Over the past several decades, organisations have come to realise that success cannot only be measured in pounds and pence. Intangible assets (like a company’s reputation, the knowledge base created by their employees, and training initiatives) can make up a huge portion of a company’s wealth.
It only makes sense, then, that we need a new tool to help us measure this expanded definition of success. Enter the balanced scorecard training solution! This tool and its related components will help your organisation identify, document, plan, and execute a balanced strategic mission. It will also help your organisation evaluate and revise its strategic execution.
You will spend the first part of the day getting to know participants and discussing what will take place during the workshop. Students will also have an opportunity to identify their personal learning objectives.
At the end of this workshop, you will be able to:
- Define what the balanced scorecard is
- Identify the benefits of the scorecard
- Describe the common balanced scorecard pitfalls and how to avoid them
- Determine if the balanced scorecard is right for your organisation
- Describe the key elements of the balanced scorecard process
- Identify a strategy map, tactical action plan, and balanced scorecard
- Create a vision statement for the balanced scorecard
- Understand what corporate values, mission statements, and vision statements are and how they tie into the balanced scorecard process
- Identify the components of supporting balanced scorecard plans
- Understand what processes you will need to support the balanced scorecard
- Identify the members of different balanced scorecard teams
Understanding the Balanced Scorecard
To start the day, participants will learn what the balanced scorecard is and where it originated from. Participants will also explore what economic changes caused the balanced scorecard to evolve.
The Ingredients for Success
Next, participants will evaluate if the balanced scorecard is a good tool for their organisation. Participants will also brainstorm solutions to the top ten issues that cause the balanced scorecard to fail.
Overview of the Balanced Scorecard Process
This session will begin with a flowchart outlining each step of the balanced scorecard process. Participants will also review a sample strategy map, tactical action plan, and scorecard.
Creating a Project Vision Statement
In this session, participants will learn how to craft a vision statement for the balanced scorecard project.
Understanding Organisational Mission, Vision, and Values
This session will look at what a mission statement, vision statement, and value identification list looks like, and how they each fit into the balanced scorecard process. To apply learning points, participants will evaluate what some well-known companies have for these statements.
Plans and Processes to Build
Next, participants will receive checklists for creating training plans, project plans, communication plans, and core processes.
What you learn:
- Recognise concepts of the Balanced Scorecard and how it can be used to improve organisational performance
- Understand how to build and implement a Balanced Scorecard using our award-winning 9-step methodology
- Develop strategy profiles, strategy maps, and initiatives for improving organisation strategy and processes
During the course you cover:
- What the Balanced Scorecard is (and what it is not)
- Why you should use a Balanced Scorecard
- Four perspectives of a Balanced Scorecard
- How to translate strategy into operational objectives
- Divisional, functional and personal scorecards
- The Balanced Scorecard development process
- Managing for results with a Balanced Scorecard framework
Building Balanced Scorecard Teams
To wrap up the day, participants will learn how to build the three most common types of balanced scorecard teams: an executive team, a steering team, and strategic theme teams.
At the end of the day, students will have an opportunity to ask questions and fill out an action plan.
All our in house training course are available tailored to yours and your companies/delegates needs with our CTP (customised training programme) solution. Designed to meet any challenge or level required. Ask for a full proposal for your training, tailored to suit you.
The balanced scorecard is an interpretation and implementation of your organisation’s strategy. It only makes sense, then, that you need to have a clearly defined vision of what your organisation is and where it’s going before starting to build a balanced scorecard.
To prepare for this workshop, please bring in your organisation’s values statement, vision statement, mission statement, and any other related items.
If your organisation does not have these items developed yet, bring in information from another organisation that you admire. (Hint: You can usually find this information on a company’s Web site or by contacting their press office.)
Inhouse training at your premises – £875 for a group of up to 12 per day (ex vat and travel)