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Mauro Libi: Steps for implementing the Balanced Scorecard




     The Integral Scorecard is undoubtedly a model that has become an international benchmark for business management and meeting objectives, given its success as a resource to improve internal aspects of companies, such as finance, recruitment of clients, innovation and learning projects, among others. How can we implement it? Here are five steps to do it:

1. Update the mission and vision: The basis for implementing this model is the mission and business vision, which needs to be reviewed to certify that they really fit what the entrepreneur or enterprising wants from their organization. If they are out of date in their formulation, what is relevant is their updating. Remember that mission and vision answers questions like what kind of business you are and what you are really looking for.

2. Integral analysis of the organization: The integral scorecard can’t be applied, but the state of the organization is known internally and externally. For this the SWOT analysis (that we have talked about on several occasions) is the tool that can help us in this regard. This analysis will depend on the strategy that is decided to implement.

3. Define the strategic objectives: The integral scorecard implies four basic perspectives for the management of processes, in which it is necessary to establish the priorities and objectives that are pursued.

- Finances: liquidity, cash flow, investments, financing.
- Customers: market share, satisfaction levels, returns policy.
- Internal processes: suppliers, cost reduction, manufacturing cycles.
- Innovation: personnel selection, work environment, training.

4. Choose the indicators: Here you have to convert the objectives set out at the beginning into measurement indicators, that is to say, the elements through which it will be quantified or qualified if the performance has been successful or not. There should be 2 or 3 indicators per target.

5. Monitoring: Implementing the Balanced Scorecard does not conclude with the strategy to be implemented, but rather monitoring what has been achieved during the implementation of the BSC.



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