BUS 499 Business Scorecard

Essay by jajamkeUniversity, Bachelor'sA, July 2008

download word file, 3 pages 1.0

The success of any company large or small is not only defined by its financial statement, but they are also defined by their customers and employees. Are their customers satisfied with their performance overall? And if not what can be done to ensure customer satisfaction? This paper will analyze the Business Scorecard, specifically the customer perspective of three companies: Hyde Park Electronics, Futura Industries. What specific perspectives each company focused on and what measures did they use to meet their goals.

Exactly what is the Business Scorecard? It is a performance management system that enables organizations to clarify their vision and strategy and translate them into action. Providing constant feedback both externally and internally to improve strategic consumer. Ensuring the needs of your employees are met, often results in employees ensuring the needs of the customer is met. This then ensures the financial and business goals are also met.

Many large organizations have identified the BSC method as their chosen approach for employing strategic direction, communicating expectations, and measuring progress towards corporate objectives.

At last check, at least 50% of Fortune 1,000 companies in North America and about 40% in Europe use a version of the BSC. This data suggests that the BSC is primarily used by large organizations. This is a shame seeing as small businesses represent more than 99% of all employers, and employ more than half the private work force according to an article in Small Business America published in 2003. Small business entrepreneurs create more than two out of every three new jobs and generate about 50% of the nation's gross domestic product.

In regards to the companies analyzed in this case study, the customer perspective was for the most part was met by each company. However, I believe that if Hyde Park would place more...