Develop the strategic objectives for your business in the format of a balanced scorecard. A balanced scorecard template will be provided for your use. The strategic objectives are measures of attaining your vision and mission. As you develop them consider the vision, mission, and values for your business and the outcomes of your SWOTT analysis. Consider the following four quadrants of the balanced scorecard when developing your strategic objectives:
• Shareholder Value or Financial Perspective, includes strategic objectives in areas such as:
o Market share
o Revenues and costs
o Competitive position
• Customer Value Perspective, includes strategic objectives in areas such as:
o Customer retention or turnover
o Customer satisfaction
o Customer value
• Process or Internal Operations Perspective, includes strategic objectives in areas such as:
o Measure of process performance
o Productivity or productivity improvement
o Operations metrics
• Learning and Growth (Employee) Perspective, includes strategic objectives in areas such as:
o Employee satisfaction
o Employee turnover or retention
o Level of organizational capability
o Nature of organizational culture or climate
o Technological innovation
Develop at least three strategic objectives for each of the following four balanced scorecard areas identified above (Financial, Customer, Process, Learning and Growth). Your objectives should be selected, in part, based on an evaluation of a number of potential alternatives to the issues and/or opportunities identified in the SWOTT Analysis paper and table you completed in Week Three. Base your solutions on a ranking of alternative solutions that includes an identification of potential risks and mitigation plans, and a stakeholder analysis that includes mitigation and contingency strategies. You should also incorporate the ethical implications of your solutions into your selection.
• For each strategic objective, develop a quantifiable success metric using a balanced scorecard format. (For example, a strategic objective in the shareholder or Financial Perspective might be to increase market share. A measure of this strategic objective of market share increase is, “Measure the number of customers the company has as compared to the number of customers competing companies have.” The target is the specific number to be achieved in a particular time period. The target for the metric of “Increase market share” could be “Increase market share by 2% for each of the next 3 years”.)
Write a 1-2 page (max.) summary that explains your critical thinking on how you derived your objectives. A balanced scorecard template will be provided to you and must be included along with your summary.
Format paper consistent with APA guidelines.
——Please note that you do not need to fill out all of the cells of the template example that I provided to you. Fill out only those cells that are relevant to your business. You must, though, address at least three factors in each of the four areas.
Also, entries in the scorecard are to be single-spaced per APA standards for charts and tables.
——-Attached to this message is a template for you to use as you complete a balanced scorecard for your selected business. PLEASE USE THIS TEMPLATE. The first column provides you with a criteria buy which your business can be evaluated. You may add or subject criteria based upon your business except for those criteria specifically listed in the syllabus.
In the second column you are to provide details as to what will be measured and how you will measure the criteria.
The third column is to specify your success criteria, in other words what your SMART goals are for that criteria.
The last column details the action plan that you will implement in your efforts to achieve your SMART goals.
Wording within the table is to be single-spaced, rows that are not being used should be deleted, you must have a cover sheet plus a brief narrative of your balanced scorecard.