Strategic Plan Part 3: Balanced Scorecard and Communication Plan
Strategic Plan Part 3: Balanced Scorecard and Communication Plan
Amanda Bryant
BUS / 475
May 16, 2016
Dr. Maria Taylor
Strategic Plan Part 3: Balanced Scorecard and Communication Plan
“The balanced scorecard is a strategic planning and management system that is used extensively in business and industry, government, and nonprofit organizations worldwide to align business activities to the vision and strategy of the organization, improve internal and external communications, and monitor organizational performance against strategic goals.” Balance Scorecard is a communication device that helps each employee understands the strategy that motivates the organization. The balanced scorecard is a plan that is reaching for the destination and their department and individual measure to that effort.
The Balance Scorecard
“The BSC method can be shown as a method which evaluates the efficiency of the company through four main areas i.e. economical, client, inner business procedures and research and development (Bergen & Benco, 2007).” Financial can be described in the consideration of Better Lifestyle.
Financial Perspective
“Better Lifestyle would have to concentrate on developing a competitive edge for itself through the allocation of correct, adequate sources as well as through keeping a client database so as to decrease the element of danger by a mechanized process.” Financial is the first aspect of the balanced scorecard. The company is boosting its share of the market through diverse methods. A few diverse methods are online promotion and setting up appointments with the customers to better assist their needs. Maintaining a certain percentage quarterly rate of 10% and the growth of the organization, we will need to employ health experts, physical fitness, and instructors that would not only provide health tips but will actually help the customers maintain a healthy lifestyle. The company will focus on increasing the profit margin.
The company will reduce avoidable operational expenses which include vacationing or unwanted marketing promotions. The company will alternate those with customer networking process and business abilities.
Better Lifestyle will focus on increasing its earnings. The objective is growing the customer spending as much as 15%. Better Lifestyle will focus on delivering additional services. The additional services include online consultation and in-store consultation. This would result in an increase a 30% customer base and affect a 15% increase in customer spending. “This perspective evaluates the profitability of the strategy such as Improve returns, broaden revenue mix, reduce cost