Strategic Plan Part III: Balance Scorecard
The goal of Ever After Events is to provide a one stop shop to create a party or event that is not only memorable for all but is also a stress free environment for the customer. Ever After Events is dedicated to rediscovering ourselves each day by providing our customers with an experience that will exceed their expectations. Ever After Events delivers innovative themes and ideas as well as being the leader in the organized planning business for various social functions like weddings, anniversaries, birthday parties, corporate events, bachelor and bachelorette parties, fundraising events, and so on.
In terms of services and price, the company wants to ensure satisfaction to its customers. A balance scorecard is an effective tool for managers, to establish the strategies for accomplishing business goals and objectives effectively. Many businesses and organizations make use of the balance scorecard to make effective strategic planning decisions and enhancing the performance of the management system. With the assistance of the balance scorecard, the internal and external communication network within the business organization will be improved.
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The balance scorecard helps a business or organization to achieve long-term prosperity (Pearce & Robinson, Chapter 7, 2009). This paper will provide the balance scorecard for Ever After Events by considering the four basic elements, which are financial, learning and growth, customer, and internal business process. [pic] [pic] As interpreted from the scorecard above, Ever After Events is effectively managing its operations in the competitive marketplace.
This scorecard will assist managers with aligning business goals and objectives in accordance with the business strategy. The balance scorecard will also assist in enhancing the productivity and profitability with increased customers as well as employee satisfaction. With the assistance of the SWOTT analysis of Ever After Events, influences of internal and external factors of the business perspective can be assessed accordingly. The strategic goals and objectives are defined for the company.
The above balance scorecard of Ever After Events, are developed on the basis of the mission statement, the company vision and the strategic analysis of the company. Ever After Event’s strategic objectives were defined by considering the mission and vision statements. The key measures and targets for the company were defined by considering the SWOTT analysis. GRADING RUBRIC: |WRITTEN ASSIGNMENTS | |Item |Description |Percents | |1 |Content and Conceptualization |6/6 | |2 |Logical organization of thoughts, ideas and structure |2/2 | |4 |Spelling, Grammar, Flow, etc. 1. 5/1. 5 | |5 |APA format |0. 5/0. 5 | | |Total |10/10 | | | |4 days late | | | |= 6/10 | This is excellent. Just by reviewing your balanced score card in detail, I was fully clear on your objectives and goals. Clear and concise. Lastly, your initiatives are great. In fact, you didn’t really have to provide initiatives for this assignment – these initiatives can be used for the FINAL assignment as your “strategies” – so you are truly one step ahead. I recommend you use them for the final paper. Let me know if you have any questions.
To be clear and something I would revise in your final paper, when you capture “Target” – this is typically what the end goal is so it has to be MEASURABLE via a % or $ or something numerical – it could be weeks, months. But it has to be measurable. Some of the targets you listed below sound good in writing, but they are not necessarily measurable. So make sure everything you list as a target is measurable. Like we can test to see if it was successful or not. For example, if the strategic objective is increase market share.
The metric is percentage. The target is to increase market share by 30% within 5 years. The only other thing I recommend you work on here is ensure your SWOTT and balance score card are less general and are more specific to Ever After Events – I should be able to review your SWOTT and balance score card and say “hey, this has to be about Ever After Events” – I can see it a bit in the SWOTT but not as much in the balanced score cord. Not much work – just ensure it is specific to your company. I hope that helps.
Pearce, J.A., & Robinson, R.B. (2009). Strategic management: formulation, implementation, and control (11th ed.). Retrieved from The University of Phoenix eBook Collection database.