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Using Balanced Scorecard to Drive Performance in Small and Medium Enterprises

Author

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  • Giuseppe Santagada

Abstract

The 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.

Suggested Citation

  • Giuseppe Santagada, 2012. "Using Balanced Scorecard to Drive Performance in Small and Medium Enterprises," Ekonomika a Management, University of Economics, Prague, vol. 2012(1), pages 15-27.
  • Handle: RePEc:prg:jnleam:v:2012:y:2012:i:1:id:155:p:15-27
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    Citations

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    Cited by:

    1. Mădălina Gabriela ANGHEL & Constantin ANGHELACHE & Daniel DUMITRESCU, 2016. "Investment funds and portfolio of loan guarantees as financial steps proposals to support innovative Small and Medium Enterprises," Theoretical and Applied Economics, Asociatia Generala a Economistilor din Romania - AGER, vol. 0(3(608), A), pages 119-126, Autumn.
    2. Mădălina Gabriela ANGHEL & Constantin ANGHELACHE & Daniel DUMITRESCU, 2016. "Investment funds and portfolio of loan guarantees as financial steps proposals to support innovative Small and Medium Enterprises," Theoretical and Applied Economics, Asociatia Generala a Economistilor din Romania - AGER, vol. 0(3(608), A), pages 119-126, Autumn.

    More about this item

    Keywords

    Strategy; Small & Medium Enterprises; Entrepreneurs; Value Management; Leadership;

    JEL classification:

    • L21 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Business Objectives of the Firm
    • L22 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Organization and Market Structure
    • M10 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - General
    • M21 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Economics - - - Business Economics

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