Business Score Card

Business Score Card

Introduction

The success of the company depends upon the strategic decisions and strategic actions that are taken by the employers and managers of the company. The companies who take effective and efficient strategic measures are more likely to attain the highest positions in the market. The competitive advantages are attained by those companies who have the set the competitive strategic approaches in their management processes.

Various approaches are adapted by the various companies in order to run the businesses in strategic way for the long term success and growth of the businesses. In order to have the effectiveness of various used management approached, the companies use various types of performance measurement tools. Among these approaches is the balance score card. It is the most commonly used tools by many companies. The companies use balanced scorecard as a strategy performance management tool in order to keep the track record of their business performances. The activities that are executed are analyzed with the help of balance score cards in order to have the proper control on the management activities and actions. The tool used by the management monitors the consequences and the results that arise as the result of the strategic actions and planning. The balance score card is the strategic planning and management tool that assist the organizations and industries in keeping the track record on their business performances and assist them in monitoring and handling their activities for the better and more effective and efficient performances. The balance score card is providing many benefits to the organizations. The companies, with the help of it create the most effective policies and procedures that affect their businesses in the more positive ways. The balance score card system also assists the companies in maintaining and improving the internal and external business communication systems and it allows the companies to implement better monitoring systems to gauge the performances of the business operations and the business management. With the help of this performance management tool, the companies can have the clear vision and strategic tools and can give better performances for the strategic goals.

The balance score card system is the most enhanced and beneficial management tool. This tool was developed by Robert Kaplan and the David Norton. Their efforts in the area of business management has provided the organizations and managements with the tools and procedures that provides the frame work to the companies to their performance of business operations that are related to financials and also to measure the performances that are not related to the financials. This effective performance measure tool has given the managers and the executives of the companies the more enhanced and balanced view of the performances of all the aspects of the business operations. The following section aims at discussing the balance score card in more detail and it also aims at providing the implications and the advantages and disadvantages of the balance score card tool proposed by Robert Kaplan and the David ...