I need some help in analyzing appropriate financial and non-financial performance measures by applying the balance scorecard models to the Royal Mail. Explain the performance in the context of the business, linking these to the business's objectives and strategy.
BALANCED SCORECARD MODEL
It is a strategic planning and management system which is used to align business mission and vision statement. In some cases it helps to translate the vague missionvision into better practices so that business can become better at each stage.
IT gives a holistic view of an organization so that all the departments can work efficiently.
It is used in business and industry, government, and nonprofit organizations worldwide to align business activities to the vision and strategy of the organization, improve internal and external communications, and monitor organization performance against strategic goals.
Earlier balanced score card was used just to measure the strategic planning and management system but new balanced score card is used to framework that not only provides performance measurements, but helps planners identify what should be done and measured.
To start with the Balanced Scorecard an organization first must know the following:
• The company's mission statement
• The company's strategic plan/vision
The financial status of the organization
How the organization is currently structured and operating
The level of expertise of their employees
Customer satisfaction level
FOUR PERSPECTIVES OF BALANCED SCORE CARD MODEL
1) Financial Perspective
It covers the financial objectives for which the organization is set up and allows managers to track financial success and shareholder value. Timely and accurate funding data will always be a priority, and managers will do whatever necessary to provide it.
2) Customer Perspective
The Customer Perspective covers the customer objectives such as customer satisfaction, market share goals as well as product and service attributes. If customers are not satisfied, they will eventually find other suppliers who can meet their needs. Poor ...
The solution consisting of over 1000 words discusses the appropriate financial and non-financial performance measures by applying the balance scorecard models to the Royal Mail.