The Balanced Scorecard - Translating Strategy into Action

Overview

Course duration: 2 days.

Learn, develop and master the essential tools of the balanced scorecard that will help you successfully implement and monitor your company’s strategic objectives.

This practical two-day course covers best practices, case studies, exercises and real-life examples, to help clarify vision and strategy, and then translate them into systems and procedures that improve performance and behaviour.

The Balanced Scorecard transforms a strategic plan into the "marching orders" for the organisation on a daily basis in the form of a success map. It provides a framework of key performance indicators that help planners identify what should be done and measured. It provides feedback on internal processes and external outcomes to improve performance and results.

Is it right for me?

This course is suitable for directors and managers from corporate headquarters and strategic business units: functional and operational directors and managers of key business processes such as Finance, HR and Training, IT, Research & Development, Sales and Marketing, Manufacturing and Business Operations.

What will I learn?

By the end of this practical two-day course, you will be able to:

• Evaluate the benefit of non-financial indicators to financial success
• Identify methods for setting strategic measures and targets
• Develop and actionable communication of key performance indicators
• Implement organisational strategy more effectively

What you can gain from this course

• An understanding of how vision, strategy, objectives, measures, targets, initiatives, key performance indicators can be brought together into one comprehensive performance management framework
• Insights into the role that strategy maps play in the creation of a balanced scorecard as a means of effective communication of strategic objectives throughout your organisation
• The means by which you can apply the theory in your own organisation or improve your current balanced scorecard
• A structured approach to building a strategy-focused management information system that can be cascaded throughout the organisation

Pre-course Activity

Reading

Two articles from The Harvard Business Review by Robert Kaplan and David Norton - "The Balanced Scorecard - Measures that Drive Performance" and "Putting the Balanced Scorecard to Work".

Company Information to bring to the training course

• The vision, mission and strategic goals of your organisation.
• Examples of reports from your organisation's current management information system (both internal and external publication) - for example management reports, accounts, key performance indicators, annual reports.
• Thoughts on what you would like your performance measurement system to look like - both in an ideal world and with a more realistic perspective.

What will it cover?

Day 1: Introduction to the Balanced Scorecard (overview)

Understand the Strategic Drivers across Four Business Perspectives

• Financial
• Customer
• Internal processes
• Learning and growth

Create a Strategy-Focused Organisation

• Analysing the organisation's strategic needs
• Design concepts and other measurement models

Implications for internal& external reporting: Application Through Case Studies

• Use of financial and non-financial measures of performance
• Selecting measurement methods and key performance indicators
• Methods, strategy maps and frameworks for setting targets

Day 2: Application of the Balanced Scorecard (building and implementing)

Translate Strategy into Operational Terms

• Establishing vision, mission, values, stakeholders, objectives and key performance indicators that meet the purpose of the organisation
• Ensuring clarity of strategy throughout the business
• Development of strategy maps as a communication mechanism

Cascade Corporate Strategic Objectives

• Methods of communication and cascading
• Setting of team goals which link with organisational objectives
• Linking individual performance management to goals

Monitor the Change Process

• Making strategy a continual process
• Mobilising change through executive leadership
• Exploring the barriers to successful implementation of a balanced scorecard

Trainer Profile

Peter Desmond

“I have 20 years specialised experience in balanced scorecard training, facilitation and consulting in public and private-sector organisations. The majority of the people attending the course are executives, managers, and planners. During the course, I will give you an introduction to the theory and principles behind the balanced scorecard, discuss case studies of the experience of others, and then how it can be applied to meet your own organisation's needs."