Evaluation Of A Company Is Successful Or Unsuccessful Essay

Evaluation Of A Company Is Successful Or Unsuccessful Essay

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Performance management can be the deciding factor as to whether a company is successful or unsuccessful. Firms enjoy having the advantages of the balanced scorecard to ensure their performance in all areas are where they need to be. They too often don’t realize that they need to connect the scorecard to the strategy of the company. Using a strategy map can assist a company to get the between the strategy of the company and the measures they have indicated in the balanced scorecard linked. By having the strategy map the companies’ balanced scorecard can be the communication tool needed by the company to see and monitor the actions that need to be taken to ensure success in the company.
Glacier Inn was a hotel that was started in Minnesota and was going to be an ice hotel that was being modeled after the Ice Hotel in Quebec. The ice hotel had the vision of becoming known to the world as a hotel that offered innovative and unique products and services. They also wanted to be known for providing excellent value and a great experience to their customers. The hotel however, at the end of the first year of business realized they did not meet their expectations that had been set for that year. The company decided the way forward to ensure they would be successful would be to use the balanced scorecard and strategy mapping.
The first thing the company had to do was to decide what they needed to do to be successful. This could be considered the most important step as it is the deciding factor in the rest of the areas. For this step the company defines its main objective that portrays the business purpose (Kaplan and Norton, 2004). The company’s mission and vision statements should not be looked at as the major objective but...

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...ds on the value proposition. Glacier Inn decided to ensure the threshold level of some of its amenities while competing in several areas, and pursuing adventure, being different and rare products.
In conclusion Glacier Inn used many steps to define the objectives of the company. With the use of the strategy many every action the company has was able to be visualized and easier to see what they have achieved. It also makes it so the company can easily see what objective have yet to be achieved and what needs to be done to achieve them. By being able to easily see this it makes it easier for the company to manage the performance. It becomes easier for the company to see where it is currently at. The company now has a blueprint so to speak of what has to be accomplished at every stage and this makes it easier for them to check that all benchmarks have been met.

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