Balanced Scorecard Approach Is a Essay

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Product measures will reflect quality as rated by customers, and by the number of awards the food wins in competitions. Other process measures will include the amount of food waste generated, and it is hoped that this will be minimal.

Learning and growth objectives are important, since Heavy Henry's wants to have a staff that is among the best-trained in the business. The company's code of values is an important element of the training process. Measures will include the knowledge level of the staff with respect to preparation techniques, ingredients, and the code of ethics. Service staff will also be tested on their beverage pairing knowledge as well. Management will be measured on their knowledge not only of the restaurant but also of the competition -- they must always know what the competition is doing to ensure that they are consistently outcompeting.

Using the balanced scorecard approach, we can see how excellence in one area supports excellence in all the others. A well-trained staff that is knowledgeable is going to deliver superior customer service levels. Satisfied customers will become repeat customers, and this will improve the company's revenues.

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Combine increased revenues with process improvements and profits will increase. More profits means more money to train, to buy better equipment, and to otherwise invest in improving the business. The interconnectedness of all of these different facets is essential to understanding why the balanced scorecard is such a valuable strategic option. The all-round approach to excellent at Heavy Henry's is going to reflect in the organization meeting all of its goals, because the goals are going to be mutually supportive of one another. The sample balanced scorecard looks as follows:

Objectives

Measures

Targets

Initiatives

Financial

Revenue, profit, debt-equity ratio

Net Income, Sales, Growth measures

$1,000,00 in sales, $100,000 in profit

All strategies contribute to these

Customer

Customer satisfaction

Repeat visitors, High satisfaction Index

75% of customers repeat, 90/100 on SI

Deliver the best barbeque with the best service

Process

Table turnover, Cost containment

Table turnover, net food cost % of revenue

3 times daily, 30%

Encourage early evening service; waste reduction initiatives

Learning & Growth

Increased staff knowledge

% of staff completed training program

Implement training program at hiring

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