Based on the results of a SWOTT analysis, the business can determine areas that need improvement. Using a balanced scorecard, the objectives, measurements, targets and initiatives toward making these improvements are defined. According to Balanced Scorecard Institute (1998-2009 ), "the balanced scorecard is a strategic planning and management system used to align business activities to the vision and strategy of the organization, improve internal and external communications, and monitor organizational performance against strategic goals" (para. 1).
Core strategies are the set of action items that have resulted from conducting a balanced scorecard exercise. The following core strategies have been set for the Rooms of Taste Tea House in order to better align the business with their stated purpose.
CORE STRATEGIES1. Rooms of Taste Tea House must maintain affordable pricing and quality cuisine.
Responsibility ManagementAction PlanIn order for Rooms of Taste Tea House to maintain affordable pricing and high quality of food to our customers, the business must cut utility expenses, monitor competitor prices, and purchase the freshest ingredients.
1.Request bids from 3 solar panel companies to obtain pricing and references.
2.Add extra insulation into attic.
3.Add UV tint to windows to reflect heat of the sun.
4.Caulk windows and doors and add weather stripping to eliminate air leaks.
5.Contact various electricity providers to identify best pricing.
6.Install solar panels to offset electricity costs.
7.Shop the competitor to compare pricing on similar menu items.
8.Request bids from vendors who offer high quality food items at the lowest price.
The measurements and targets set to determine success in implementation of this core strategy are:1. Utility costs are a factor due to excessive temperatures of the summer season. Reducing these costs by installing solar panels and the addition of more insulation are the initiatives planned...