Elements and Performance Criteria
- Develop strategy map for balanced scorecard operation.
- Develop strategic objectives of business/business unit in consultation with stakeholders
- Check strategic objectives include those which make the business unique
- Check with employees and customers that strategic objectives address real issues and problems
- Categorise strategic objectives into the major perspectives of financial, customer, process and innovation and learning and growth
- Add additional required perspectives and associated strategic objectives
- Map strategic objectives showing cause/effect flows.
- Validate strategy map with stakeholders
- Develop Key Performance Indicators (KPIs)
- Identify possible Key Performance Indicators for each strategic objective
- Identify/develop appropriate metrics for each Key Performance Indicator
- Agree target Key Performance Indicator levels
- Check measures and Key Performance Indicators encourage the behaviours required to meet the total performance goals
- Develop reporting systems
- Identify strategic and operational drivers
- Align Key Performance Indicators to strategic and operational drivers
- Develop reporting structures which align responsibilities with reported information
- Arrange for data to be collected and Balanced Scorecard reports to be generated and distributed
- Arrange for reporting against strategy map
- Implement a Balanced Scorecard strategy