Balanced Scorecard- the Balanced Scorecard Approach Is Essay

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Balanced Scorecard- The Balanced Scorecard approach is a way to translate strategic objectives into tactical and measurable performance. It is a tool that outlines ways of the organization to strategically map their performance in ways that impact both the internal and external stakeholder, ultimately aiding the company in setting goals and managing the businesses' strategic plan. The manner in which an organization measures itself strongly affects the behavior of employees (internal) and consumers (external). If companies are to survive in a global and actively competitive model, they must use aggressive measurement to encourage change and performance (Lanabeer and Napiewocki, 2000; Stevens, et.al., 2006).

Tri-Citities Community Bank- TCCB is a successful bank located in the Midwest. Chris Billings is the new President of TCBB's south division, and believes that the Balanced Scorecard approach could be a useful tool to boost TCCB's performance. Billings particularly believes that a balanced scorecard would help TCCB even out activities between strategic vision and strategy, improve internal communication, and measure organizational performance in comparison to the Board set strategic goals.

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In fact, one of the Balanced Scorecard's major benefits is the way it can be used as a template to "map" non-financial performance measures that are still important (and monitored) by TCCB. For instance, TCCB's non-financial measurements are classified into four major areas: Learning and Growth Perspective, Internal Business Perspective, Custom Perspective, and Financial Perspectives (Stan, 2001). Using the table below, we can set ways in which TCCB can continue to improve internally, while still meeting the goals of ROI and financial ratios. Indeed, it is the dual nature of improving the internal business and customer perspectives jointly, while still increasing learning and growth company wide.

Learning & Growth

Perspective

Internal Business

Perspective

Customer

Perspective

Financial

Perspective

* Employee Training….....

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