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Casual Articles - Building A Top - Level Balanced Scorecard
Federal Trade Commission; over regulation, who does it help?Why is the Federal Trade Commission harassing the Franchising Industry? Their new rulemaking ploy to gain notoriety and status is obviously another agency attempt to spotlight themselves in the media to look like they are doing something. This helps the FTC with keeping their large budget going and the tactics of PR and puffery are well known to those industries that are regulated by the FTC. The latest franchise rulemaking going on now is just more over regulation and thumb, keep in mind that day-to-day tactical or line-level quality measures should be contained in lower level, “cascaded” scorecards. The final step in building a top-level Balanced Scorecard is to identify initiatives that will address critical areas of underperformance. Initiatives are time-specific projects with identified start- and end-dates that should be aligned to critical underperforming measures or objectives. These help close the gaps and turn red or yellow stoplight indicators green. A few best practices to remember:
- Perspe
Discovering The Benefits That Hook Your ProspectBenefits! They're what marketing is all about. No doubt you've heard the mantra over and over: "Benefits, not features.. Benefits, not features."So how do you tell the difference, anyway? And how do you choose which ones will get your prospect's heart pumping?First, let's set the parameters: A feature is a raw fact about your product or service. You're open from 9 a.m. to 9 p.m. Your widget slices, dices, and then folds flat. Your cleaning service uses Che A Top-Level Balanced Scorecard is a great tool to summarize an organization’s top objectives that stem from its Strategic Planning process. The tool has more than a decade of application and proven results, so a well-deployed Balanced Scorecard is a sure way to provide focus, accountability, communication, and a predictable way to achieve strategic goals.The first step in building an organization's top-level Balanced Scorecard is to copy elements from its strategy map, if one has been created. A strategy map is a simple, visual depiction of an organization’s highest-level strategic objectives, grouped into high-level focus areas, called perspectives. These groupings should take the organization’s key "stakeholders" into account. The four most common perspectives that frame a company's strategic objectives are Financial, Customers, Internal Processes, and Learning and Growth. These may be modified to reflect different or additional stakeholders. Perspectives become “buckets” into which the high-level objectives fit on both a strategy map and on a top-level Balanced Scorecard. Objectives are the eight to ten most critical organizational goals from the current year's strategic plan. They take the form of short verb-noun statements. For example, an objective under the "Customers" perspective could be "Improve Customer Satisfaction." These critical objectives may often be derived from a “SWOT Analysis,” which uncovers key Strengths, Weaknesses, Opportunities, and Threats that should be addressed. The next step in building the scorecard is to identify measures that will best determine if the company is on track to achieve each objective. Measures, also called Key Performance Indicators (KPIs) or metrics, are the one to three strategic indicators of success per objective. Using the example objective above, "Improve Customer Satisfaction," a company could measure "Average Customer Satisfaction Score," plus one or two additional proven indicators for this objective, such as “Product Return Rate” and “Number of Customer Complaints.” The measure should also have a specified goal or target. By comparing actual performance data to this goal, a Stoplight Indicator can be triggered, which provides a quick visual reading – typically a red, yellow, or green arrow – of each measure’s current status. Key to a good top-level scorecard is maintaining focus. By adhering to the maximum numbers of objectives and measures suggested above, focus will be clear. To help achieve these rules of thumb, keep in mind that day-to-day tactical or line-level quality measures should be contained in lower level, “cascaded” scorecards. The final step in building a top-level Balanced Scorecard is to identify initiatives that will address critical areas of underperformance. Initiatives are time-specific projects with identified start- and end-dates that should be aligned to critical underperforming measures or objectives. These help close the gaps and turn red or yellow stoplight indicators green. A few best practices to remember:
- Perspec
Order FulfillmentChannels of distribution are the most powerful element when talking about order fulfillment. The main function of this element is to find out appropriate ways through which goods are made available to the market. It is a managerial function and hence proper decisions are to be taken in this matter before commercial production begins.When the product is finally ready for the market, it has to be determined what methods and routes will be used to bring the product us areas, called perspectives. These groupings should take the organization’s key "stakeholders" into account. The four most common perspectives that frame a company's strategic objectives are Financial, Customers, Internal Processes, and Learning and Growth. These may be modified to reflect different or additional stakeholders.Perspectives become “buckets” into which the high-level objectives fit on both a strategy map and on a top-level Balanced Scorecard. Objectives are the eight to ten most critical organizational goals from the current year's strategic plan. They take the form of short verb-noun statements. For example, an objective under the "Customers" perspective could be "Improve Customer Satisfaction." These critical objectives may often be derived from a “SWOT Analysis,” which uncovers key Strengths, Weaknesses, Opportunities, and Threats that should be addressed. The next step in building the scorecard is to identify measures that will best determine if the company is on track to achieve each objective. Measures, also called Key Performance Indicators (KPIs) or metrics, are the one to three strategic indicators of success per objective. Using the example objective above, "Improve Customer Satisfaction," a company could measure "Average Customer Satisfaction Score," plus one or two additional proven indicators for this objective, such as “Product Return Rate” and “Number of Customer Complaints.” The measure should also have a specified goal or target. By comparing actual performance data to this goal, a Stoplight Indicator can be triggered, which provides a quick visual reading – typically a red, yellow, or green arrow – of each measure’s current status. Key to a good top-level scorecard is maintaining focus. By adhering to the maximum numbers of objectives and measures suggested above, focus will be clear. To help achieve these rules of thumb, keep in mind that day-to-day tactical or line-level quality measures should be contained in lower level, “cascaded” scorecards. The final step in building a top-level Balanced Scorecard is to identify initiatives that will address critical areas of underperformance. Initiatives are time-specific projects with identified start- and end-dates that should be aligned to critical underperforming measures or objectives. These help close the gaps and turn red or yellow stoplight indicators green. A few best practices to remember:
- Perspe
Deciphering PPC Search Engine MarketingWhile there are many ways to market online, pay per click search engine marketing remains popular and effective. But if you’re a rookie, don’t start out alone. You need some training before you begin.Signing up for a pay per click search engine can be a bit scary. You are asked for your financial and personal information so they can get paid for your advertising. Unlike shopping online, where you understand what you’re purchasing, immediately, you are asked t or example, an objective under the "Customers" perspective could be "Improve Customer Satisfaction." These critical objectives may often be derived from a “SWOT Analysis,” which uncovers key Strengths, Weaknesses, Opportunities, and Threats that should be addressed.The next step in building the scorecard is to identify measures that will best determine if the company is on track to achieve each objective. Measures, also called Key Performance Indicators (KPIs) or metrics, are the one to three strategic indicators of success per objective. Using the example objective above, "Improve Customer Satisfaction," a company could measure "Average Customer Satisfaction Score," plus one or two additional proven indicators for this objective, such as “Product Return Rate” and “Number of Customer Complaints.” The measure should also have a specified goal or target. By comparing actual performance data to this goal, a Stoplight Indicator can be triggered, which provides a quick visual reading – typically a red, yellow, or green arrow – of each measure’s current status. Key to a good top-level scorecard is maintaining focus. By adhering to the maximum numbers of objectives and measures suggested above, focus will be clear. To help achieve these rules of thumb, keep in mind that day-to-day tactical or line-level quality measures should be contained in lower level, “cascaded” scorecards. The final step in building a top-level Balanced Scorecard is to identify initiatives that will address critical areas of underperformance. Initiatives are time-specific projects with identified start- and end-dates that should be aligned to critical underperforming measures or objectives. These help close the gaps and turn red or yellow stoplight indicators green. A few best practices to remember:
- Perspe
Investing on Your Business CardsBusiness cards are given after meeting a potential client to better know the nature of a business and a note on how to contact you. The usual size for a business card would be 2 x 3.5 and can be printed in gloss, with a softer gloss, UV with ultimate shine and matte with a smooth dull finish.Maximize the use of your business cards by using it as a promotional tool as well. Besides putting your name and your contact information in it, why don’t you use some of tha measure "Average Customer Satisfaction Score," plus one or two additional proven indicators for this objective, such as “Product Return Rate” and “Number of Customer Complaints.” The measure should also have a specified goal or target. By comparing actual performance data to this goal, a Stoplight Indicator can be triggered, which provides a quick visual reading – typically a red, yellow, or green arrow – of each measure’s current status.Key to a good top-level scorecard is maintaining focus. By adhering to the maximum numbers of objectives and measures suggested above, focus will be clear. To help achieve these rules of thumb, keep in mind that day-to-day tactical or line-level quality measures should be contained in lower level, “cascaded” scorecards. The final step in building a top-level Balanced Scorecard is to identify initiatives that will address critical areas of underperformance. Initiatives are time-specific projects with identified start- and end-dates that should be aligned to critical underperforming measures or objectives. These help close the gaps and turn red or yellow stoplight indicators green. A few best practices to remember:
- Perspe
Ethics of OutsourcingMany times, business organizations encounter the dilemma of ethical decision making. “If a CIO says ‘I've never faced an ethical issue’, they're not living in the real world," says Larry Ponemon, chairman and founder of the Ponemon Institute, a security and privacy research think tank based in Arizona.Though business relationships are more economic in nature, their moral and ethical dimensions have an equal impact on profitability. When it comes to the ethics of thumb, keep in mind that day-to-day tactical or line-level quality measures should be contained in lower level, “cascaded” scorecards.The final step in building a top-level Balanced Scorecard is to identify initiatives that will address critical areas of underperformance. Initiatives are time-specific projects with identified start- and end-dates that should be aligned to critical underperforming measures or objectives. These help close the gaps and turn red or yellow stoplight indicators green. A few best practices to remember:
- Perspectives, objectives, measures, and initiatives should all be aligned with the strategy to ensure that the correct road map will be followed.
- Only the critical few (eight to ten) objectives should make it onto the top-level Scorecard and no more than three measures should be tracked for each objective.
- Finally, a single, top-level scorecard will not drive results. Scorecards must be cascaded down and across the organization to really see results.
For information on cascading Balanced Scorecards, please visit www.activestrategy.com.
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