The balanced scorecard can be defined as the system that manage the strategic planning of the organization and assist the management to utilize the internal and external communication process to examine the performance of the firm (Wheelen & Hunger, 2004). This balanced scorecard will assist the beauty line business organization to synchronize all the business activities and action according to the vision and strategy. The main role of balanced scorecard is to provide a dimension of framework through which the organization can follow an impartial perspective for the execution of various objectives such as shareholders value, customer value, internal operations and learning and growth (Sadler & Craig, 2003).
The given balanced scorecard would be supportive for the beauty line organization to evaluate the various metrics and targets according to the strategic mission and vision. This will also help the firm to analyze the performance of the employees and business in the industry (Pierce & Robinson, 2009). In addition, this balanced scorecard will make easy for the firm to execute innovative strategies, so that the firm can strengthen its strengths and utilize environmental opportunities to achieve the mission and vision of the firm (Pienaar & Penzhorn, 2000). The four quadrants of a balanced scorecard are as followed to evaluate the performance of the company (Olve, 2006).
Financial Perspective and Shareholder Values
Customer Value Perspective
Process or Internal Operations Perspective
Learning and Growth (Employee) Perspective
The balanced scorecard for the beauty line organization for the development of various strategic objectives and tactics is as followed:
Balanced Scorecard Category Strategic ...
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Kaplan, R.S. & Norton, D.P. (2006). Alignment: using the balanced scorecard to create corporate synergies (eds.). Harvard Business Press.
Niven, P.R. (2002). Balanced scorecard step by step: maximizing performance and maintaining results (eds.). John Wiley and Sons.
Olve, N. (2006). Balanced scorecard (eds.). John Wiley and Sons.
Pienaar, H. & Penzhorn, C. (2000). Using the Balanced Scorecard to Facilitate Strategic Management at an Academic Information Service. Libri, 50, 202-209.
Pierce, J. & Robinson, R. (2009). Strategic Management: Formulation, Implementation and Control (11th Edition). New York: McGraw Hill Companies.
Sadler, P. & Craig, J.C. (2003). Strategic management (2nd Edition). Sterling, VA: Kogan Page Publishers.
Wheelen, T.L. & Hunger, J.D. (2004). Strategic Management and Business Policy (9th Edition). Pearson Education.
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