Essentials of Balanced Scorecard

An ILM-endorsed title of ‘Strategic Planning Using the Balanced Scorecard’

INTRODUCTION

This training helps organizations to put strategy at the heart of everything they do. By translating strategy into a balanced set of objectives – covering Finance, Customer, Internal Processes and People – the Balanced Scorecard approach enables organizations to turn their strategies into operational reality. Clear measures and targets allow leaders to steer their organization towards its long-term goals, and engages managers and staff to contribute more fully to its success.

The Balance Scorecard focuses all resources on achieving the strategy; employees are empowered to develop and perform, internal processes are enhanced to deliver what customers want, and of all this lead ultimately to financial success.

This training seminar will highlight:

  • Operationalizing strategy to improve organization performance
  • Integrating the Balanced Scorecard to become the nerve-center of the organization
  • Engaging and empowering all employees to deliver the strategy
  • Putting customer service at the heart of operations
  • Enabling leaders to measure and monitor progress towards strategic objectives on a daily basis

OBJECTIVES

At the end of this training, you will learn to:

  • Build a Balanced Scorecard from scratch, based on your organization’s strategy
  • Overcome obstacles to implementing a Balanced Scorecard in practice
  • Translate strategy into tangible results to be measured and monitored
  • Align people and resources to focus on achieving the strategy
  • Adjust and enhance strategy in line with a changing environment

TRAINING METHODOLOGY

The key to this training is hands-on experience of building Balanced Scorecards from scratch for participants’ own organizations. A variety of team-based activities, videos and discussion are also used to enable participants to grasp the end-to-end process of creating and implementing a Balanced Scorecard.

ORGANIZATIONAL IMPACT

The main benefit of this training is to help people turn an organization’s vision into a practical reality.

Other benefits include:

  • Delivery of improved operational performance
  • Aligning different elements of the organization around a common strategy
  • Monitoring ongoing performance improvement
  • Communication of strategy to engage all employees
  • Aligning strategic initiatives to organization strategy

PERSONAL IMPACT

Participants will become confident and able to achieve the benefits of the Balanced Scorecard in practice through: 

  • Deeper knowledge and understanding of the link between the Balanced Scorecard and Strategic Planning
  • Applying a systematic methodology for developing and managing a Balanced Scorecard
  • Practical experience in the creation and use of the Balanced Scorecard
  • Increased capability to monitor and drive performance improvement
  • A methodical approach to rolling out a Balanced Scorecard
  • Best practice approaches to engaging stakeholders with the Balanced Scorecard

WHO SHOULD ATTEND?

This training will benefit all managers who need to understand and enhance the part they play in delivering their organizations strategy will benefit from this training.

This course is suitable to a wide range of professionals but will greatly benefit: 

  • Executives
  • Managers with responsibility for creating or managing a Balanced Scorecard
  • Financial Officers and Controllers
  • Process Managers
  • Strategic Planning Managers

SEMINAR OUTLINE

DAY 1

Introduction to the Balanced Scorecard

  • Introduction to the Balanced Scorecard
  • Benefits of the Balanced Scorecard
  • Beginning with a Vision
  • The Financial, Customer, Process Perspectives in Detail
  • Strategy Maps and Strategic Themes
  • Lag and Lead Measures
  • Constructing a Strategy Map

DAY 2

Understanding Strategy

  • The Balanced Scorecard Development Process
  • Understanding Organizational Strategy
  • Exploring the Strategies of Participants’ Own Organizations
  • Creating a Strategy-centric Organisation
  • Engaging the Leadership Team
  • Exploring Case Study Examples

DAY 3

Building Strategy Maps

  • The Learning & Growth Perspective in Detail
  • Creating a Climate for Action
  • Creating Strategy Maps for Participants Own Organizations
  • Strategic Measure
  • Linking Strategy and Business Planning

DAY 4

Building a Complete Balanced Scorecard

  • Strategic Targets
  • Mapping Strategic Initiatives
  • Monitoring and Reviewing the Balanced Scorecard
  • Completing the Balanced Scorecard for Participants’ Own Organizations
  • Planning for Implementation
  • Cascading the Balanced Scorecard Across an Organization

DAY 5

Pulling It All Together

  • Reviewing and Enhancing Participants’ Balanced Scorecards
  • Identify Potential Pitfalls and Barriers to Implementation
  • Gaining Buy-in and Ownership for the Balanced Scorecard
  • Top Tips for Successful Creation and Implementation of a Balanced Scorecard
  • Making a Personal Plan of Action based on the training seminar

Assessment

Following attendance on the training, you are required to complete an assignment:

  • This work-based assessment involves assessing how the Balanced Scorecard could be applied to the whole organization that you work for or to one part of it (such as a division or a department)