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Strategically aligning family and business systems using the Balanced Scorecard

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  • Craig, Justin
  • Moores, Ken
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    Abstract

    We take an integrated approach to align issues that influence the family and business, systems. Using innovation action research (Kaplan, 1998) we illustrate how the Balanced Scorecard, that includes reference to family business challenges can be introduced and used to assist family, members, board members and management in a third-generation Australian family-owned business. The process of scorecard development is discussed and the development of the core essence, vision, and mission statements, strategic objectives, measures and targets, which can be scrutinized by family, business stakeholders to ascertain consistency with the vision of the company, is outlined. We suggest, that, in the family domain, the BSC assists in the education of, and communication among, family, members. From a business system perspective, the BSC is a useful tool to link and align the family with, the business, and this too has benefits in communication and education terms. A conceptual mapping, framework is introduced and propositions that will guide future projects are detailed.

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    Bibliographic Info

    Article provided by Elsevier in its journal Journal of Family Business Strategy.

    Volume (Year): 1 (2010)
    Issue (Month): 2 (June)
    Pages: 78-87

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    Handle: RePEc:eee:fambus:v:1:y:2010:i:2:p:78-87

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    Related research

    Keywords: Balanced Scorecard Strategic planning Strategy formulation Family business Family dynamics Action research;

    References

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    1. Nordqvist, Mattias & Melin, Leif, 2010. "The promise of the strategy as practice perspective for family business strategy research," Journal of Family Business Strategy, Elsevier, Elsevier, vol. 1(1), pages 15-25, March.
    2. Aldrich, Howard E. & Cliff, Jennifer E., 2003. "The pervasive effects of family on entrepreneurship: toward a family embeddedness perspective," Journal of Business Venturing, Elsevier, vol. 18(5), pages 573-596, September.
    3. Kimberly A. Eddleston & Franz Willi Kellermanns & Ravi Sarathy, 2008. "Resource Configuration in Family Firms: Linking Resources, Strategic Planning and Technological Opportunities to Performance," Journal of Management Studies, Wiley Blackwell, Wiley Blackwell, vol. 45(1), pages 26-50, 01.
    4. Astrachan, Joseph H., 2010. "Strategy in family business: Toward a multidimensional research agenda," Journal of Family Business Strategy, Elsevier, Elsevier, vol. 1(1), pages 6-14, March.
    5. Fama, Eugene F & Jensen, Michael C, 1983. "Separation of Ownership and Control," Journal of Law and Economics, University of Chicago Press, University of Chicago Press, vol. 26(2), pages 301-25, June.
    6. Lloyd Steier, 1998. "Confounding Market and Hierarchy in Venture Capital Governance: The Canadian Immigrant Investor Program," Journal of Management Studies, Wiley Blackwell, Wiley Blackwell, vol. 35(4), pages 511-535, 07.
    7. Anderson, Ronald C. & Mansi, Sattar A. & Reeb, David M., 2003. "Founding family ownership and the agency cost of debt," Journal of Financial Economics, Elsevier, Elsevier, vol. 68(2), pages 263-285, May.
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    Cited by:
    1. Songini, Lucrezia & Gnan, Luca & Malmi, Teemu, 2013. "The role and impact of accounting in family business," Journal of Family Business Strategy, Elsevier, Elsevier, vol. 4(2), pages 71-83.
    2. Tappeiner, Florian & Howorth, Carole & Achleitner, Ann-Kristin & Schraml, Stephanie, 2012. "Demand for private equity minority investments: A study of large family firms," Journal of Family Business Strategy, Elsevier, Elsevier, vol. 3(1), pages 38-51.

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