Download Balanced Scorecard Strategy Map Templates
You can reap a lot of benefits by taking advantage of using a balanced scorecard. It’s a tool you can use to manage the different areas of your organization’s performance over a period of time. So you are going to basically set goals and objectives.
Create metrics to track and measure their performances to ensure that your goals are met and your operations are performing efficiently. When you think about creating a balanced scorecard strategy map you are going to divide up your organization into four main areas. These are going to be financial, customer, internal and learning.
With these 4 areas you are going to then go about creating objectives for them. Next track the different objectives using key performance indicators. To create a balanced score strategy map is pretty easy. One of the easiest software to create one is Microsoft word by using just tables. You can see how simple it is by following the tutorial below.
Balanced scorecard strategy map template step by step guide
Step 1
Open up Microsoft word. Go on the insert tab and click on table and create a 5 x 5 table. In the 5 columns you are going to have theme, objectives, measures, targets, initiatives.
Step 2
Under the theme column you are going to have financial, customer, internal and learning. In the theme box you are going to put a theme in it to set off a tone for the rest of the balanced scorecard. So if for example you put customer service efficiency in your theme. You are going to organize the rest of your template around it.
Step 3
So for this particular example our theme would be to improve our customer service efficiency.
Step 4
The objectives column we are going to have our objectives for each perspective. So for our financial cell we are going to have, (improve customer retention rate) and (increase sales numbers). In the customer cell we are going (reduce resolution time) and (improve our customer satisfaction rate). In the internal cell we are going to include (better I.T. structure to handle the daily calls). Lastly in the learning cell we are going to have (better customer service representatives).
Step 5
In the measures column you are going to list the metrics you are going to measure for. It should be related to the objectives. So for the financial measures cell you are going to have (decrease the cost of our customer retention rate) and (improve our sales numbers).
For the customer measures cell, (decrease our average resolution time) and (improve our customer satisfaction rate in the next survey). For the internal measures area, (invest in a better I.T. structure to handle the daily calls). Lastly in our learning measures column, (retrain our customer service representatives).
Step 6
In the targets column we are going to have the value to measure our indicators by. So for the financial targets cell you must include, (10% in 6 months) and (5% in 12 months). Customer targets cell (15% in 8 months) and (7% in 12 months). Internal targets cell, ($100,000 in 12 months). Lastly in the learning targets cell, (50% in 10 months).
Step 7
In the initiatives column you are going to basically list the actions that your company is going to take to achieve that goal.
You can see the data that needs to be included in each cell under initiative below.
Financial – invest aggressively into a better marketing strategy and improve the number of daily calls made
Customer – improve our customer resolution strategy and create a better customer experience
Internal – Get the best software for our customer service I.T. infrastructure
Learning – restructure our customer service training program
So there you have it, a simple strategy you can use to create a balanced scorecard strategy map. You can modify it and use it to your preferences. The main thing you should get from this is how the template layout should look and how it should be organized.