“Are we there yet?’ is hollered from the back seat of many a family vacation. Knowing when the team – the family – will reach the destination takes a balanced approach. In the micro universe of the family vacation, the world of a balanced scorecard can be seen.
- How much will it cost?,
- Will the customers (family) have fun, get along, etc?,
- Will we have car games, pillows, or other comforts in the vehicle?
- What will we learn as a family about us, where we go and the world?
- How does your family vacation resemble your business?
- Are your plans in place?
- Do you have a budget?
Approaching a vacation like a business is a good way to practice how to actually run your business.
Often we get caught in the day-to-day struggle and joys of our business leaving little room to plan for the future. The Balanced Scorecard management strategy suggests that businesses growing successfully usually have goals in each of these four areas:
- Financial – high level financial metrics or goals. What will you track? If you had shareholders, what would they want to know?
- Customer – How do our customers see us? What will make the customer experience better?
- Internal Business Process – What must our business excel at? What do we do well and how does it add value to the business model?
- Learning and Growth – How will we sustain? Who will help us grow, create value and innovate?
Having balanced actionable goals will lead your business to a strong strategy capable of implementing workable action plans. This Balanced Scorecard is key to long term viability. Sometimes a simple plan is the best!. Detailed printable Graphic –> balance scorecard