平衡计分卡短期课程资料

Corporationstandardizationoffice#QS8QHH-HHGX8Q8-GNHHJ8平衡计分卡短期课程资料ExcellenceinFinancialManagementCourse11:TheBalancedScorecardPreparedby:MattH.Evans,CPA,CMA,CFMThiscourseprovidesastep-by-stepguideonhowtobuildaBalancedScorecard.Anunderstandingofstrategicplanningisrecommendedpriortotakingthiscourse.RefertoCourse10onstrategicplanning.Thiscourseisrecommendedfor2hoursofContinuingProfessionalEducation.Inordertoreceivecredit,youwillneedtopassamultiple-choiceexamwhichisadministeredbyinstallingtheexefileversionofthisshortcourse.Theexefilecanbedownloadedfrom.trainingRevised:February4,2002BasicConceptsAccountantscommunicatewithfinancialstatements.Engineerscommunicatewithas-builtdrawings.Architectscommunicatewithphysicalmodels.Itseemsthatalmosteveryprofessionhassomemeansofcommunicatingclearlytotheenduser.However,forpeopleengagedinstrategicplanningtherehasbeenanon-goingdilemma.Thefinishedproduct,thestrategicplan,hasnotcommunicatedandreachedtheenduser.Surestrategicplansarenicetolookat,fullofbarcharts,nicecovers,wellwritten,andprofessionallyprepared;buttheysimplyhavenotimpactedthepeoplewhomustexecutethestrategicplan.Theendresulthasbeenpoorexecutionofthestrategicplanthroughouttheentireorganization.Andthesadfactofthematteristhatexecutionofthestrategicplaniseverybody’sbusiness,notjustupperlevelmanagement.Upperlevelmanagementcreatesthestrategy,butexecutiontakesplacefromthebottomup.Chapter1SowhydostrategicplansfailAccordingtotheBalancedScorecardCollaborative,therearefourbarrierstostrategicimplementation:VisionBarrier–Nooneintheorganizationunderstandsthestrategiesoftheorganization.PeopleBarrier–Mostpeoplehaveobjectivesthatarenotlinkedtothestrategyoftheorganization.ResourceBarrier–Time,energy,andmoneyarenotallocatedtothosethingsthatarecriticaltotheorganization.Forexample,budgetsarenotlinkedtostrategy,resultinginwastedresources.ManagementBarrier–Managementspendstoolittletimeonstrategyandtoomuchtimeonshort-termtacticaldecision-making.Only5%oftheworkforceunderstandstheircompanystrategy.Only25%ofmanagershaveincentiveslinkedtostrategy.60%oforganizationsdon’tlinkbudgetstostrategy.86%ofexecutiveteamsspendlessthanonehourpermonthdiscussingstrategy.–BalancedScorecardCollaborativeTherefore,weneedanewwayofcommunicatingstrategytotheend-user.EntertheBalancedScorecard.Atlonglast,strategicplannersnowhaveacrispandclearwayofcommunicatingstrategy.Withbalancedscorecards,strategyreacheseveryoneinalanguagethatmakessense.Whenstrategyisexpressedintermsofmeasurementsandtargets,theemployeecanrelatetowhatmusthappen.Thisleadstomuchbetterexecutionofstrategy.NotonlydoestheBalancedScorecardtransformhowthestrategicplanisexpressed,butitalsopullseverythingtogether.Thisistheso-called“causeandeffect”relationshiporlinkingofallelementstogether.Forexample,ifyouwantstrongfinancialresults,youmusthavegreatcustomerservice.Ifyouwantgreatcustomerservice,youmusthaveexcellentprocessesinplace(suchasCustomerRelationsManagement).Ifyouwantgreatprocesses,youmusthavetherightpeople,knowledge,andsystems(intellectualcapital).Inthepast,manycomponentsforimplementingastrategicplanhavebeenmanagedseparately,notcollectivelywithinoneoverallmanagementsystem.Asaresult,everythinghasmovedindifferentdirections,leadingtopoorexecutionofthestrategicplan.Likeamarchingband,everyoneneedstomoveinlockstepbehindoneoverallstrategy.Therefore,youshouldthinkoftheBalancedScorecardasamanagementsystem,notjustanotherperformancemeasurementprogram.Andsincestrategyisatthecenterofvalue-creationfortheorganization,theBalancedScorecardhasbecomeacriticalmanagementsystemforanyorganization.In1997,HarvardBusinessReviewcalledtheBalancedScorecardoneofthemostsignificantbusinessdevelopmentsoftheprevious75years.BalancedScorecardsprovidetheframeworkaroundwhichanorganizationchangesthroughtheexecutionofitsstrategy.Thisisaccomplishedbylinkingeverythingtogether.ThisiswhatmakestheBalancedScorecardsodifferent;itcapturesthecauseandeffectrelationshipthroughouteverypartoftheorganization.InthecaseofMobilOil,thetruckdriverpullsabalancedscorecardoffthevisorinhiscab,outliningthefivethingshemustdoasatruckdriver.Likealaserbeam,strategynowhasaclearpathtoeveryoneintheorganization.BalancedScorecardstellyoutheknowledge,skillsandsystemsthatyouremployeeswillneed(learningandgrowth)toinnovateandbuildtherightstrategiccapabilitiesandefficiencies(internalprocesses)thatdeliverspecificvaluetothemarket(customer)whichwilleventuallyleadtohighershareholdervalue(financial).–“HavingTroublewithYourStrategyThenMapIt”byRobertS.KaplanandDavidP.Norton-HarvardBusinessReviewTerminologyThroughouttheentireprocessofbuildingandimplementingabalancedscorecard,weallneedtospeakthesamelanguage.Therefore,thefirstthingtogetoutofthewayistounderstandafewterms:CauseEffectRelationship:Thenaturalflowofbusinessperformancefromalowerleveltoanupperlevelwithinorbetweenperspectives.Forexample,trainingemployeesoncustomerrelation’sleadstobettercustomerservicewhichinturnleadstoimprovedfinancialresults.Onesideistheleaderordriver,producinganendresultoreffectontheotherside.Goal:AnoverallachievementthatisconsideredcriticaltothefuturesuccessoftheorganizationGoalsexpresswheretheorganizationwantstobe.Measurement:Awayofmonitoringandtrackingtheprogressofstrategicobjectives.Measurementscanbeleadingindicatorsofperformance(leadstoanendresult)orlaggingindicators(theendresults).Objective:Whatspecificallymustbedonetoexecutethestrategy;.whatiscriticaltothefuturesuccessofourstrategyWhattheorganizationmustdotoreachitsgoals!Perspectives:Fourorfivedifferentviewsofwhatdrivestheorganization.Perspectivesprovideaframeworkformeasurement.Thefourmostcommonperspectivesare:Financial(finaloutcomes),Customer,InternalProcesses,andLearning&Growth.Programs:Majorinitiativesorprojectsthatmustbeundertakeninordertomeetoneormorestrategicobjectives.StrategicArea:Amajorstrategicthrustfortheorganization,suchasmaximizingshareholdervalueorimprovingtheefficiencyofoperations.Strategicareasdefinethescopeforbuildingthebalancedscorecardsystem.StrategicGrid:Alogicalframeworkfororganizingacollectionofstrategicobjectivesoverfourormoreperspectives.Everythingislinkedtocaptureacauseandeffectrelationship.StrategicgridsarethefoundationforbuildingtheBalancedScorecard.StrategicModel:Thecombinationofallstrategicobjectivesoverastrategicgrid,wellconnectedandcomplete,providingonesinglemodelorstructureformanagingthestrategicarea.Strategy:Anexpressionofwhattheorganizationmustdotogetfromonereferencepointtoanotherreferencepoint.Strategyisoftenexpressedintermsofamissionstatement,vision,goals,andobjectives.Strategyisusuallydevelopedatthetoplevelsoftheorganization,butexecutedbylowerlevelswithintheorganization.Target:Anexpectedlevelofperformanceorimprovementrequiredinthefuture.Templates:Visualtoolsforassistingpeoplewithbuildingabalancedscorecard,typicallyusedforcapturingandcomparingdatawithinthefourcomponentsoftheBalancedScorecard:StrategicGrids,Measurements,Targets,andPrograms.Vision:Anoverallstatementofhowtheorganizationwantstobeperceivedoverthelong-term(3to5years).OverallProcessNowthatyouunderstandthepurposeandterminologybehindtheBalancedScorecard,let’sdescribetheoverallprocessonhowwewillbuildtheBalancedScorecard.Theprocessconsistsofsevenstepsoverthreephases:PhaseI:TheStrategicFoundationStep1:Communicateandaligntheorganizationaroundaclearandconcisestrategy.Thisisthefundamentalstartingpointbehindeverythingelse.Yourstrategyiswhat“feeds”theBalancedScorecard.Step2:Determinethemajorstrategicareasorscopeforgettingtheorganizationfocusedonthosethingstheorganizationcanactuallydo.Step3:Buildastrategicgridforeachmajorstrategicarea(step2)ofthebusiness.Outofallthestepsintheentireprocess,thiscanbethemostdifficultsincewemusttakeourentirestrategy(step1)andtransformitintospecifictermsthateveryonecanunderstand.Andeverythingmustbelinkedtoformonecompletestrategicmodel.PhaseII:ThreeCriticalComponentsStep4:EstablishMeasurements:Foreachstrategicobjectiveoneachstrategicgrid,thereneedstobeatleastonemeasurement.Measurementprovidesthefeedbackonwhetherornotwearemeetingourstrategicobjectives.Step5:SetTargetsforeachmeasurement:Foreachmeasurementinyourscorecard,establishacorrespondingtarget.Step6:LaunchPrograms:Thingswillnothappenunlesstheorganizationundertakesformalprograms,initiativesorprojects.Thiseffectivelyclosestheloopandlinksusbacktowherewestarted–drivingthestrategythatwasformulatedinphaseI.PhaseIII:DeploymentStep7:OncetheBalancedScorecardhasbeenbuilt,youneedtopushtheentireprocessintootherpartsoftheorganizationuntilyouconstructasinglecoherentmanagementsystem.Thispullseverythingtogether,allowingsuccessfulexecutionofyourstrategy.Don’tworryifallofthisdoesn’tmakesenseyet!Theremainderofthisshortcoursewilldescribeindetaileachofthestepsoutlinedabove.Onceyouhavecompletedthisshortcourse,youshouldhaveasolidunderstandingofwhatisrequiredforbuildingagreatbalancedscorecard.PhaseI:TheStrategicFoundationChapter2Whenbalancedscorecardswerefirstintroduced,itseemsthateveryonerushedtoputawholenewsetofmeasurementsinplace.However,thisisnothowtobuildabalancedscorecard.Strategizingiscriticallyimportanttobuildingagoodbalancedscorecard.Infact,itissoimportantthattheauthorsofthebook,TheBalancedScorecard,RobertS.KaplanandDavidP.Norton,releasedafollow-upbooktitled:TheStrategyFocusedOrganization.Therefore,weneedtofocusonbuildingastrategicfoundation,culminatingwithasetofstrategicgridsormaps.Thisisthewatershedeventwithintheentireprocess!Thecombinationofstrategicgrids,measurements,targetsandprogramsrepresentthefourkeycomponentsthatmakeuptheBalancedScorecard.Allofthesecomponentswillbedescribedindetailasweworkourwaythroughthesevenstep/threephaseprocess.Whendesigningabalancedscorecard,wealwaysstartbyasking:“Whatisyourstrategy”Onceweunderstandthestrategy,wecanbuildanewframeworkfordescribingthestrategy,whichwecallastrategymap.–TheStrategyFocusedOrganizationbyRobertS.Kaplan&DavidP.NortonStep1:StrategicAlignmentSolet’sgetstartedwithstepone;namelybyestablishingourstrategyfordrivingtherestoftheprocess.Ifyoutookcourse10(andIamassumingyoudid),thenyoualreadyhaveanunderstandingofhowtoconstructastrategicplan.However,wewanttomakesurethatwehaveacrystalclearandsharpstrategicplanforfeedingourbalancedscorecard.Aclearstrategyrequirestwothings:Specificobjectivesthattellpeoplewhattodoandasetoftargetsforcommunicatingwhatisexpected.Objectivesneedtocommunicatetheactionpeoplemustundertake.AsstrategyguruMichaelPorterofHarvardUniversitypointsout–“Theessenceofstrategyisintheactivities,choosingtoperformactivitiesdifferentlyortoperformdifferentactivitiesthanrivals.”Wemustdefinewhattheseactivitiesareifweexpecttohaveaclearandsharpstrategy.Exhibit1:StrategicobjectivesexpressedinrelationtoactionandactivitiesThreeexamplesofstrategicobjectivesOverthenextsixmonths,deliverytimeswilldecreaseby15%throughmorelocalizeddistributioncenters.Bytheyear2003,customerturnoverwilldeclineby30%throughnewlycreatedcustomerservicerepresentativesandpro-activecustomermaintenanceprocedures.Operatingdowntimeswillgetcutinhalfbycrosstrainingfrontlinepersonnelandcombiningallfouroperatingdepartmentsintoonesingleservicecenter.Thesecondkeyingredientsforaclearstrategyaretargets.Targetsputteethintoastrategybyimposingcriteriathattheorganizationmustachieve.Forexample,thestrategyneedstobeclarifiedbydefiningmarketshare,revenuegrowth,newproductsintroduced,andotherspecificsthatsetforththeendresultsofourstrategy.Inordertohavetargets,weneedmeasurements.SincebothtargetsandmeasurementsarecriticalcomponentsoftheBalancedScorecard,wewilldeferdiscussionoftargetsandmeasurementsuntilwegetintothedesignphase(phaseII).However,sufficeittosaythatifyouhavemeasurementsandtargetsascomponentsofyourstrategy,thenbuildingtheBalancedScorecardwillbemucheasier.Onceyouhavedefinedaclearstrategy(objectivesandtargets),thenyoumustrallytheorganizationaroundit.Thisrequiresamajorcommunicationinitiative.Agoodstartingpointistodevelopacommunicationplan.Acommunicationplanoutlineshowyouwillcommunicatethestrategytoeachstakeholdergroup:Exhibit2:BasicCommunicationPlanStakeholderGroupFormofCommunicationShareholdersPressConferenceDivisionManagersManagementRetreat/PresentationDistrictManagersSitetoSiteVisits/HandoutsOperatingStaffSitetoSiteVisits/HandoutsAdministrativeStaffSitetoSiteVisits/HandoutsSuppliersPersonalContact/MailingDistributorsPersonalContactEffectivecommunicationistheAchillesHeelinthisentireprocess.Therefore,extensiveandcontinuouscommunicationisvitaltogettingtheorganizationalignedarounditsstrategy.“IsurewishI’ddoneabetterjobofcommunicatingwithGMpeople.I’ddothatdifferentlyasecondtimearoundandmakesuretheyunderstandandsharedmyvisionforthecompany.ThentheywouldknowwhyIwastearingtheplaceup,takingoutwholedivisions,changingourwholeproductionstructure...Inevergotthisacross.”RogerSmith,CEOofGeneralMotors–StrategicChoicesbyKennethPrimozic,EdwardPrimozic,andJoeLebenFinally,youneedtoalignandre-configurethevariouspartsoftheorganizationaroundthestrategy.Thismayrequirechangestotheorganizationalstructure,sellingoffassets,makingsureyouhavea“productive”culture,andothersignificantchanges.Strategyisaboutclosingthegapsbetweenthepresentpositionoftheorganizationandwheretheorganizationwantstobe.Therefore,youmustmakechangestotheorganizationifyouexpectsuccesswithyourstrategy.Oncetheorganizationissetarounditsstrategy,thenandonlythencanyoubeginbuildingthebalancedscorecardsystem.InthecaseofMobilOil,ittookoveroneyeartocreatetherightnumberofoperatingdivisionsarounditsnewstrategy.“Oneofthemistakescompaniesmakeiscomingupwithalistofmeasuresofwhattheycouldmeasureinsteadofwhattheyshouldbemeasuring.Ifacompanythinksaboutwhatitneedstoachievetobesuccessfulintheeyesofitsshareholders,clientsandinternalstakeholders,thatwillyieldoperationalactivitiesthattheorganizationneedstodowelltoachievethosestrategies.”VickiElliott,Principal,WilliamM.Mercer“PuttingtheScorecardtoWork”–BusinessFinanceMagazineStep2:StrategicAreasBeforewestartdesigningtheBalancedScorecard,weneeda“fenceline”ofstrategicareas.Thisrestrictstheorganizationtoaselectedareaforachievingstrategicsuccess;otherwisetheorganizationmayfinditselftryingtodotoomanythings.Strategyisaboutchoicesandmakingdecisionsonthosethingstheorganizationcandovs.thosethingstheorganizationcannotdo.Ortoputitanotherway:Afewsuccessesarebetterthanalotoffailures.Therefore,thestrategicthrustoftheorganizationneedstobeconfinedtoafewmajorareas.Thiswillprovidethe“scope”weneedforbuildingasetofbalancedscorecards.Formostorganizations,thestrategicthrustoftheorganizationwillrevolvearoundstakeholdergroups;suchascustomers,shareholders,andemployees.Forexample,mostpubliclytradedcorporationswillhave“shareholdervalue”asamajorstrategicarea.ThisbecomesoneofthestrategicareasforbuildingtheBalancedScorecard.Additionally,eachstrategicareawillflowacrossallfourperspectivesoftheBalancedScorecard:Financial,Customer,InternalProcesses,andLearningandGrowth.ThefollowingexhibitillustrateshowshareholdervalueflowsupacrossthefourperspectivesoftheBalancedScorecard:Exhibit3:BasicflowofStrategicAreawithintheBalancedScorecardShareholderValueFinancialRevenueGrowthCustomerMoreCustomersProcessesCustomerMarketing&ServiceProgramsLearningSupportSystems&PersonnelNoticehoweachlowerperspectivelayersupportsandenablestheupperperspectivelayer;suchasMoreCustomerswillenableRevenueGrowth.Keepinmindthatwearetryingtolinkeverythingtogether.Thisiscriticaltobuildingagreatbalancedscorecard;.capturingthecauseeffectrelationship.Collectively,wewanttolimitourstrategicareastonomorethanfiveareas.Thishelpsensuresuccessfulimplementationofourstrategy.Somecommonstrategicareasare:CustomerService,ShareholderValue,OperationalEfficiency,ProductInnovation,andSocialResponsibility.Wecanrefertoourstrategicgoals(createdfromourstrategyinphaseI)tohelpusisolateourstrategicareas.Thefollowingexhibitillustrateshowastrategicgoalleadsusintoastrategicarea:Exhibit4:ExampleoflinkingastrategicgoaltoastrategicareaStrategicGoal=>Bytheyear2005,ourcompanywillhavethemostinnovativeproductlineofhandheldcomputersStrategicArea=>ProductInnovationFinally,thereisthepossibilitythatonestrategicareamayconflictwithanother.Forexample,OperationalEfficiencymayrequirecostreductionswhileMarketSharemayrequiremoreexpenses.Ifsuchconflictsdoexist,makesureallstakeholdersinvolvedarefullyawareoftheseconflictingareasandhowtheyfitwithinyourstrategicplan.Step3:StrategicGridsNowthatwehaveastrategyinplace(step1)andnowthatwehavedefinedourstrategicareasorscope(step2),wewilltranslatethespecificsofourstrategyintoasetofgrids.Asyoumayrecall,wenotedthatbalancedscorecardsarestructuredoverfourperspectivesorlayers:Financial,Customer,InternalProcesses,andLearningandGrowth.Strategicgridsincludethesefourlayers.Withineachlayer,wewillplaceourstrategicobjectives,makingsureeverythinglinksback.TryingtodevelopstrategicobjectivesandplacingthemintothecorrectlayersforallstrategicgridsisprobablythemostdifficultstepinbuildingtheBalancedScorecard.Consultantssometimesrefertothisstepasstrawmodeling;tryingtostringconnectinglinesoveramapthatpresentsanoverallstrategicmodel.Buildingastrategicgridstartsattheverytop–strategicgoalsandareas.Asweindicatedearlier,mostpubliclytradedcompanieshaveshareholdervalueasastrategicarea.Inordertoimproveshareholdervalue,theorganizationcandothingslikegrowrevenuesorincreaseoperatingperformance.Onceyoudecideonyourstrategyforimprovingshareholdervalue,thenyouhavetodecideonhowyouwillgrowrevenuesorimproveoperatingperformance.ThefollowingexhibitillustratesthisbottomupflowwithintheFinancialPerspective:Exhibit5:FlowingstrategicobjectiveswithintheFinancialPerspectiveShareholderValueGrowRevenues­­OperatingImprovements­NewSourcesofRevenues­IncreaseCustomerProfitability­LowerCosts­HighUtilizationofAssetsWewillflowourstrategicobjectivesdowneachperspectivewithinagridofboxes,makingsureeverythingislinked.ThisgridwillserveasthefoundationforconstructingtheBalancedScorecard.Next,wemovedowntotheCustomerPerspective.Inordertoconstructthecustomerperspective,weneedtounderstandthevalue(s)weprovidetoourcustomers.Forexample,FederalExpressisextremelyefficientingettingpackagesdeliveredontime.Therefore,ontimedeliveryisthespecificvaluethatFederalExpressdeliverstoitscustomers.Companiesthatemphasizeoperationalefficiencyusuallyprovidecertainvalueattributes,suchascompetitivepricing,on-timedelivery,orsuperbquality.Othercompaniesmaycreatevalueforcustomersthroughtheirgreatrelationshipwiththecustomer.Finally,somecompaniesmayaddvaluebyemphasizinginnovativeanduniqueproductsand/orservices.Itisextremelyimportanttodefineyourcustomerandthevaluesyouprovide;otherwiseyouruntheriskofbuildingascorecardthatdoesn’tfitwiththecapabilitiesoftheorganization.Onceyouhaveclearlydefinedyourcustomervalues,youcandefinestrategicobjectiveswithintheCustomerPerspective,linkingtheseobjectivestothefinancialperspectiveobjectives.Forexample,supposewehaveastrategicgoalthatstipulatesthatourcompanywillbethepriceleaderinlongdistancephoneservice.Wecanflowthisgoalwithinthescorecardgridasfollows:Exhibit6:LinkingcustomerobjectivestofinancialobjectivesFinancialShareholderValue­GrowRevenuesCustomer­AcquireMoreCustomers­LeaderinPricingNoticehow“LeaderinPricing”isthedriverbehindacquiringmorecustomers.Inturn,morecustomerswillflowuptothenextlayerofgrowingrevenues.Andgrowingrevenuesisourstrategyformeetingourstrategicthrustorareaofcreatingshareholdervalue.Next,weneedtoaskthequestion:HowwillwebecomealeaderincompetitivepricingforattractingnewcustomersThisbringsusdowntothenextperspective:InternalProcesses.InternalProcessesrepresentthecollectionofactivitiesthatgiveacompanyacompetitiveadvantageinthemarketplace.ReferringbacktotheCustomerPerspective,wecouldchoosebetweenthreestrategies:OperationalEfficiency–Valueforcustomersthroughcompetitivepricing,superiorquality,on-timedeliveryordiverseproductlines.CustomerRelationships–Valueforcustomersthroughpersonalservice,buildingtrust,brandloyalty,providingcustomizedsolutions,andotherone-to-onerelationships.InnovativeProducts&Services–Inventingnewproductsandfeatures,fastdeliveryofproductsandservices,formingpartnershipstoexpandproductlines,andotherproductleadershipinitiatives.Ifwegobacktoourexampleonpriceleadershipinlongdistancephoneservice,wene