20 Balanced Scorecard Examples & Templates

20 Balanced Scorecard Examples & Templates

All senior executives agree accurate performance measurement is key to developing business models that meet evolving market needs. However, the conventional measurement tools founded on financial accounting give wrong signals that do not truly depict a company’s performance. The traditional methodology was the industry standard until the balanced scorecard. A balanced scorecard introduces efficient performance management that supplements financial accounting with goal-related measures. Let’s walk you through how the balanced scorecard improves and aids your company to prosper in today’s environment.

What Is A Balanced Scorecard?

A balanced scorecard (BSC) is a performance measurement system that identifies and improves internal functions of a business that influence external outcomes. Essentially the scorecard is a metric that forms the framework for accurate and consistent progress tracking while offering feedback on areas that need improving.

Think of the balanced scorecard as the indicators and dials in a ship. A sailor needs accurate and real-time measurement of the wind pressure, depth, bearing, and sonar; the scorecard provides the vital indicators in a business.

What Is a Balanced Scorecard Template?

A balanced scorecard template is a customizable fillable file with the metrics that track your business’s performance. Standard BSC templates contain essential elements of a balanced scorecard.

Balanced Scorecard Examples & Templates

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Metrics Selection and Reporting Template

Oxfordshire County Council Balanced Scorecard

Performance Balanced Scorecard Template

The Balanced Scorecard

    Why Use a Balanced Scorecard Template?

    In many situations, the management cadre designs a balanced scorecard. However, the senior executive usually has many duties; a balanced scorecard saves you the hassle of designing one from scratch.

    Additionally, once you customize your template to your liking, you can save it for future use. Include the letterhead of your organization to make the template more personalized.

    The Four Perspectives

    The balanced scorecard analyzes a business performance using four main aspects that combine skills, growth, internal operations, financial reports, and other features which improve the company’s bottom line.

    1. Learning and Growth

    Evolving market needs necessitate a company to innovate to remain competitive continuously. The learning and growth perspective measures the ability of a company to develop new products and services that will penetrate new markets and increase the company’s value. Such adaptability is measured through hours spent in training, employee qualifications, information systems, and the time to market cycle. Essentially this perspective addresses the question, “How can we keep on creating value?”

    2. Business Processes

    To provide value to the customers, businesses need top-of-the-line internal operations. The second leg of the business scorecard analyzes and provides feedback on business Processes that enable the company to satisfy customer needs and shareholder goals. Unit cost and cycle time are aspects that the second perspective of BSC analyzes. The second perspective of BSC answers the question, “What bottlenecks hinder the company’s progress?”

    3. Financial

    The financial perspective measures the financial records, representing the ultimate progress for bottom-line improvement. ROI, cash flow, profitability, and sales growth are some of the measures of a balanced scorecard financial perspective. The feedback from this leg of the BSC aids managers in gearing efforts to increase market share and return on equity. Financial perspective answers, “How do we look to shareholders?”

    4. Customer view

    The final leg of the BSC identifies metrics that translate the company’s mission to customer satisfaction measures. Customer view answers, “How do we look to our customers?”

    Note: BSC does not substitute financial accounting measures of a company. It only provides a succinct report of internal operations and objectives that strengthen its progress tracking systems.

    Benefits of Using a Balanced Scorecard Template

    Time independent

    A good BSC template can have future utility regardless of the business model. You can customize the template with the new needs.

    Proper planning

    Economic changes occur daily. A balanced scorecard card template maintains your edge in that you can quickly adjust your metrics to meet evolving market needs.

    Easier communication

    Creating a template entails the managerial team sourcing information from various company departments. A company’s progress heavily relies on streamlined information relay.

    How to Draw a Balanced Scorecard

    Crafting a balanced scorecard is not a one size fits all approach. Companies have unique goals and needs BSC addresses. However, once you have your template in place, you can tweak it to match your company’s objectives and goals.

    Identify strategic objectives

    Determine the company’s objectives and link them to a strategy map under each perspective. Develop specific company goals that will remind stakeholders of their input.

    A strategy map illustrates departmental interdependencies towards achieving the broader objective. The map contains connectors that demonstrate the relationship between each goal and department.

    Outline measures

    Outline metrics that measure progress for each goal. A company usually has specific goals that fall into one of the four perspectives. Write the current metric and future target.

    Sum it up

    Finalize your balanced scorecard and ensure the links show how everyone’s initiatives foster the company’s objective. Share the final BSC with your colleagues.

    Tip: A well-crafted balanced scorecard card is easy to understand yet provides a high-level glance of the company’s goals and measures to achieve them.

    Things to Avoid When Creating Your Balanced Scorecard Template

    • Poorly defined metrics. Outline clear metrics that are easy to track.
    • Creating a BSC for the whole company. A BSC for a whole organization dilutes the essence of the measures. Too many disparate measures split focus which is detrimental to company progress.
    • Failure to educate and communicate with employees while crafting the balanced scorecard creates bottlenecks in strategy implementation.
    • Using only lagging measures. Include both lagging and leading measures that portray the company’s real performance.
    • Failure to include accountability. A good BSC template allows accountability and readjustment of metrics.

    Bottom line

    As businesses continue to evolve, efficient performance management is vital to progress. Businesses implementing the balanced scorecard post better results in the modern market since BSC focuses on vision rather than control. Create your custom balanced scorecard that keeps your company moving forward.