Balanced Scorecard Assignment
The Balanced Scorecard is a management tool use to gauge and monitor the performance of the organization. Balanced Scorecard is used to help provide the management of the organization an idea of the achievement of the long-term goals and objectives of the strategic plan. A comprehensive view of the organization is documented by the balanced scorecard. The balanced scorecard has four segment to evaluate the performance of the organization which is financial, customer, internal business process, and learning and growth. The balanced scorecard can help the salon set and review strategic objective to obtain the mission and vision of the organization.
The financial segment of the balanced scorecard is used to rate the economic areas of the organization. The salon can use the financial segment to set objective for the organization in area such as revenues, cost, profitability, and competitive position. Objective the decision makers of the salon could be lowering cost by 2% and increase revenue by 3% every year. The salon profitability should rise yearly by 1% for the first three years and 2% every year after that. The decision makers of the salon should furthermore set objective for the competitive position of the organization. Competitive position for the salon is to provide the products and services that fit the customer’s needs and improve the salon competitive advantage in the market.
The customer segment of the balanced scorecard is used to set objective and review the areas of the organization performance when it comes to the customers. The salon can set objective to help determine the level of customer satisfaction the clients leave the salon feeling. With the business being part of the client’s personal appearance, the salon will need to put customer satisfaction as a priority. The salon is able to rate customer satisfaction by using quick survey to see how the customer felt about the services and product...