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Balanced Scorecard Template
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Get Help Now!Note: Hoosier Media is to be used as a resource for this Week 3 assignment as a carryover from Week 2.
Background
Strategic objectives are a measure of attaining your vision and mission. They reflect the vision, mission, and values of the business, as well as the outcomes of the intenral and external environmental analysis.
Scorecard Areas
Develop at least three strategic objectives for each of the four balanced scorecard areas.
| Financial Objectives | Measures | Targets |
| Increase the Profitability of the business. | Market Value and Shares. An increase in both means an increase in revenues and profits. | A gradual increase in the market shares. For example 7% in year 1, 10% in year 2 and 14% in year 3. |
| Increase revenues and reduce costs | Total Costs and Expenses. The costs of production must decrease. | Decreasing operating expense ratios, e.g 75% in year 1, 65% in year 2 and 60% in year 3. |
| Improve the competitive position | Economic Value. Having a competitive edge over its competitors will increase the number of customers. | Increase in value and product prices, e.g. 15% in year 1, 25% in year 2 and 45% in year 3. |
| Customers Objectives | Measures | Targets |
| Increase Customer satisfaction | Feedback from the customer must be positive to show they are satisfied. | Customer surveys to show improvements. For instance, 85%, 90% and 100% in years 1, 2 and 3 respectively. |
| Increase customer retention | Home Sales must be high, and the quality of products should also be high. | The number of sales must increase, e.g. 8, 10 and 12% in years 1,2 and 3 respectively. |
| Increase customer value | The level of customer satisfaction will show the company values them. | Increase in the number of satisfied customers, e.g. 70, 80 and 90% in years 1, 2 and 3 respectively |
| Internal Business Process Objectives | Measures | Targets |
| Improve Process Performance | Ability to perform to the required standards. | Increase in the number of completed specialized services, e.g. 90%, 95% and 100% in years 1, 2 and 3 respectively. |
| Improve Communication | Effective communication with both the customers and staff. | Communication should improve from for example 95% to 98% to 100% in years 1, 2 and 3 respectively. |
| Reliability | Reliability of customer services. | Quality of services should increase progressively, e.g. 95, 98 and 100% in years 1, 2 and 3 respectively. |
| Learning and Growth Objectives | Measures | Targets |
| Increase Employee satisfaction | Employee customer service skills and their feedback on the company. | Employees surveys should show improvements, e.g. 90, 95 and 100% in years 1, 2 and 3. |
| Employee turnover | Employ employees with high morale and ensure the levels increase | The number of employees who are fired or who quit should decrease, e.g. 15, 13, 10% in years 1, 2 and 3 respectively. |
| Employee Training | Increase employee training to improve their skills. | The training should improve performance, e.g. 95%, 98% to 100% in years 1, 2 and 3 respectively. |
Reflection
Assess, in no more than 350 words, trends, assumptions, and risks of Hoosier Media, Inc.’s business model after completing the strategic objectives for each area.
| Trends
In the past Hoosier Media Inc was doing well in business since the world had not started evolving to become digital. Customers were satisfied with the print materials, and that’s what was trending at that time. Presently, things have changed, technological advancements have been experienced throughout the world, and people are moving to the online market since the internet is easily accessible. Hoosier Media Inc should move with the trend and increase its online revenues to boost the business’s market shares. Most of the customers are online, and the company should tap into that market to remain in business and make profits. The future is online business. Assumptions Hoosier Media Inc assumption is that if it increases the customer satisfaction levels by producing products that align with their needs, then it will retain its existing customers and have more clients coming on board. With a decrease in customer turnover rates and an increase in the number of customers coming into the business, the revenues will increase, and the market value of the business will increase. Another assumption is that an increase in the employees’ satisfaction and training will lead to an increase in the retention rates. The satisfied employees will ensure production of quality products and services, which will be good for the market and the business The success of this business is dependent on its ability to adapt to new changes. Risks Hoosier Media Inc.’s faces the risk of being pushed out of business if it continues to rely on the print newspaper. If it does not improve on its online business platform, its market value will continue to decrease. Its competitive position will go down, making its competitors have an edge regarding doing viable and profitable business. A decrease in revenues may lead to a reduction in product quality and consequently, loss of customers, which is bad for business. Therefore, the company must diversify to ensure the business continues to be viable. The risk of not diversifying and adapting to change is too high to take. The option for mitigating that risk is going online. |
