Using Balanced Scorecard to Drive Performance in Small and Medium Enterprises
AbstractThe new Balanced Scorecard has revolutionized the way that Business has been formulated and executed. A natural evolution that builds on the success of the first version of Balanced Scorecard in the beginning of the nineteen’s. With the development of the BSC including the Strategy Mapping has been the subject of recent books, articles and discussions. This discourse has greatly raised practitioner awareness and interest in the value of integrated strategic scorecard systems by focusing on what these tools are, why companies adopt them and by providing high level implementation frameworks and examples from practice. As a result of the increasing challenges that companies face today to remain competitive, the comprehensive scope of the BSC makes it the management method of choice for small & medium size enterprises (SME). A purely financial view is no longer sufficient for enterprises. The Balanced Scorecard is a revolutionary performance measurement system that allows SME to quantify critical intangible assets, such as people, information and culture. The BSC in line with the strategy allows companies to describe the links between intangible assets and value creation so all aspects of strategy can be implemented in a manner that ensures sustained value creation. The BSC allows managers to align investments in people, technology and organization capital for the greatest impact. Realizing the full power of BSC initiative calls on top managers to commit to describing and communicating their Business in a way that will guide decision making away from a short-term focus on financial figures.
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Bibliographic InfoArticle provided by University of Economics, Prague in its journal Ekonomika a Management.
Volume (Year): 2012 (2012)
Issue (Month): 1 ()
Postal: Redakce Ekonomika a management, Vysoká škola ekonomická v Praze, nám. W. Churchilla 4, 130 67 Praha 3
Find related papers by JEL classification:
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- L22 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Organization and Market Structure
- M10 - Business Administration and Business Economics; Marketing; Accounting - - Business Administration - - - General
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