The Balance Scorecard (BSC)

The BSC is a strategic planning and management tool that is used to align business activities to the vision and strategy of the organisation to improve internal and external communications and monitor organisational performance against strategic goals.

There are a number of steps in developing a BSC such as Assessment, Strategy, Objectives, Strategy Maps, Performance Measures, Initiatives, Automation, Cascading and Evaluation.

The BSC helps to improve communication within the organisation, transform strategy into desired behaviours, continously measure against industry best practices, improve team work and give management a comprehensive view of operations. The BSC is important for Learning and Growth, Financial Management and Business Process improvement.