Balanced Scorecard
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Strategic Plan Part III: Balanced Scorecard
Accomplishing measurable outcomes in a set time are defined as strategic objectives. When an organization such as Jodys Kitchen has strategic objectives meetings, it is important to ensure that objectives can work within the framework of the mission, vision, and value that was set forth earlier in the planning process. In addition, the organization must also specific strategic measures that assess how well that organization does in achieving those objectives.
The Balanced Scorecard
Perspective
Objective
Measurements
Target
Financial
Market Share
Maximum Returns
Financial
Competitive Position
Restaurant ratings
#1 Restaurant in 5 years
Financial
Profitability
% of changes in revenues
+12% in 2 years
Customer Value
Customer Retention and Turnover
Retention %
Customer Value
Customer Value
Survey ratings
Customer Value
Customer Satisfaction
Survey ratings
Process or Internal Operations
Process performance
Turnaround time
25 minutes
Process or Internal Operations
Productivity
Productivity Indicator
Process or Internal Operations
Operations Metrics
% of cost of sales
Learning and Growth
Employee Satisfaction
Survey index
Learning and Growth
Employee Turnover or Retention
Skill Set Ratio
Learning and Growth
Level of Organizational Capability
Measured against competition
To improve with every year of open business
Jodys Kitchens mission statement is, “We at Jodys Kitchen believe our first responsibility is to our customers. We will anticipate and do our best to meet the needs of our customers. We will serve safe and appetizing foods in a timely manner purchased from an approved food source. We will serve you with courteous employees who understand the meaning of customer service. We will provide a safe and clean environment in which our customers feel comfortable. Our price will competitive while still adding value to our products”. Jodys Kitchen can focus on several of the objectives based on the scorecard to measure success: customer retention, customer value, customer satisfaction, employee satisfaction, employee retention, and process performance.
The vision of a company should address the direction and future of an organization. Jodys Kitchens vision is stated, “Jodys Kitchens vision is to be the best that we can be. Best at providing outstanding quality foods,