Strategy Mapping Balanced Scorecard Templates for Business Strategy Development
Strategy mapping balanced scorecard tools: Innovation is necessary for any organization. Business managers, stake holders and executives should ensure that they’ve structure their company around being innovative. If you should look at all the fortune 500 companies.
Some of them have been around for decades continously reinventing their business models in order to stay competitive. When thinking about innovation you can either create new innovation or sustain your current one over a period of time. If you are in either of those categories you are safe, although always being the disruptor can give you leverage. The problem comes when you don’t embrace innovation at all and just remain dormant where you are.
Before you even think about innovation though, you have to develop strategies to either maintain or create innovation. Developing the right strategies is like a map which you are going to create that will lead you to the treasure chest. You have many different strategies you can implement in your organization to take it to another level.
One of these strategies is the strategy mapping balanced scorecard. The mapping balanced scorecard is a strategy you can use to help give you a different perspective when looking at your organization’s strategy and performance. It will graphically show you in a framework how your organization can create more value and be more innovative. It also helps to create a form of strategic story about your company. This will allow it to be easily communicated to your team, stakeholders and managers.
This framework can be separated in 4 parts finance, customer, process, organization capacity. It starts off with the mapping out of the objectives and then link them together based off cause and effect relationships to create a strategy map. Once all those tasks are completed you can then measure the performance and strategy for each of the objective overtime to see if everything is working in order. You can see a diagram of it below.
So by looking at the diagram above, you can see how useful this tool can be. For the first row which is for the financials you can see that it mainly deals with the financial side of the strategy. This helps you to develop financial plans that help grow your business.
The customer row helps you to develop plans on how to retain customers. You also can develop plans to improve customer value so your organization can benefit from it. The internal process helps to show you the activities your organization must be great at in order to provide value for customers. This also helps you to look at how you can improve your internal processes.
So your organization can run more smoothly and efficiently. The organization capacity is the tools, technology, knowledge and skills, and the infrastructure that needs to be in place in order to achieve your company’s goals. Mapping the different objectives together can be quite easily done as shown by the diagram above.
It is also very flexible, you can change up the different theme for the rows to develop strategies under that theme. This will allow you to make it more adaptable for your organization’s goals. This can also work well for non-profits and governments, which is a huge factor for its widespread use.
In summary, developing a strategy is essential for any business especially if your company invest heavily in innovation. Having a balanced scoreboard can make that process much easier. It helps to put all those strategies into a graphical framework that you can then use to make a company strategy story. This will allow you to communicate those plans easily to your team, managers and stakeholders.