management concept views team building courses in a different way. Team building courses are ways to develop and strengthen teamwork among the members of the organizations, which can lead to more successful execution of marching orders and better chances at achieving organizational goals and objectives.

It can be quite helpful for business leaders and executives to learn more about the balanced scorecard concept and how this can be effectively introduced, adopted, and observed in their organization. In this way, their organization can become a leader in their own field, with good chances of achieving success in their different strategies and goals. And the end results can also be quite positive, as there are satisfied customers, sound financial standing, well-trained employees, and effective and efficient internal business processes.

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A Closer Look Into The Balanced Scorecard Concept

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It is quite important for organizations to turn their strategic goals and objectives into reality. And over the years, they have devised many different ways on how they can get the organization closer to its goal. We have seen organizations succeed and fail at reaching their objectives and perhaps, many have us have this bigger question: what makes an organization succeed in its efforts? What are the indicators of a successful organization? Business experts refer to the answer as a balanced scorecard. And more than just being a descriptive term for success, this word is a tool used in strategic performance management. And in time, it has evolved into a formula or framework for success.

To most business experts, a balanced scorecard is more than just a tool for strategic performance management. It is also a structured report based on a proven design of methods and automation tools. These can be used by organizational leaders and managers in monitoring the activities of employees, as well as the consequences that might arise from such activities.

There are several other kinds of tools to encourage and measure performance, like results based management that promotes the development of a results leadership group, but the balanced scorecard concept has emerged to be one of the most popular and effective in modern-day organizations. Perhaps one reason for its popularity and effectiveness is the value it gives to financial, as well as non-financial measures. These measures are then compared to target values using concise reports. In some organizations, there might be some confusion in the reporting part because some leaders view the reports as replacements for traditional operational and financial reports. However, these reports must be viewed as summaries that can give the management relevant information, depending on the kind of manager reading or reviewing it.

Some might think it is complicated to implement this kind of concept in an organization. Others believe that this concept follows strict guidelines and the littlest mistakes can spell disaster. What many of these leaders and managers do not know is that the concept has evolved over the years and it has become more flexible and more effective.

These days, several business leaders, executives, and managers are pushing towards the idea of having a balanced scorecard in their organization. And indeed, this concept has changed a lot that it can now fit a good range of organizations and methods based on this concept are now easier to design and use.