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Entrepreneurs Use a Balanced Scorecard to Translate Strategy into Performance Measures

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  • Andra Gumbus
  • Robert N. Lussier

Abstract

Although 50 percent of Fortune 1000 companies currently use a balanced scorecard (BSC), few small businesses are using a BSC. A review of the literature finds no BSC papers in leading small business/entrepreneurship journals. This article begins with a discussion of the BSC and why a small business should use it. Three small to medium‐sized enterprise (SME) case studies are presented, with a copy of their BSC, to illustrate how Hyde Park Electronics, Futura Industries, and Southern Gardens Citrus use a BSC to set strategy and align operations to achieve breakthrough results. Implications are, that like large businesses, SMEs can also benefit from using a BSC. Entrepreneurs of SMEs can use the case studies to develop their own BSC to improve performance. Implications for practice and research are discussed.

Suggested Citation

  • Andra Gumbus & Robert N. Lussier, 2006. "Entrepreneurs Use a Balanced Scorecard to Translate Strategy into Performance Measures," Journal of Small Business Management, Taylor & Francis Journals, vol. 44(3), pages 407-425, July.
    • Handle: RePEc:taf:ujbmxx:v:44:y:2006:i:3:p:407-425
    DOI: 10.1111/j.1540-627X.2006.00179.x
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